NISM Series-X-B: Investment Adviser (Level 2) Exam FAQS

1. Who can take NISM-Series-X-B: Investment Adviser (Level 2) Certification Examination?

The following persons can take NISM-Series-X-B: Investment Adviser (Level 2) Certification Examination:

• Investment Advisers and their associated persons, including their representatives and partners
• Interested students/professionals
• Any other Individual

2. For whom is this examination mandated?

Please refer to NISM Notification NISM/Certification/Series-X-B: IA-L2/2013/01 dated November 26, 2013 (in the ‘Circulars’ section). NISM has specified the NISM-Series-X-B: Investment Adviser (Level 2) Certification Examination along with the NISM-Series-X-A: Investment Adviser (Level 1) Certification Examination seeks to create a common minimum knowledge benchmark for all associated persons registered as an investment adviser and partners and representatives of investment advisers under SEBI (Investment Advisers) Regulations, 2013 and offering investment advisory services.

Individuals have 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 Regulation 7(2) of the SEBI (Investment Advisers) Regulations, 2013.

3. How can I register for NISM-Series-X-B: Investment Adviser (Level 2) Certification Examination?

Candidates can register with any of the following Test Administrators.

1. National Institute of Securities Markets (NISM): https://certifications.nism.ac.in/nismaol/

For registrations, candidates may visit any of the above websites.

After successful registration, candidates may select a test center, date, and time slot of their choice on the Test Administrator website. Candidates have to follow further instructions available on the Test Administrator websites.

4. What is the fee structure?

The fees for “NISM-Series-X-B: Investment Adviser (Level 2) Certification Examination” is Rupees One Thousand Five Hundred only (Rs. 1500/-).

5. What is the assessment structure?

The examination consists of 8 caselets with 4 multiple-choice questions of 2 marks each per caselet (adding to 64 marks) and 36 multiple-choice questions of 1 mark, each adding up to 100 marks. The examination should be completed in 2 hours. There is a negative marking of 25% of the marks for a question. The passing score for the examination is 60 marks.

6. Is there a study material available for preparing for this examination?

You will receive a soft copy of the workbook/study material after enrolment for the examination. For non-receipt of a soft copy of the workbook/study material, you may contact the respective Test Administrator:

NISM: [email protected]

7. Do I have to pay for the study material?

You will receive a soft copy of the workbook/study material free of cost after enrolment for the examination. Candidates can buy NISM workbooks online through Taxmann Publications Private Ltd.

8. I have passed NISM-Series-X-B: Investment Adviser (Level 2) Certification Examination. When will I receive the certificate?

Only the candidates who have produced their Income Tax Permanent Account Number (PAN) during registration would receive the NISM Certificate within two weeks of appearing for the examination. However, candidates who produced other identification proofs would not receive the NISM certificate. They would receive only the temporary mark sheet at the end of the examination.

10. I have not provided my PAN information at the time of taking the certification examination. How do I obtain the certificate?

Candidates who have not provided their PAN information during registration may furnish their PAN details to the Test Administrator they have registered with anytime after taking the examination. After receiving and verifying PAN details, the candidate will receive the certificate from the Test Administrator they have registered with. No additional payments are necessary for obtaining the certificate.

11. I have passed NISM-Series-X-B: Investment Adviser (Level 2) Certification Examination and also provided PAN details. However, I have not received the certificate. Whom should I contact?

For non-receipt of certificate contact the test administrator you have registered with for this examination. The email id is:

NISM: [email protected]

12. What is the validity period of the certificate?

The certificate will be valid for 3 years from the date of the examination.

13. How do I renew my certificate?

To renew your current certificate, you need to appear for NISM CPE for Investment Adviser (Level 2) or successfully pass the NISM-Series-X-B: Investment Adviser (Level 2) Certification Examination before the expiry of such certificate.

14. Can I request for re-evaluation of NISM Certification Examinations?

NISM Policy on Re-evaluation of performance of candidates appearing for Certification Examination and resolution of doubts about the questions forming part of such examination, if any.

“No re-evaluation of the performance of candidates appearing for Certification Examination conducted by NISM (Mandatory & Non-Mandatory examination) is permitted since the assessment of answers, with respect to Certification Examinations questions which are in the nature of the selection of only one correct answer from multiple choices offered, is carried out in an objective manner by in-built system architecture created for Certification Examination without any scope for human intervention and subjectivity element.

Also, considering the examination structure, no disclosure of the questions and/or answers is permitted as it will violate the confidentiality of the question bank, which is the essence of the examination.

15. I already have NISM valid certificate for Certified Personal Financial Advisor. Can I appear for NISM-Series-X-B: Investment Adviser (Level 2) Certification Examination?

You can directly appear for NISM-Series-X-B: Investment Adviser (Level 2) examination, if you already have a valid certificate of NISM Certified Personal Financial Advisor Examination as on the date of SEBI notification No. LAD-NRO/GN/201-14/42/118 dated 27th January 2014:

However, in order to re-validate such CPFA certificate, you may either successfully complete NISM CPE for Investment Adviser (Level 1) or successfully clear the NISM-Series-X-A: IA (Level 1) examination, before the expiry of the validity of such certificate.

16. What are the NISM-Series-X-B: Investment Adviser (Level 2) Certification Examination Objectives?

NISM Series-X-B: Investment Adviser (Level 2) Certification exam the objectives include:

• Firstly, Securities Markets and Performance
• Secondly, Operational Aspects of financial transactions
• Thirdly, Personal Financial Planning
• Then, Comprehensive Financial Planning
• Next, Product analysis and selection
• After that, Regulatory and Compliance Aspects
• Lastly, Case studies in Comprehensive Financial Advice

17. What is the NISM Refund Policy?

This policy states that fees once paid through the payment gateway shall not be refunded. But, for other reason, this can be done if:

• Firstly, multiple times debiting from a Candidate Card/Bank Account due to technical error. Or the Candidate’s account being debited with excess amount in a single transaction due to technical error. 
• Secondly, due to technical error, payment being charged on the Candidate Card/Bank Account but the enrolment for the examination is unsuccessful. 

For More: Check NISM Exam Policies

Go back to Tutorial