NISM Series X-A (Level 1) and X-B (Level 2) are the Investment Adviser certifications. They are not alternatives: for fresh certification under the SEBI (Investment Advisers) Regulations, individual advisers and the other people who give investment advice need both, and X-C is the renewal examination for existing certificate holders. Confirm the current rules on sebi.gov.in before you plan.
| Parameter | X-A (Level 1) | X-B (Level 2) |
|---|---|---|
| MCQs | 90 one-mark questions (90 marks) | 90 one-mark questions (90 marks) |
| Case-based questions | 9 caselets of 5 questions: 6 at 1 mark, 3 at 2 marks (60 marks) | 6 caselets of 5 questions, all at 2 marks (60 marks) |
| Total marks | 150 | 150 |
| Duration | 180 minutes | 180 minutes |
| Pass mark | 90 marks (60%) | 90 marks (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 |
NISM's X-A syllabus is split into six modules, with these marks in the test structure:
| Module | Marks |
|---|---|
| Personal financial planning (planning basics, time value of money, cash flow and budgeting, debt management) | 37 |
| Indian financial markets | 10 |
| Investment products (stocks, fixed income, derivatives) | 30 |
| Investment through managed portfolios (mutual funds, portfolio managers, AIFs) | 23 |
| Portfolio construction, performance monitoring and evaluation | 20 |
| Operations, regulatory environment, compliance and ethics (including grievance redress) | 30 |
X-B builds on that with six modules and 20 chapters: risk management and insurance planning, retirement planning, taxation (concepts, capital gains, debt, equity and other products, special cases), estate planning, behavioural finance, and comprehensive investment advice, which ends with risk profiling, product comparison and case studies. Because X-B is 60 marks of two-mark caselets, it leans harder on applying the material to client scenarios.
Take X-A first. X-B assumes you know the Level 1 material, and the two-mark caselets punish gaps. With a 25% penalty on both papers, practise skipping and answering decisions in mocks; see the negative marking guide, and the exam pattern table for all series. For the official module-wise marks, see the NISM X-A syllabus and weightage.
For fresh certification, yes: SEBI requires NISM Series X-A and X-B, along with other conditions such as qualification requirements. X-C is the renewal examination. Check the current SEBI Investment Advisers Regulations.
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, which is 90 marks out of 150. Both are 3-hour computer-based tests.
Both have 90 one-mark MCQs. X-A has 9 caselets, some worth 1 mark per question and some worth 2. X-B has 6 caselets, all worth 2 marks per question.
X-A. X-B builds on Level 1 knowledge.
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