Exam and Question Bank Details

NISM Series X-A: Investment Adviser (Level 1) Exam and Question Bank Details

The NISM Series X-A: Investment Adviser (Level 1) Certification Exam is an important exam conducted by the National Institute of Securities Market (NISM). It is a mandatory requirement under the SEBI (Investment Advisers) Regulations, 2013 for individuals and professionals who want to register as Investment Advisers with SEBI or work in advisory roles with banks, NBFCs, wealth management firms, and independent advisory practices.

This certification is the first step towards becoming a SEBI-registered Investment Adviser (IA). Along with Level 2 (NISM Series X-B), it equips candidates with the skills and knowledge needed to provide investment advice to clients.

Passing this exam is not just about compliance – it helps you develop expertise in financial planning, asset allocation, risk profiling, portfolio management, and regulatory guidelines.

Exam Details

• Mode: Online (at NISM Test Centres across India)
• Type of Questions: Multiple Choice Questions (MCQs)
• No. of Questions: 100
• Marks: 100 (1 mark each)
• Passing Marks: 60% (i.e., 60 marks)
• Duration: 120 minutes
• Negative Marking: 25% for each wrong answer

Finsafar Question Bank for NISM Investment Adviser (Level 1)

• 700+ Practice Questions (latest syllabus 2025 update).
• Chapter-wise practice tests, last-day revision sets, and real-feel mock exams.
• Detailed explanations for all questions, including numericals (risk-return, asset allocation, retirement planning).
• Step-by-step solutions for financial planning problems.

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With Finsafar’s Investment Adviser mocks, you will not only clear the exam but also gain practical confidence in financial advisory concepts.

Background of the Exam

The SEBI (Investment Advisers) Regulations, 2013 made it compulsory for individuals and firms offering investment advisory services to pass the NISM Investment Adviser exams.

Level 1 (NISM Series X-A) covers basic concepts of personal finance, investment products, financial planning, and regulations.

Level 2 (NISM Series X-B) is the advanced exam covering case studies, portfolio construction, and complex advisory situations.

Both exams are required for SEBI Investment Adviser registration.

Who Should Take this Exam?

• Individuals applying for SEBI Investment Adviser Registration.
• Employees of advisory firms, banks, NBFCs, broking firms involved in investment advisory.
• Wealth managers, financial planners, retirement planners.
• Insurance agents, mutual fund distributors, and stock brokers expanding into advisory.
• Students of MBA/Finance, CFP, CFA, and CA who want to build careers in personal finance and wealth management.

In short – anyone who wants to provide paid investment advice in India must clear this certification.

Objectives of the Examination

• Understand personal finance basics and financial planning process.
• Conduct risk profiling and assess investor suitability.
• Know about different asset classes – equity, debt, insurance, pension, derivatives, and mutual funds.
• Learn retirement planning, tax planning, and estate planning concepts.
• Understand regulatory guidelines and compliance requirements for Investment Advisers.
• Follow ethical practices and investor protection guidelines.

Study Material

The official NISM Investment Adviser (Level 1) Workbook is available for free download on the NISM website.

Candidates may also purchase a printed copy online or from bookstores. The book is 250–300 pages long and contains theory + practice examples.

👉 For faster preparation, Finsafar’s Mock Tests + Explanations help you master concepts and practice exam-style questions.

Registration & Enrollment Procedure

• Visit the NISM Certification Portal and register using your PAN, DOB, Name, and other details.
• Activate your account using the email verification link.
• Login → Go to Enrolment → Enroll for Examination.
• Select NISM Series X-A: Investment Adviser (Level 1) Exam.
• Choose your Exam City, Test Centre, Date & Time Slot.
• Pay online via debit/credit card or net banking.
• Download your Admit Card.
• On exam day, carry your Admit Card + PAN/Aadhar/Passport/Driving License.

Syllabus at a Glance

• Role of Investment Adviser
• Basics of Financial Markets
• Economic Concepts & Time Value of Money
• Risk & Return, Portfolio Basics
• Equity, Debt, Mutual Funds, Insurance, Pension Products
• Retirement Planning & Estate Planning
• Indian Taxation Framework
• SEBI Regulations for Investment Advisers
• Ethics & Investor Protection

Preparation Strategy

• Read the NISM Workbook cover-to-cover once (250–300 pages).
• Dedicate 2–3 hours per day for 2 weeks to complete the syllabus.
• Focus more on numericals (risk-return, TVM, taxation, retirement planning).
• Revise regulatory and ethics sections (they are highly scoring).
• Use Finsafar Mock Tests for practice and revision.

👉 Tip: Attempt at least 75–80 questions confidently in the exam. Since negative marking applies, avoid random guessing.

Exam Day Instructions

• Carry Admit Card + Original Photo ID (PAN/Aadhar/Passport/Driving License).
• Arrive 30 minutes before exam time.
• Follow invigilator’s instructions for login.
• Results & mark sheet are available immediately after submission.

Finsafar Wishes You Success 🚀

The NISM Series X-A: Investment Adviser (Level 1) is your gateway to becoming a SEBI-registered Investment Adviser. With the right preparation and practice through Finsafar’s mock tests, you can clear it confidently.

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