Fee lekar investment advice dene ke liye SEBI Registered Investment Adviser (RIA) banna padta hai. Yeh raasta MFD se lamba hai, kyunki isme do NISM exams ke saath SEBI ki eligibility aur registration bhi hai.
NISM ke according registered individual investment adviser (ya non-individual adviser ke principal officer) ko dono levels, X-A (Level 1) aur X-B (Level 2), pass karne padte hain. Dono certificates 3 saal ke liye valid hote hain.
| Parameter | X-A (Level 1) | X-B (Level 2) |
|---|---|---|
| Questions | 90 MCQs + 9 caselets of 5 questions | 90 MCQs + 6 caselets of 5 questions |
| Marks / duration | 150 marks, 180 minute | 150 marks, 180 minute |
| Pass mark | 90 (60%) | 90 (60%) |
| Negative marking | 25% of the question's marks | 25% of the question's marks |
| Fee | Rs 3,000 plus gateway charges | Rs 3,000 plus gateway charges |
Dono ka pattern bilkul same nahi hai: X-A ke 9 caselets mein 6 caselets ke sawaal 1 mark ke aur 3 caselets ke sawaal 2 marks ke hote hain, jabki X-B ke 6 caselets ke sawaal 2 marks ke hote hain. Modules, order aur preparation ke liye X-A vs X-B difference aur X-A pass marks aur pattern pages dekhein.
NISM certification ke alawa SEBI (Investment Advisers) Regulations, 2013 ki Regulation 7 educational qualification aur experience ke criteria deti hai. SEBI ne yeh regulations December 2024 mein amend kiye the aur qualification tatha financial requirements ke baare mein purane guides outdated ho sakte hain, isliye apni eligibility hamesha SEBI ki current regulations par verify karein. Sirf X-A aur X-B pass karne se RIA registration apne aap nahi milta.
SEBI ke IA registration ke liye pehle BASL (BSE Administration and Supervisory Limited) mein enrolment ka process hota hai, uske baad SEBI mein application. Individuals ke liye published schedule mein application fee Rs 2,000 aur registration fee Rs 3,000 hai (body corporates ke liye Rs 10,000 aur Rs 15,000). Kaunse forms, fees aur timelines abhi laagu hain, yeh SEBI aur BASL ki current instructions se confirm karein.
MFD (V-A plus ARN) commission model hai: AMC se trail commission milta hai, client se advisory fee nahi. RIA fee-only model hai: client se fee, aur distribution commission nahi. SEBI ke rules ke according individual investment adviser distribution services nahi de sakta, aur uske family members bhi uske advised clients ko distribution nahi kar sakte. Isliye MFD se RIA banne wale ko advisory aur distribution ko alag karna padta hai; yeh transition sochkar plan karein.
RIA banne ke baad bhi NISM certificates 3 saal mein expire hote hain, aur SEBI ki regulations ke according registration ke dauraan fresh certification expiry se pehle leni hoti hai. Isliye renewal date calendar mein note kar lein.
Sources: NISM X-A page aur SEBI IA Regulations.
Related: exam pattern for every series, negative marking, exam fees, how to register and certificate validity and renewal.
Dono: NISM Series X-A (Level 1) aur X-B (Level 2). Har paper 150 marks ka hai, 180 minute ka hai, pass mark 90 (60%) aur 25% negative marking.
Nahi. Exams ke alawa SEBI (Investment Advisers) Regulations ki qualification aur experience criteria poore karne hote hain, aur registration ke liye BASL enrolment aur SEBI application chahiye.
Nahi. Dono 150 marks ke hain, lekin X-A mein 9 caselets hain (6 ek-mark ke aur 3 do-mark ke sawaal wale) jabki X-B mein 6 caselets hain jinke sawaal 2 marks ke hain.
MFD commission-based hai (AMC se) aur RIA fee-only hai (client se). SEBI ke rules ke according individual RIA distribution services nahi de sakta.
Individuals ke liye published schedule mein application fee Rs 2,000 aur registration fee Rs 3,000 hai. Current fees SEBI aur BASL par confirm karein.
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