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Series X-B · Advanced

Investment Adviser Level 2

The advanced half of the Investment Adviser certification.

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

Questions

120

Duration

180 min

Pass mark

60%

Negative marking

25%

Exam fee

₹3,000 + GST

Validity

3 years

Why this certification matters

Level 2 is case-study heavy and tests whether you can build an actual financial plan, not just recall definitions.

Who should take it: Candidates who have cleared Series X-A and want to complete RIA eligibility.

What you get after clearing it

  • Completes the RIA certification requirement with X-A
  • Case-based format mirrors real client work
  • Deepens estate, retirement and comprehensive planning skills
  • Signals genuine advisory capability to employers

Where it takes you

Registered Investment AdviserSenior financial plannerFamily office adviserWealth manager

Mostly taken by candidates with some experience, but freshers who clear it stand out sharply.

Advisory income is fee-based, and experienced planners command premium retainers.

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-B

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.

ResearchQuestion writingTechnology
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  • Payment record in your accountYour payment and expiry date are saved to your VIA Capital account.

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.

6 week study plan

  1. Week 1-2

    Revise X-A

    Products, taxation and TVM must be automatic before starting case work.

  2. Week 3

    Comprehensive planning

    Building a full plan: goals, gap analysis, allocation, review.

  3. Week 4

    Estate and retirement

    Wills, nomination, succession, retirement corpus planning.

  4. Week 5

    Case practice

    Solve long caselets under time pressure, write the working out.

  5. Week 6

    Mocks

    Full length mocks with caselets, review every calculation error.

Exam-day tips

  • Caselets carry heavy marks, practise reading the data table first
  • Keep a formula sheet for retirement and goal corpus calculations
  • Watch the clock, most failures are time management failures

Full syllabus · 20 chapters

Matches official NISM curriculum · checked 30 September 2026
  1. 1Chapter 1Basics of Insurance
    1. 1.1Some Simplistic/Common Examples
    2. 1.2Need for Insurance
    3. 1.3Fundamental Principles of Insurance
    4. 1.4Concepts in Insurance
    5. 1.5Role of Insurance in Personal Finance
    6. 1.6Investing through Insurance
    7. 1.7Role of Insurance Adviser
    8. 1.8Regulations pertaining to Insurance
  2. 2Chapter 2Life Insurance Products
    1. 2.1Life Insurance Products
    2. 2.2Life Insurance Needs Analysis
    3. 2.3Types of Life Insurance Products
    4. 2.4Facilities available under life insurance policies
    5. 2.5Insurance under Married Women’s Property Act (MWPA)
    6. 2.6Benefits/Limitation and Provisions when insurance taken from multiple companies
    7. 2.7Criteria to evaluate various life insurance product
    8. 2.8Global coverage for different life insurance products
  3. 3Chapter 3Non-life Insurance Products
    1. 3.1Non-Life Insurance
    2. 3.2Benefits and Limitations of having multiple Insurance policies
    3. 3.3Comparison between Insurance Policies
    4. 3.4Global coverage for different General Insurance Products
  4. 4Chapter 4Retirement Planning Basics
    1. 4.1Need of Retirement Planning
    2. 4.2Financial goals and Retirement
    3. 4.3Retirement Planning
    4. 4.4Estimating Retirement Corpus
    5. 4.5Employee benefits and superannuation benefits
  5. 5Chapter 5Retirement Products
    1. 5.1Accumulation related products
    2. 5.2Portfolio created by an Investment Adviser
    3. 5.3Distribution Related Products
  6. 6Chapter 6Miscellaneous Aspects of Retirement Planning
    1. 6.1Advisor’s role in Retirement Planning
    2. 6.2Calculations for Retirement Planning
    3. 6.3Criteria to evaluate various retirement benefit products
    4. 6.4Concept of Philanthropy
  7. 7Chapter 7Concepts in Taxation
    1. 7.1Framework
    2. 7.2Key concepts
    3. 7.3Income
    4. 7.4Residential status
    5. 7.5Scope of Income
    6. 7.6Five Heads of Income
    7. 7.7Clubbing of Income
    8. 7.8Set off and Carry forward of Losses
    9. 7.9Exempt incomes
    10. 7.10Deductions under Chapter VI-A
    11. 7.11Rebate under section 87A
    12. 7.12Gross Total Income
    13. 7.13Total Income
    14. 7.14Computation of Tax Payable
    15. 7.15Double Tax Avoidance Agreement (DTAA)
    16. 7.16Taxation Regime
    17. 7.17Maximum Marginal Rate of Tax (MMR)
    18. 7.18Effective Rate of Tax
  8. 8Chapter 8Capital Gains
    1. 8.1Basic Concepts
    2. 8.2Capital asset
    3. 8.3Types of Capital Asset
    4. 8.4Transfer of Capital Asset
    5. 8.5Computation of Capital Gains from Transfers
  9. 9Chapter 9Income from Other Sources
    1. 9.1Introduction
    2. 9.2Dividend Income
    3. 9.3Interest on Securities
    4. 9.4Gift of Securities
  10. 10Chapter 10Taxation of Debt Products
    1. 10.1Sources of Income from Debt Products
    2. 10.2Types of Debt Products
    3. 10.3Mutual Funds
    4. 10.4Taxation of Non-residents
    5. 10.5Taxation of Market Linked Debentures
    6. 10.6Benefits not allowed from capital gain arising from Market Linked Debentures (MLDs) or Specified Mutual Funds (SMFs)
    7. 10.7Summary of Taxation of Debt Products
  11. 11Chapter 11Taxation of Equity Products
    1. 11.1Sources of Income
    2. 11.2Listed Equity Shares
    3. 11.3Tax Treatment of Unlisted Equity Shares
    4. 11.4Tax Treatment of Preference Shares
    5. 11.5Tax Treatment of Shares Warrants
    6. 11.6Tax Treatment of Mutual Funds
    7. 11.7Tax Treatment of Derivatives
    8. 11.8Bonus Stripping
    9. 11.9Benefits not allowed from Capital Gains
    10. 11.10Adjustment of Exemption Limit from Capital Gains
    11. 11.11Summary of Taxation of Equity Products and Other Capital Assets
  12. 12Chapter 12Taxation of Other Products
    1. 12.1Taxation of Employees Stock Option Plan (ESOP)
    2. 12.2Sovereign Gold Bonds (SGBs)
    3. 12.3National Pension System (NPS)
    4. 12.4Real Estate Investment Trust (REIT)
    5. 12.5Infrastructure Investment Trust (InVIT)
    6. 12.6Alternative Investment Funds (AIFs)
    7. 12.7Exchange Traded Funds (ETFs)
    8. 12.8Tax aspects of Life Insurance Products
    9. 12.9Tax aspects of Reverse Mortgage
    10. 12.10Taxation of other Derivative Products
  13. 13Chapter 13Tax Provisions for Special Cases
    1. 13.1Taxation of Bonus Shares
    2. 13.2Taxation on Share Split or Consolidation of Shares
    3. 13.3Taxation of Buyback of Shares
    4. 13.4Taxation of Rights Issues
    5. 13.5Taxation in case of Mergers & Acquisitions
    6. 13.6Taxation in case of Stock Lending and Borrowing
    7. 13.7Taxation in case of conversion of Preference Shares into Equity Shares
    8. 13.8Taxation in case of Segregated Portfolios of Mutual Funds
    9. 13.9Taxation in case of Consolidation of Mutual Fund schemes or plans
    10. 13.10Taxation in case of winding up of Mutual Funds
  14. 14Chapter 14Basics of Estate Planning
    1. 14.1Estate Planning
    2. 14.2Constituents of Estate
    3. 14.3Elements of Estate Planning
    4. 14.4Applicable Laws
    5. 14.5Mutation
    6. 14.6Caselets
  15. 15Chapter 15Tools for Estate Planning
    1. 15.1Various Tools for Estate Planning
    2. 15.2Concept of Wills
    3. 15.3Probate Process
    4. 15.4Gifts, Joint Holding and Nominations
    5. 15.5Family Settlement
    6. 15.6Trust-Characteristics and Regulations
    7. 15.7Guardianship
    8. 15.8Powers of Attorney
    9. 15.9Caselets
  16. 16Chapter 16Basics of Behavioural Finance
    1. 16.1Behavioural Finance versus Standard Finance
    2. 16.2How do individuals make decision?
    3. 16.3Categorization of Biases
    4. 16.4Fusion Investing
    5. 16.5Behavioural Finance explains Market Anomalies
    6. 16.6Behavioural Finance explains Bubbles and Crashes
  17. 17Chapter 17Behavioural Finance in Practice
    1. 17.1Role of emotions in goal setting
    2. 17.2Nudging the investor to behave better
    3. 17.3Role of Investment Adviser in management of client emotions
  18. 18Chapter 18Risk Profiling for Investors
    1. 18.1Risk profiling for investors and risk profiling approach
    2. 18.2Parameters for Risk profiling
    3. 18.3Role of Risk profiling in Asset Allocation
  19. 19Chapter 19Comparison of Products Across Categories
    1. 19.1Performance data for investment products
    2. 19.2Attribute portfolio performance and Evaluation of investment alternatives
    3. 19.3Other Comparatives
  20. 20Chapter 20Case Studies in Comprehensive Financial Advice
    1. 20.1Case 1
    2. 20.2Case 2
    3. 20.3Case 3
    4. 20.4Case 4

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-B flashcards

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

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NISM Series X-B: questions people ask

What is NISM Series X-B?

It is the second mandatory exam for SEBI-registered Investment Advisers (RIAs), focusing on advanced financial planning and portfolio advisory.

Who should take this exam?

Candidates who have passed Series X-A and want to complete their RIA eligibility under SEBI.

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.

Can I take X-A and X-B together?

You can take them in any order, but both are required for SEBI RIA registration.

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

NISM lists 120 questions for 150 marks, to be answered in 180 minutes.

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

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

Is there negative marking in NISM Series X-B?

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-B?

Candidates who have cleared Series X-A and want to complete RIA eligibility.

How do I prepare for NISM Series X-B 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?

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

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Ready to book the real exam?

How to register on the official NISM website

VIA Capital does not take exam registrations. Enrolment, fees and certificates are handled only by NISM. Follow these steps on their website.

  1. 1

    Create your NISM account

    Register on the official NISM certification portal with your name exactly as on your ID, plus email and mobile.

  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

    Pick a test centre and date

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

  4. 4

    Pay the examination fee

    Pay the fee shown on the NISM portal. Fees can change, so rely only on the amount NISM shows.

  5. 5

    Keep your confirmation

    Save the enrolment confirmation and carry a valid photo ID on exam day.

Go to NISM certification portal Official NISM website

Opens nism.ac.in in a new tab. Always check current fees, rules and eligibility there.