Examination Overview -NISM-Series-X-A: Investment Adviser (Level 1) Certification Examination
Revised Launch Date: Effective from March 28, 2025
Purpose
The NISM-Series-X-A: Investment Adviser (Level 1) Certification Examination seeks to create a
common minimum knowledge benchmark for:
- Individual Investment Advisers
- Principal Officers of Non-Individual Investment Advisers
- Persons associated with investment advice
As per the SEBI (Investment Advisers) Regulations, 2013, it is mandatory to clear both:
- Level 1: NISM-Series-X-A
- Level 2: NISM-Series-X-B
The certification aims to enhance the quality of investment advisory services in the financial services industry.
Examination Objectives
On successful completion of the examination, a candidate should be able to:
- Understand the basics of personal financial planning, time value of money, financial evaluation, debt and loan management.
- Know about the Indian Financial Markets and Securities Market Segments.
- Gain orientation to various investment products, including:
- Equity
- Debt
- Derivatives
- Managed Portfolios
- Mutual Funds
- Portfolio Management Services (PMS)
- Alternative Investment Funds (AIFs)
- Understand portfolio construction, performance monitoring, and evaluation.
- Comprehend the operational, regulatory, and ethical aspects of investment management, including grievance redress mechanisms.
Link to NISM
For more details, please visit the official website of
NISM.
Assessment Structure
| Component |
Structure |
Marks |
| Multiple Choice Questions |
90 questions × 1 mark each |
90 marks |
| Case-based Questions (1 mark each) |
6 caselets × 5 questions |
30 marks |
| Case-based Questions (2 marks each) |
3 caselets × 5 questions |
30 marks |
| Total Questions |
135 (including MCQs and caselets) |
— |
| Total Marks |
— |
150 |
| Exam Duration |
— |
3 hours |
| Passing Criteria |
Minimum 60% |
90 marks |
| Negative Marking |
25% deduction for each incorrect answer |
Applicable |
Syllabus Outline and Weightages
| Module No. |
Module / Chapter Name |
Chapter Details |
Marks |
| 1 |
Personal Financial Planning |
Chapter 1 – Introduction to Personal Financial Planning
Chapter 2 – Time Value of Money
Chapter 3 – Cash Flow Management and Budgeting
Chapter 4 – Debt Management and Loans
|
37 |
| 2 |
Indian Financial Markets |
Chapter 5 – Introduction to Indian Financial Markets
Chapter 6 – Securities Market Segments
|
10 |
| 3 |
Investment Products |
Chapter 7 – Introduction to Investments
Chapter 8 – Investing in Stocks
Chapter 9 – Investing in Fixed Income Securities
Chapter 10 – Understanding Derivatives
|
30 |
| 4 |
Investment Through Managed Portfolio |
Chapter 11 – Mutual Fund
Chapter 12 – Portfolio Manager
Chapter 13 – Overview of Alternative Investment Funds (AIFs)
|
23 |
| 5 |
Portfolio Construction, Performance Monitoring and Evaluation |
Chapter 14 – Introduction to Modern Portfolio Theory
Chapter 15 – Portfolio Construction Process
Chapter 16 – Portfolio Performance Measurement and Evaluation
|
20 |
| 6 |
Operations, Regulatory Environment, Compliance and Ethics |
Chapter 17 – Operational Aspects of Investment Management
Chapter 18 – Key Regulations
Chapter 19 – Ethical Issues
Chapter 20 – Grievance Redress Mechanism
|
30 |
| Total Marks |
150 |