NISM Series X-B study guide
NISM Series X-B · Work through your exam, one topic at a time.
NISM Series-X-B, the Investment Adviser (Level 2) Certification Examination, is one of the certification examinations listed by the National Institute of Securities Markets under its Investment Adviser category, alongside NISM-Series-X-A (Level 1) and NISM-Series-X-C (the renewal examination). NISM describes itself as a public trust established in 2006 by the Securities and Exchange Board of India (SEBI), the regulator of the securities markets in India, carrying out capacity building activities aimed at enhancing quality standards in securities markets. The NISM Series X-B study guide has 5 sections and about 1,742 words.
01Investment Advisory Process: From Onboarding to Review
This domain tests the full advisory workflow - how an adviser gathers client information, converts it into a plan, recommends products and then monitors the relationship - and the boundary between giving advice and selling products. Questions typically probe sequence, documentation and suitability rather than product trivia.
368 words, about 2 min02Client Risk Profiling and Suitability
This domain tests how an adviser converts a client conversation into a defensible suitability decision. Expect questions on the components of risk, the biases that corrupt self-reported answers, and how product risk is matched to a client.
355 words, about 2 min03Financial Planning and Portfolio Construction
This domain tests whether you can quantify goals, sequence the financial planning steps correctly and translate a plan into an allocation with a rebalancing discipline. Quantify every goal in future rupees by inflating today's cost at a realistic rate; assign each a horizon and priority.
334 words, about 2 min04Products, Markets and Performance Measurement
This domain tests the product landscape available to Indian advisory clients and your ability to judge performance on a comparable, risk-adjusted basis. Expect questions that combine product features with the correct return measure.
337 words, about 2 min05Regulatory, Ethical and Compliance Requirements for Investment Advisers
This domain tests the SEBI (Investment Advisers) Regulations, 2013, the Code of Conduct and the compliance mechanics that keep an advisory practice lawful. Questions mix eligibility rules with ethical scenarios.
348 words, about 2 min