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Series X-A · Advanced

Investment Adviser Level 1

Step one of becoming a SEBI-registered Investment Adviser.

Educational content only. VIA Capital does not provide buy/sell calls, tips, or personalized advice. Always do your own research.

Questions

135

Duration

180 min

Pass mark

60%

Negative marking

25%

Exam fee

₹3,000 + GST

Validity

3 years

Why this certification matters

Level 1 plus Level 2 together are the certification requirement for individual Registered Investment Advisers under the SEBI IA Regulations.

Who should take it: Professionals who provide fee-based investment advice to clients, financial planners, and aspiring RIAs.

What you get after clearing it

  • Compulsory first step toward RIA registration
  • Covers financial planning, insurance, retirement and taxation
  • Highly respected by wealth and family office employers
  • Teaches suitability and fiduciary thinking, not selling

Where it takes you

ParaplannerFinancial planning associateWealth advisory analystRIA support staff

Boutique advisory firms and family offices hire freshers who hold X-A while they complete X-B.

Advisory practices reward retention and planning quality, so income scales with the client book you support.

Explore finance careers

How VIA Capital preparation works

One clear path. Built for students, and built for discipline.

  1. Step 1

    Read

    Slide through the study book chapter by chapter.

  2. Step 2

    Practise

    Chapter questions with answer and explanation.

  3. Step 3

    Chapter tests

    Beginner and advanced tests for each chapter.

  4. Step 4

    Full mock sets

    100-question papers in a real exam screen.

  5. Step 5

    Review

    See every mistake and why, then improve.

Why prepare with VIA Capital

Student first

Simple screens, small steps, no clutter.

Every answer explained

If you get one wrong, you learn why.

Help on every question

Report anything confusing, our team fixes it.

Honest

Independent practice. We never claim to be NISM or promise a pass.

Practice pass · NISM Series X-A

Everything you need to prepare, in one pass

  • Digital study book, read chapter by chapter
  • Chapter-wise questions to understand every chapter
  • Chapter tests, beginner and advanced
  • Full mock sets as questions are added
  • Answer and explanation for every question
  • Real exam screen with timer and question palette

Why we charge a small amount

This is not the NISM exam fee. It helps us run the platform: our research team writing and checking questions, keeping explanations accurate, and the technology behind the study book and exam screen.

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One simple package

…

11 days access · one series · incl. taxes

Try 10 questions free Start studying

The official NISM exam fee is paid separately to NISM.

5 week study plan

  1. Week 1

    Personal finance base

    Time value of money, budgeting, cash flow, emergency planning.

  2. Week 2

    Products

    Debt, equity, mutual funds, insurance, small savings, retirement products.

  3. Week 3

    Planning

    Goal-based planning, risk profiling, asset allocation, insurance needs.

  4. Week 4

    Tax and regulation

    Income tax basics, capital gains, SEBI IA Regulations, code of conduct.

  5. Week 5

    Mocks

    Full mocks with a strict timer, focus on TVM numericals.

Exam-day tips

  • Master a financial calculator or Excel TVM functions early
  • Regulation questions are exact-wording based, read the rules twice
  • Track your accuracy per topic and rebuild only the weak areas

Full syllabus · 20 chapters

Matches official NISM curriculum · checked 30 September 2026
  1. 1Chapter 1Introduction to Personal Financial Planning
    1. 1.1Understand the concept of Financial Planning
    2. 1.2Understand the need for financial planning
    3. 1.3Scope of financial planning
    4. 1.4Concept of asset, liabilities and net worth
    5. 1.5Financial Planning process
    6. 1.6Financial advisory and execution
  2. 2Chapter 2Time Value of Money
    1. 2.1Time Value of Money
    2. 2.2Calculate the following
  3. 3Chapter 3Evaluating the Financial Position of Clients
    1. 3.1Importance of cash flow management in personal finance
    2. 3.2Preparing Household Budget
    3. 3.3Cash inflows and outflows
    4. 3.4Budgeting and forecasting
    5. 3.5Monitoring budgets and provision for savings
    6. 3.6Creating a personal Balance Sheet and net-worth
    7. 3.7Creating a budget and savings plan
    8. 3.8Contingency Planning
    9. 3.9Evaluation of financial position of clients
  4. 4Chapter 4Debt Management and Loans
    1. 4.1The purpose or need of debt
    2. 4.2Role and impact of debt in cash flow management
    3. 4.3Leverage and Debt Counselling
    4. 4.4Calculate the debt servicing requirements
    5. 4.5Responsible Borrowing
    6. 4.6Secured and Unsecured loans
    7. 4.7Terms related to loans
    8. 4.8Types of borrowing
    9. 4.9Understand loan calculations
    10. 4.10Loan restructuring
    11. 4.11Repayment schedules with varying interest rates
    12. 4.12Criteria to evaluate loans
    13. 4.13Opting for change in EMI or change in tenure for interest rate changes
    14. 4.14Invest the money or pay off outstanding loan
    15. 4.15Strategies to reduce debt faster
  5. 5Chapter 5Introduction to the Indian Financial Markets
    1. 5.1The Indian Economy
    2. 5.2The Indian Financial Markets
    3. 5.3Regulators of Financial Markets
    4. 5.4Structure of Financial Markets in India
  6. 6Chapter 6Securities Market Segments
    1. 6.1Nature and Definition of Primary Markets
    2. 6.2Role and Function of the Secondary Market
    3. 6.3Corporate Actions
  7. 7Chapter 7Introduction to Investment
    1. 7.1Types of investment
    2. 7.2Equity
    3. 7.3Fixed Income
    4. 7.4Commodities
    5. 7.5Real Estate
    6. 7.6Structured products
    7. 7.7Distressed Securities
    8. 7.8Other investment opportunities
    9. 7.9Channels for making investments
  8. 8Chapter 8Investing in Stocks
    1. 8.1Equity as an investment
    2. 8.2Diversification of risk through equity instruments, Cross sectional versus time series 136
    3. 8.3Risks of equity investments
    4. 8.4Overview of Equity Market
    5. 8.5Combining Relative Valuation And Discounted Cash Flow Models
    6. 8.6Technical Analysis
    7. 8.7Qualitative evaluation of stocks
    8. 8.8Equity research and stock selection
  9. 9Chapter 9Investing in Fixed Income Securities
    1. 9.1Debt market and its need in financing structure of Corporates and Government
    2. 9.2Bond market ecosystem
    3. 9.3Risks associated with fixed income securities
    4. 9.4Pricing of Bond
    5. 9.5Traditional Yield Measures
    6. 9.6Concept of Yield Curve
    7. 9.7Concept of Duration
    8. 9.8Introduction to Money Market
    9. 9.9Introduction to Government Debt Market
    10. 9.10Introduction to Corporate Debt Market
    11. 9.11Small Saving Instruments
  10. 10Chapter 10Understanding Derivatives
    1. 10.1Basics of Derivatives
    2. 10.2Underlying concepts in derivatives
    3. 10.3Types of derivative products
    4. 10.4Structure of derivative markets
    5. 10.5Purpose of Derivatives
    6. 10.6Benefits, Costs and risks of Derivatives
    7. 10.7Equity, Currency and Commodity derivatives
    8. 10.8Derivative markets, products and strategies
  11. 11Chapter 11Mutual Funds
    1. 11.1Meaning and features of Mutual Fund
    2. 11.2Concepts and Terms Related to Mutual Funds
    3. 11.3Features of and differences between Open-ended schemes, Close-ended schemes,
    4. 11.4Interval schemes and Exchange Traded Funds (ETFs)
    5. 11.5Regulatory Framework of Mutual Funds
    6. 11.6Mutual Fund Products
    7. 11.7Mutual Fund Investment Options
    8. 11.8Triggers in Mutual Fund Investment
    9. 11.9Process associated with Investment in Mutual Funds
    10. 11.10Systematic Transactions
    11. 11.11Investment Modes
  12. 12Chapter 12Portfolio Manager
    1. 12.1Overview of portfolio managers in India
    2. 12.2Types of portfolio management services
    3. 12.3Structure of PMS in India
    4. 12.4Registration requirements of a Portfolio Manager
    5. 12.5Responsibilities of a Portfolio Manager
    6. 12.6Cost, expenses and fees of investing in PMS
    7. 12.7Direct access facility offered by PMS
    8. 12.8SEBI requirements on performance disclosure
  13. 13Chapter 13Overview of Alternative Investment Funds (AIFs)
    1. 13.1Introduction to Alternative Investments
    2. 13.2Evolution and Growth of AIFs in India
    3. 13.3SEBI requirements on AIF
    4. 13.4Categories of AIFs and their comparison
    5. 13.5Types of AIFs
    6. 13.6Role of Alternative Investments in Portfolio Management
  14. 14Chapter 14Introduction to Modern Portfolio Theory
    1. 14.1Framework for constructing portfolios, modern portfolio theory
    2. 14.2Assumptions of the theory
    3. 14.3Definition of risk averse, risk seeking and risk neutral investor
    4. 14.4Calculation of expected rate of return for individual security
    5. 14.5Graphical presentation of portfolio risk/return of two securities
    6. 14.6The concept of Efficient Frontier
    7. 14.7Portfolio Optimization process
    8. 14.8Estimation issues
  15. 15Chapter 15Portfolio Construction Process
    1. 15.1Importance of Asset Allocation Decision
    2. 15.2Understanding correlation across asset classes and securities
    3. 15.3Steps in Portfolio Construction Process
    4. 15.4Investment Objectives
    5. 15.5Investment Constraints
    6. 15.6Exposures limits to different Sectors, Entities and Asset Classes
    7. 15.7Unique needs and preferences
    8. 15.8Assessments of needs and requirements of investor
    9. 15.9Analysing the financial position of the investor
    10. 15.10Psychographic analysis of investor
    11. 15.11Life cycle analysis of investor
    12. 15.12Forecasting risk and return of various asset classes
    13. 15.13Benchmarking the client’s portfolio
    14. 15.14Asset allocation decision
    15. 15.15Portfolio Construction Principles
    16. 15.16Strategic versus Tactical Asset Allocation
    17. 15.17Rebalancing of Portfolio
  16. 16Chapter 16Portfolio Performance Measurement and Evaluation
    1. 16.1Parameters to define performance, risk and return
    2. 16.2Rate of return measures
    3. 16.3Risk measures
    4. 16.4Risk-adjusted return measures.
    5. 16.5Performance Evaluation: Benchmarking and peer group analysis
    6. 16.6Performance attribution analysis
  17. 17Chapter 17Operational Aspects of Investment Management
    1. 17.1Investors and the investing process
    2. 17.2PAN and KYC Process
    3. 17.3Dematerialisation and Re-materialisation of Securities
    4. 17.4Power of Attorney
    5. 17.5Account Opening Process for Non-Residents
    6. 17.6Process of Consolidating, reorganising and folio keeping/Maintenance of Investments
    7. 17.7Change in Status of Special Investor Categories
    8. 17.8Payment Instruments
    9. 17.9Documentation for Financial Advice
    10. 17.10Investing in mutual funds through the stock exchange platform
  18. 18Chapter 18Key Regulations
    1. 18.1Securities Contracts Regulation Act (SCRA 1956)
    2. 18.2SEBI Act 1992
    3. 18.3SEBI Prevention of Fraudulent and Unfair Trade Practices Regulations, 2003
    4. 18.4Securities and Exchange Board of India (Intermediaries) Regulations, 2008
    5. 18.5SEBI (Prohibition of Insider Trading) Regulations, 2015
    6. 18.6SEBI Investment Advisers Regulations, 2013
    7. 18.7Prevention of Money-Laundering Act, 2002
    8. 18.8Key provisions of various other acts, as applicable to investment advisory profession
    9. 18.9Violation of Regulations by Registered Investment Advisers and their consequence
  19. 19Chapter 19Ethical Issues
    1. 19.1Ethical issues
    2. 19.2Importance of ethical conduct of business
    3. 19.3Ethical issues for an Investment Adviser
    4. 19.4Ethical Dilemma
    5. 19.5Fiduciary responsibility of Investment Advisers
    6. 19.6Do’s and Don’ts for investors issued by SEBI
    7. 19.7Learn about addressing annual audit observations
    8. 19.8Global Best Practices
  20. 20Chapter 20Grievance Redress Mechanism
    1. 20.1Consumer Protection Act
    2. 20.2Investor Grievance Redressal Mechanism
    3. 20.3Grievance Redress System
    4. 20.4Grievance Redress System of an Investment Adviser
    5. 20.5Grievance Redress System in Capital Market
    6. 20.6Grievance Redress System in Banking
    7. 20.7Grievance Redressal in Insurance
    8. 20.8Redress in Pension Sector
    9. 20.9Securities Appellate Tribunal
    10. 20.10Other Redressal Fora

Source: NISM curriculum page. Chapter names and order follow NISM; sub-topic numbering (1.1, 1.2) is added by VIA Capital for easy reading. NISM may revise its curriculum; always confirm on nism.ac.in.

Quick revision · flashcards

NISM Series X-A flashcards

Flip 10 cards free as a demo. The practice pass opens every card, chapter by chapter.

Learn it first in VIA Capital Academy

Level 1

Money, budgeting and goals

Open lessons

Level 2

Investment products explained simply

Open lessons

Level 5

Portfolio construction and risk

Open lessons

NISM Series X-A: questions people ask

What is NISM Series X-A?

It is the first of two mandatory exams for SEBI-registered Investment Advisers (RIAs). It covers financial planning, investment products, markets, and regulations.

Who should take this exam?

Financial planners, wealth advisers, and anyone who wants to provide fee-based investment advice as a SEBI-registered RIA.

What is the passing score?

90 out of 150 marks (60%). There is 25% negative marking and the exam is 3 hours long.

Is this official NISM material?

No. These are independent practice questions. Refer to the official NISM workbook before the exam.

Do I need to take X-B after X-A?

Yes, both X-A and X-B are required for SEBI RIA registration.

How many questions are in the NISM Series X-A exam?

NISM lists 135 questions for 150 marks, to be answered in 180 minutes.

What is the passing score for NISM Series X-A?

You need 60% (90 of 150 marks) to pass.

Is there negative marking in NISM Series X-A?

Yes. 25% of the marks for a question are deducted for each wrong answer, so guessing has a cost.

Who should take NISM Series X-A?

Professionals who provide fee-based investment advice to clients, financial planners, and aspiring RIAs.

How do I prepare for NISM Series X-A on VIA Capital?

Follow the five steps: read each chapter, practise questions, pass the chapter tests, take the full mock tests, then sit the final practice exam. Your progress is saved to your account.

Where do I register for the real exam?

Only on the official NISM website, nism.ac.in. VIA Capital is an independent preparation platform and cannot book or conduct the NISM exam.

Ready to test yourself?

135 questions · 180 minutes · 25% negative marking. First 10 questions free, then full papers with the practice pass.

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  1. 1

    Create your NISM account

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  2. 2

    Choose the examination

    Select the series you want (for example, Series V-A) and read the current test objectives and rules.

  3. 3

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    Choose an available test centre or mode, date and time slot.

  4. 4

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  5. 5

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Go to NISM certification portal Official NISM website

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