To register as a SEBI Investment Adviser (RIA), you must clear both papers: X-A (Level 1) and X-B (Level 2). They are not alternatives — think of them as Part 1 and Part 2 of one qualification.
| Parameter | X-A (Level 1) | X-B (Level 2) |
|---|---|---|
| Focus | Personal financial planning, markets, investment products, regulations | Insurance, retirement, taxation, estate planning, behavioural finance, case studies |
| Chapters | 20 | 20 |
| Pattern | 90 MCQs + caselets, 150 marks, 3 hours | Same pattern, heavier on applied case studies |
| Pass mark | 60% | 60% |
| Negative marking | 25% per wrong answer | 25% per wrong answer |
X-A builds the foundation (time value of money, products, portfolio theory); X-B applies it (tax cases, retirement plans, client scenarios). Clear X-A first — X-B assumes you know the Level 1 material. With 25% negative marking on both papers, blind guessing actively hurts: your mock practice should train you to skip strategically.
Yes. SEBI Investment Adviser registration requires passing both NISM Series X-A (Level 1) and X-B (Level 2), along with other eligibility criteria such as qualification and experience norms — check SEBI IA Regulations for the current requirements.
Yes — 25% of the marks assigned to a question are deducted for each wrong answer in both papers. Unanswered questions lose nothing.
60% in each paper (out of 150 marks). Both are 3-hour computer-based tests.