NISM Series X-A exam at a glance
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NISM Series X-A key facts & eligibility
| Conducting body | National Institute of Securities Markets (NISM), an educational initiative of SEBI |
|---|---|
| Official website | nism.ac.in ↗ |
| Mode | The NISM Series X-A: Investment Adviser (Level 1) Certification Examination — mandatory for individual investment advisers and associated persons under the SEBI (Investment Advisers) Regulations, 2013. Registration as an Investment Adviser requires passing both Level 1 (X-A) and Level 2 (X-B). |
| Frequency | Offered year-round as a computer-based test at NISM test centres across India. |
| Scoring & marking | The exam has 135 questions (90 multiple-choice questions of 1 mark plus 9 caselets) for 150 marks in 3 hours, with 25% negative marking on each wrong answer. The passing score is 60% (90 of 150 marks). |
| Score validity | The certificate is valid for 3 years from the date of the examination. |
| Language | English. |
Who is eligible for NISM Series X-A?
Taken by individual investment advisers, and principal officers or persons associated with investment advice at non-individual advisers.
Last verified July 2026 against NISM — Investment Adviser (Level 1). Always confirm current details on the official website before you register.
NISM Series X-A section breakdown
The NISM Series X-A mock test on Wrexa Edge replicates the real exam's section structure — same names, same question count per section, same time limits. No inter-section breaks — the timer runs continuously.
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NISM Series X-A (50 Q)
Marking scheme
+1 per correct. Try your score.
Strategy: NISM Series X-A has no negative marking. Attempt every question — blank answers cost you potential marks but cannot pull your score down.
Scale: NISM Series X-A (pass 700/1000).
How NISM Series X-A is conducted
- Mode
- Test format
- Backtracking
- Mark for review
NISM Series X-A time strategy
With 50 questions in 90 minutes, you have about 108 seconds per question on average. Successful candidates aim for the following pacing on each section:
- NISM Series X-A (50 Q)
Wrexa Edge's analytics show your actual time-per-question after every mock so you can spot which sections you're losing time on.
NISM Series X-A topics covered
Across the 50 Wrexa Edge variants of NISM Series X-A, the following topics appear most often (sample distribution from one variant):
NISM Series X-A (50 Q)
- NISM-X-A — SEBI IA Regulations · 7
- NISM-X-A — Asset Classes · 7
- NISM-X-A — Retirement Planning · 6
- NISM-X-A — Time Value of Money · 6
- NISM-X-A — Insurance Planning · 6
- NISM-X-A — Financial Planning Basics · 5
- NISM-X-A — Risk Profiling · 5
- NISM-X-A — Taxation Concepts · 3
NISM Series X-A difficulty calibration
Advanced tier. Advanced-level: high-stakes exam with rigorous content depth. Expect 4-8 months of structured prep.
NISM Series X-A: Investment Adviser (Level 1) · MCQ. Reasoning, quantitative aptitude, English, general/financial awareness & computer knowledge. · Official language: English & Hindi.
Verified content — Wrexa Edge's NISM Series X-A bank has been deeply curated with real exam-aligned content (estimated 100% syllabus coverage).
How Wrexa Edge prepares you for NISM Series X-A
- Real test-day interface
- 50 distinct variants
- Detailed analytics
- Spaced repetition (Notebook)
- Optional proctoring
- Free to start
Expert take: what NISM Series X-A really tests
The NISM Series X-A: Investment Adviser (Level 1) Certification Examination, from NISM (SEBI’s educational body), is mandatory for investment advisers under the SEBI (Investment Advisers) Regulations, 2013; both Level 1 (X-A) and Level 2 (X-B) must be passed to register. It has 135 questions (90 multiple-choice plus 9 caselets) for 150 marks in 3 hours, with 25% negative marking and a passing score of 60% (90 of 150 marks). The certificate is valid for 3 years.
Preparation tips
- Practise caselets — a large share of the marks.
- Aim for 90 of 150 marks to reach the 60% pass.
- Remember both X-A and X-B are needed to register.
Common mistakes to avoid
- Assuming 100 marks in 2 hours — it is 150 marks over 3 hours.
- Guessing carelessly under the 25% negative marking.
NISM Series X-A study plan
A phase-by-phase roadmap from your first concept to test-ready. Stretch or compress each phase to fit the time you have before your attempt.
- Personal financial planning
- Investment products
- SEBI IA Regulations 2013
- Risk and return
- Taxation of investments
- Regulatory environment
- Caselet practice
- Pass 60% (90/150)
- 25% negative marking
Where NISM Series X-A can take you
A strong NISM Series X-A result opens up these careers and higher-study paths:
- Investment Adviser (Level 1)
- SEBI-registered advice
Best books & official prep for NISM Series X-A
- NISM Series X-A workbook — NISM
- Investment Adviser (Level 1) practice tests — Various
Official practice: Study the official NISM Series X-A workbook, practising caselets; the passing score is 60% (90/150) with 25% negative marking. Both X-A and X-B are needed to register as an Investment Adviser.
Previous-year papers: NISM publishes the workbook and sample questions.
Sample NISM Series X-A practice questions
5 questions taken from the NISM Series X-A mock tests on Wrexa Edge. Try each one, then reveal the answer.
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Q1. Longevity risk in retirement planning refers to the risk of:
- Retiring earlier than planned
- Earning too much in retirement
- Paying too little tax after retiring
- Outliving one's retirement savings
Show answer
Answer: D — Outliving one's retirement savings
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Q2. A personal balance sheet shows a client's:
- Assets, liabilities and net worth at a point in time
- Income and expenses of the household over a period of time
- Cash inflows from investments only
- Projected returns from equity holdings
Show answer
Answer: A — Assets, liabilities and net worth at a point in time
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Q3. Risk capacity of a client refers to the:
- Emotional willingness to accept volatility in portfolio values
- Financial ability to bear losses without harming goals
- Return the client expects every year
- Number of products the client holds
Show answer
Answer: B — Financial ability to bear losses without harming goals
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Q4. Tax planning advice should avoid:
- Considering the client's tax bracket at all
- Using legally available tax deductions
- Choosing products only for tax benefit, ignoring suitability
- Reviewing the tax impact of redemptions
Show answer
Answer: C — Choosing products only for tax benefit, ignoring suitability
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Q5. The present value of a future sum falls when:
- The discount rate decreases
- The time period shortens
- The future sum increases
- The discount rate increases
Show answer
Answer: D — The discount rate increases
Frequently asked questions
- What is the NISM Series X-A exam pattern?
- NISM Series X-A: Investment Adviser (Level 1) contains 50 questions across 1 section: NISM Series X-A (50 Q). Total duration is 90 minutes (about 108 seconds per question).
- Does NISM Series X-A have negative marking?
- No — NISM Series X-A has no negative marking. Each correct answer is worth 1 mark, so attempt every question.
- How is NISM Series X-A scored?
- Scaled score range: 100 to 1000. NISM Series X-A (pass 700/1000).
- How can I practise NISM Series X-A online for free?
- Wrexa Edge gives you a free full-length NISM Series X-A mock test — with instant scoring, detailed explanations and analytics — plus 49 more with a one-time $1.99 unlock that never expires. Start practising in under a minute, no card required.
- What is the difficulty level of NISM Series X-A?
- NISM Series X-A is rated Advanced difficulty on Wrexa Edge. Advanced-level: high-stakes exam with rigorous content depth. Expect 4-8 months of structured prep. NISM Series X-A: Investment Adviser (Level 1) · MCQ. Reasoning, quantitative aptitude, English, general/financial awareness & computer knowledge. · Official language: English & Hindi.
- How long is the NISM Series X-A exam?
- NISM Series X-A runs for 90 minutes total. On Wrexa Edge the timer is enforced exactly as on the real exam — including no inter-section breaks.
- What topics are covered in NISM Series X-A?
- NISM Series X-A is split into: NISM Series X-A (50 Q). Each section is timed and weighted separately. NISM Series X-A: Investment Adviser (Level 1) · MCQ. Reasoning, quantitative aptitude, English, general/financial awareness & computer knowledge. · Official language: English & Hindi.
- What tools or aids are allowed during NISM Series X-A?
- No special tools are required. Note: real exam is proctored — Wrexa Edge mirrors this with a webcam-based proctoring flow you can enable.
- Is the NISM Series X-A test adaptive?
- No — NISM Series X-A is a fixed-form (linear) test. Every candidate sees the same number of questions per section.
- How many NISM Series X-A mock tests does Wrexa Edge offer?
- Wrexa Edge generates 50 distinct NISM Series X-A variants — each with different question content, not just shuffled options — the first one free for everyone and 49 more with a one-time $1.99 unlock. That's 2500 unique practice questions in the real test-day interface.
- Is there a free NISM Series X-A test series 2026?
- Yes. The Wrexa Edge NISM Series X-A test series for 2026 gives you a free full-length mock test (50 in total) plus subject-wise and topic-wise tests — instant scoring and detailed analysis, no card required.
- Are NISM Series X-A previous year question–style papers included?
- Every NISM Series X-A mock is modelled on the official exam pattern and the style of previous years' papers — the same 50-question structure, sections and marking — so your practice mirrors the real paper you'll sit.
- Which is the best free NISM Series X-A mock test online?
- Wrexa Edge's NISM Series X-A mock test replicates the real exam interface, timing and marking scheme, with instant score, section-wise analysis and 50 fresh variants — a strong free choice for 2026 preparation.
- Can I take the NISM Series X-A mock test on mobile?
- Yes. NISM Series X-A mock tests run in any browser on mobile, tablet or desktop — no app or download needed. Start on your phone and your progress and analytics sync when you sign in.
- What is the NISM Series X-A syllabus?
- The NISM Series X-A syllabus maps to its 1 section: NISM Series X-A (50 Q). Wrexa Edge's mock tests cover the complete syllabus topic by topic — see the topics-covered breakdown above — so you practise every area at real exam difficulty.
- What is the eligibility for NISM Series X-A?
- Taken by individual investment advisers, and principal officers or persons associated with investment advice at non-individual advisers. Wrexa Edge focuses on realistic NISM Series X-A practice: a free full-length mock in the exact exam pattern, ready whenever you are.
- When is the NISM Series X-A exam and how should I prepare?
- Official NISM Series X-A exam dates are announced by the conducting body for each cycle — check the latest notification for the current schedule. To be ready, follow a phased study plan and take full-length timed mocks; Wrexa Edge gives you a free NISM Series X-A mock with instant scoring so you can track your readiness week by week.
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