NISM Series X-A Open for practice Mandated by SEBI
NISM Series X-A Mock Tests and Practice (NISM 10A)
NISM Series X-A: Investment Adviser (Level 1)
Level 1 of the investment adviser certification: personal financial planning, time value of money, investment products, managed portfolios, portfolio theory and performance, and the regulatory and ethical framework for advisers.
- Duration
- 180 min
- Questions
- 135
- Maximum marks
- 150
- Pass mark
- 60%
- Negative marking
- 25%
- NISM fee
- ₹3,000
Verified 13 Oct 2026 from NISM's official certification listing. Certificate valid 3 years. NISM currently lists all certification examinations as online, remote-proctored.
Structure: 90 multiple-choice questions (1 mark each) plus 9 case studies: 6 cases × 5 questions × 1 mark and 3 cases × 5 questions × 2 marks.
Free mock tests
3 full-length papers, each 135 questions in 180 minutes, with the real exam's 25% negative marking, and every chapter in its exam weightage. No question appears in more than one paper, so each one is a fresh test.
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Free Mock 1
135 questions
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Free Mock 2
135 questions
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Free Mock 3
135 questions
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After you submit, open the review and tap Explain this with the AI Coach on any question you got wrong.
A free account saves your answers, scores and mistake notebook. No payment details needed.
What a paid plan adds
The free mocks show you where you stand. A paid plan gives you the practice to close the gaps before exam day.
- Unlimited full mocks, freshly drawn from all 530 NISM Series X-A questions and favouring ones you haven't seen, so you never sit the same paper twice.
- Unlimited practice by chapter, weak topic and mistake notebook. The free plan stops at 30 questions a day.
- 60 AI Coach messages a day (free: 5). Clear every doubt as it comes up, get calculations worked step by step and a revision plan for your exam date.
- Last-24-hours revision: a timed paper of your recent mistakes plus the highest-weight chapters, built for the day before the exam.
- Retake any free mock to check that you've fixed what you got wrong.
Why start today
- At 30 free questions a day, working through all 530 questions takes about 5 days. With a plan you set the pace, and every extra day of practice before the exam counts.
- Access opens straight away: pay by UPI, enter the reference number, and you get 24 hours of full access while we confirm the payment.
- Plans start at ₹129 (Last 24 hours, 2 days), including GST. No auto-renewal: a plan simply ends.
Syllabus and chapter weightage
Workbook version: March 2026| # | Chapter | Weight | Questions | Actions |
|---|---|---|---|---|
| 1 | Introduction to Personal Financial Planning Lesson with examples |
9.25 | 20 | Practise |
| 2 | Time Value of Money Lesson with examples |
9.25 | 20 | Practise |
| 3 | Evaluating the Financial Position of Clients Lesson with examples |
9.25 | 24 | Practise |
| 4 | Debt Management and Loans Lesson with examples |
9.25 | 38 | Practise |
| 5 | Introduction to the Indian Financial Markets Lesson with examples |
5 | 29 | Practise |
| 6 | Securities Market Segments Lesson with examples |
5 | 36 | Practise |
| 7 | Introduction to Investment Lesson with examples |
7.5 | 22 | Practise |
| 8 | Investing in Stocks Lesson with examples |
7.5 | 32 | Practise |
| 9 | Investing in Fixed Income Securities Lesson with examples |
7.5 | 43 | Practise |
| 10 | Understanding Derivatives Lesson with examples |
7.5 | 26 | Practise |
| 11 | Mutual Funds Lesson with examples |
7.67 | 42 | Practise |
| 12 | Portfolio Manager Lesson with examples |
7.67 | 16 | Practise |
| 13 | Overview of Alternative Investment Funds (AIFs) Lesson with examples |
7.66 | 17 | Practise |
| 14 | Introduction to Modern Portfolio Theory Lesson with examples |
6.67 | 17 | Practise |
| 15 | Portfolio Construction Process Lesson with examples |
6.67 | 20 | Practise |
| 16 | Portfolio Performance Measurement and Evaluation Lesson with examples |
6.66 | 24 | Practise |
| 17 | Operational Aspects of Investment Management Lesson with examples |
7.5 | 33 | Practise |
| 18 | Key Regulations Lesson with examples |
7.5 | 32 | Practise |
| 19 | Ethical Issues Lesson with examples |
7.5 | 20 | Practise |
| 20 | Grievance Redress Mechanism Lesson with examples |
7.5 | 19 | Practise |
NISM publishes X-A weightage by module (Modules 1–6: 37, 10, 30, 23, 20 and 30 marks). Chapter figures shown are those module marks shared equally across each module's chapters.
Who takes this exam
Aspiring and practising SEBI-registered investment advisers and their representatives, financial planners and wealth professionals.
Formula sheet
Formulas used in our original calculation questions for this exam.
| Chapter | Topic | Formula |
|---|---|---|
| 2 | CAGR | CAGR = (End value / Beginning value)^(1/n) − 1 |
| 2 | Effective rate | EAR = (1 + r/m)^m − 1 |
| 2 | Future value | FV = PV × (1 + r)^n |
| 2 | Perpetuity | PV = C / r |
| 2 | Present value | PV = FV / (1 + r)^n |
| 2 | Real rate of return | Real return = (1 + r) / (1 + i) − 1 |
| 3 | Liquidity ratio | Liquidity ratio = Liquid assets / Monthly expenses |
| 9 | Modified duration | %ΔP ≈ −Modified duration × Δy |
| 9 | Modified duration | MD = Macaulay duration / (1 + y) |
| 16 | Jensen's alpha | α = Rp − [Rf + β(Rm − Rf)] |
| 16 | Sharpe ratio | Sharpe = (Rp − Rf) / σp |
| 16 | Treynor ratio | Treynor = (Rp − Rf) / β |
NISM Series X-A: frequently asked questions
How many questions are there in the NISM Series X-A exam?
The NISM Series X-A exam has 135 questions for 150 marks, to be answered in 180 minutes. 90 multiple-choice questions (1 mark each) plus 9 case studies: 6 cases × 5 questions × 1 mark and 3 cases × 5 questions × 2 marks.
What is the passing mark for NISM Series X-A, and is there negative marking?
You need 60% to pass. Each wrong answer costs 25% of the marks for that question, so guessing has a price.
What is the fee for the NISM Series X-A exam and how long is the certificate valid?
NISM lists the fee as ₹3,000. The certificate is valid for 3 years. NISM currently lists all certification examinations as online, remote-proctored.
Are the NISM Series X-A mock tests on Integrato Digital free?
Yes. A free account gives you 3 full-length mock papers, each in the real exam pattern (135 questions, 180 minutes) with every chapter in its exam weightage. No question repeats across the free papers, and a 20-question diagnostic needs no sign-up at all. Paid plans add unlimited practice from the full bank and more mocks.
How should I prepare for NISM Series X-A?
Read the chapter lessons (20 chapters), practise chapter by chapter from the 530-question bank, review every explanation you get wrong, then take full mock tests under exam timing until you score comfortably above the pass mark.
Are these official NISM questions?
No. Integrato Digital is an independent practice platform and is not affiliated with or endorsed by NISM. Every question and lesson is original, written to the published NISM syllabus and test objectives.
Registering for the exam
Registration, scheduling, fees and certificates are handled only by NISM. Use the official page to register:
Official NISM Series X-A page on nism.ac.in
NISM also publishes the official workbook for each exam on its website. Our questions and notes are original and are written to complement it, not replace it.