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INVESTMENT ADVISER (LEVEL 1)

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NISM-SERIES-X-A: INVESTMENT ADVISER (LEVEL 1) CERTIFICATION EXAMINATION

Revised Launch of NISM-Series-X-A: Investment Adviser (Level 1) Certification
Examination w.e.f October 20, 2023.

The examination seeks to create a common minimum knowledge benchmark for an
individual investment adviser or principal officer of a non-individual
investment adviser, under SEBI (Investment Advisers) Regulations, 2013 and
persons associated with investment advice.

NISM-Series-X-A: Investment Adviser (Level 1) Certification Examination is the
level 1 examination and NISM-Series-X-B: Investment Adviser (Level 2)
Certification Examination is the level 2 examination.

An individual investment adviser or principal officer of a non-individual
investment adviser, registered under SEBI (Investment Advisers) Regulations,
2013 and persons associated with investment advice are required to pass both the
levels (i.e. NISM-Series-X-A: Investment Adviser (Level 1) Certification
Examination and NISM-Series-X-B: Investment Adviser (Level 2) Certification
Examination to fulfill the requirements under SEBI (Investment Advisers)
Regulations, 2013.

The certification aims to enhance the quality of investment advisory and related
services in the financial services industry.

Examination Objectives:

On successful completion of the Investment Adviser examination, the candidate
should:

 * Know the basics of personal financial planning, time value of money,
   evaluating the financial position of clients, debt management and loans.
 * Understand about the Indian Financial Markets and Indian Securities market
   segments
 * Get oriented to different kinds of investment products— equity, debt,
   derivatives and managed portfolios such as mutual funds, portfolio management
   services and alternative investment funds.
 * Know about portfolio construction, performance monitoring and evaluation.
 * Understand about operational aspects of investment management, key
   regulations, ethical issues for investment advisers and grievance redress
   system.

Assessment Structure

The Investment Adviser certification examination consists of 90 independent
multiple-choice questions and 9 caselets/case-based questions and should be
completed in 3 hours. The passing score for the examination is 60% which is 90
marks out of total 150 marks. There shall be negative marking of 25% of the
marks assigned to a question for each wrong answer.

Multiple Choice Questions [90 questions of 1 mark each] 90 marks

9 Case-based Questions

[6 caselets (each case with 5 questions of 1 mark each)]

[3 caselets (with 5 questions of 2 marks each]

 

6*5*1 = 30 marks  

3*5*2= 30 marks

Total 150 marks

Test Details

Name of Module: NISM-Series-X-A: Investment Adviser (Level 1) Certification
Examination

*: Negative marking – 25% of the marks assigned to the question
+ Payment gateway charges extra.
# Passing Certificate will be issued only to those candidates who have
furnished/ updated their Income Tax Permanent Account Number (PAN) in their
registration details

 * Fees (Rs.) 3000+
 * Test Duration (in minutes) 180
 * No. of Questions 135
 * Maximum Marks 150
 * Pass Marks* (%) 60
 * Certificate Validity#(in years) 3


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