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SEBI Investment Adviser Kaise Bane? (2026 Roadmap)

Fee lekar investment advice dena hai — legally — to SEBI Registered Investment Adviser (RIA) banna padta hai. Roadmap:

  1. NISM X-A pass karo (IA Level 1): 150 marks, 3 ghante, 60% pass, 25% negative marking, 20 chapters.
  2. NISM X-B pass karo (IA Level 2): same pattern, applied case-studies heavy — insurance, retirement, taxation, estate planning.
  3. Baaki eligibility poori karo: SEBI IA Regulations ke under qualification (graduate/postgraduate norms), experience aur net-worth requirements hain — current regulations sebi.gov.in par confirm karein, yeh time-to-time revise hote hain.
  4. SEBI mein registration apply karo aur compliance framework (client agreements, risk profiling, fee norms) set karo.

MFD vs RIA — kaunsa raasta?

MFD (V-A + ARN) commission model hai — client se fee nahi, AMC se trail. RIA fee-only model hai — client se fee, products se commission nahi. RIA banne ka raasta lamba aur mehenga hai, par advice-based practice ke liye yahi legal route hai. Bahut se professionals MFD se shuru karke baad mein RIA transition karte hain.

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Frequently Asked Questions

Investment Adviser banne ke liye kaunse NISM exams chahiye?

Dono: NISM Series X-A (Level 1) aur X-B (Level 2). Har paper 150 marks, 60% pass mark, 25% negative marking.

Kya sirf X-A/X-B pass karne se RIA ban jaate hain?

Nahi — exams ke alawa SEBI IA Regulations ke qualification, experience aur net-worth criteria bhi poore karne padte hain. Current norms sebi.gov.in par dekhein.

MFD aur RIA mein kya farak hai?

MFD commission-based hai (AMC se trail milta hai), RIA fee-only hai (client se fee, koi product commission nahi). Dono ke liye alag NISM certifications aur alag registrations hain.

BullWiser is an independent financial education platform, not affiliated with NISM or SEBI. Exam fees, dates and rules can change — always confirm on the official portal nism.ac.in before registering. Mock tests and readiness scores are preparation aids and do not guarantee a pass. Last updated: July 2026.