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NISM Series X-A Investment Adviser Level 1 Exam 2025 – Mock Test, 9R™ Exam Mastery Study Plan, Exam Prep Guide Book & FAQs

NISM Series X-A: Investment Adviser (Level 1) Mock Test | Study Plan | 2025 Syllabus

Get exam-ready for the NISM Series X-A Investment Adviser Level 1 certification with our updated 2025 mock tests, practice questions, chapter-wise case studies, and SEBI-aligned study materials. Access the latest syllabus PDF, understand the exam pattern, negative marking, weightage, and prepare with our expert-curated 9R™ Study Plan to crack the SEBI Investment Adviser certification in your first attempt.

Mock test & syllabus are free. Study plan delivered by email.


Why Gurukul On Road for NISM Investment Adviser Level 1 Exam Preparation?

  • Access 1500+ questions across full-length NISM Series X-A mock tests, 10 case studies, and chapter-wise question banks.
  • Covers 2025 exam syllabus, updated pattern, negative marking rules, and SEBI compliance guidelines.
  • Includes personal financial planning, portfolio construction, mutual funds, risk-return, debt & cash flow management.
  • Available in multiple formats: Online Mock Test, Udemy Practice Set, Printed Guide Book, downloadable eBook.
  • Free 9R™ Exam Mastery Study Plan for NISM Investment Adviser exam strategy, time allocation, and topic weightage.
  • Quick access to eligibility, registration process, exam fees, passing marks, duration, and syllabus handbook.
  • Expert answer keys, analytics dashboard, and detailed performance feedback to improve accuracy and speed.
  • Learn with real-world SEBI Investment Adviser case studies and regulatory scenario-based questions.
  • Designed for first-attempt success — practical tips on how to clear NISM Series X-A exam confidently.
  • Trusted by learners across India with SEBI, NISM, IRDAI & III notifications, glossary access, and latest exam updates.

Available in Multiple Formats for NISM Series X-A Investment Adviser Level 1 Exam 2025

Investment Adviser Online Mock Test
Online Mock Test | 1500+ MCQs | Case-Based NISM Series X-A Practice
 Udemy Practice Test for NISM X-A Investment Adviser
Udemy Practice Test | Exam-Like Questions | Strategy Tips
Printed Guide Book for NISM Investment Adviser Level 1
Printed Guide Book | 2500+ Question Bank | 10+ Case Studies | SEBI-Aligned
 eBook for NISM X-A Investment Adviser Certification
eBook | NISM Investment Adviser Level 1 | Financial Planning + Portfolio Questions

Printed Guide Book also available on Amazon & Flipkart
eBook version available for Kindle & Google Play Books



Latest SEBI, NISM, & AMFI Circulars, Risk-o-Meter Updates & News — Stay Exam-Ready for NNISM Series X-A Investment Adviser Level 1 Exam 2025

We curate the most relevant SEBI, NISM, and AMFI circulars, notifications, and market updates — decoded for your NISM Series X-A Investment Adviser Level 1 Exam 2025 exam. Each update includes key highlights and possible MCQ formats. Visit our Circulars Section regularly to sharpen your regulatory knowledge and exam edge.


NISM Series X-A Investment Adviser Level 1 – Test Objectives Summary

MODULE 1: Personal Financial Planning

Covers foundational financial planning concepts, processes, and tools used by Investment Advisers:
• Financial Planning Process: Goal setting, budgeting, debt, investment, insurance, tax, retirement & estate planning.
• Time Value of Money: Present/Future Value, annuity, perpetuity, rate of return, NPER, PMT.
• Cash Flow Management: Budgeting, contingency planning, net worth & solvency ratios.
• Debt Management: Types of loans, credit scores, EMI, amortization, refinancing, debt reduction strategies.

MODULE 2: Indian Financial Markets

Introduces the structure and regulatory landscape of Indian capital markets:
• Economic Overview: Regulatory bodies (SEBI, RBI, IRDAI, PFRDA), and market infrastructure.
• Primary & Secondary Markets: IPO, FPO, rights issues, QIP, market participants, risk systems.
• Corporate Actions: Bonus issues, mergers, buybacks, delisting, dividends.

MODULE 3: Investment Products

Explores various investment avenues, characteristics, and risks:
• Product Classes: Equity, debt, commodities, real estate, structured products, distressed assets.
• Equity Investing: Risk types, valuation techniques (DCF, P/E, PEG), technical vs. fundamental analysis.
• Debt Instruments: Bonds, fixed income risk (credit, reinvestment, inflation), pricing & yield, money market.
• Derivatives: Futures, options, swaps, hedging, speculation, and arbitrage strategies.

MODULE 4: Investment Through Managed Portfolios

Focuses on managed investment vehicles and their regulatory frameworks:
• Mutual Funds: Schemes, NAV, SIP/SWP/STP, transactions, regulatory norms.
• Portfolio Management Services (PMS): Discretionary, non-discretionary, advisory, performance disclosure.
• Alternative Investment Funds (AIFs): Categories, fund types (VCF, PE, hedge, SME, infra, social), portfolio role.

MODULE 5: Portfolio Construction, Monitoring & Evaluation

Equips candidates with portfolio management and evaluation techniques:
• Modern Portfolio Theory: Risk-return analysis, portfolio variance, efficient frontier, asset allocation.
• Construction Process: IPS, investor constraints, psychographics, benchmarking, rebalancing.
• Performance Metrics: Alpha, beta, Sharpe/Treynor/Sortino Ratios, attribution, peer comparison.

MODULE 6: Operations, Regulatory Environment, Compliance & Ethics

Outlines the operational procedures and ethical conduct expected from Investment Advisers:
• Onboarding & KYC: Demat/remat, PoA, NRIs, folio maintenance.
• Regulations: SCRA, SEBI Act, PMLA, FEMA, IBC, SEBI (IA) Regulations 2013.
• Ethics & Fiduciary Responsibility: Global best practices, SEBI Do's & Don’ts, Code of Conduct.
• Grievance Redress Mechanism: Redress systems in capital markets, banking, insurance, pensions, SAT.

Key Takeaways

• The exam integrates technical finance skills with ethical advisory responsibilities.
• Emphasis on holistic personal finance planning, portfolio strategies, and compliance.
• Ideal for aspirants aiming to become SEBI-registered Investment Advisers with long-term career growth.


Study Plan & Preparation Tips for NISM Series X-A Investment Adviser Level 1 Exam 2025

Build your roadmap to crack the NISM Series X-A Investment Adviser Level 1 exam with confidence. Whether you're preparing for SEBI Investment Adviser certification for the first time or revising key concepts like portfolio construction, personal financial planning, time value of money, or mutual funds—this structured plan keeps you focused and exam-ready.

How to prepare for NISM X-A exam effectively:
– Begin with the official syllabus PDF and spend two weeks on chapter-wise learning using our guide book or eBook.
– Solve topic-wise MCQs on SEBI regulations, portfolio theory, cash flow & debt management.
– Practice full-length mock tests with 1500+ questions and 10+ real-world case studies to simulate exam scenarios.
– Focus on exam pattern, negative marking, and high-weightage areas like asset allocation and compliance.
– Use our revision cheat sheet and attend the Udemy crash course to master tricky topics fast.

  1. Download the updated NISM Series X-A exam syllabus & checklist to structure your plan.
  2. Follow a day-wise revision schedule, starting with scoring topics like SEBI regulations & portfolio management.
  3. Attempt mock tests in English or Hindi via our learning app or Udemy course.
  4. Use case studies to strengthen concepts around financial planning, investment products & ethics.
  5. In the last 3 days, revise your analytics dashboard, exam question bank & weak areas using our 9R™ framework.

Topper’s Tip: “80% of your score depends on mastering SEBI regulation, investment adviser ethics, and portfolio theory MCQs. Focus smart, not just hard!”


9R Study Plan Framework: Crack NISM Series X-A Investment Adviser Level 1 Exam with Confidence

Preparing for the NISM Series X-A: Investment Adviser Level 1 exam on a tight schedule? Our exclusive 9R™ Exam Mastery Framework is a power-packed, strategic study plan tailored for SEBI-certified investment adviser aspirants. Whether you’re using our online mock test series, Udemy practice test modules, official guide books, or free NISM eBook syllabus PDF — this plan is designed to optimize retention, improve accuracy, and help you clear the NISM Investment Adviser exam on the first attempt.

  1. R1 – Read: Begin with the official NISM Series X-A Syllabus PDF and free handbook. Focus on personal financial planning, investment products, SEBI regulations, and time value of money.
  2. R2 – Recall: Create short notes on high-weightage topics such as portfolio construction, debt management, investment risk, and return calculations.
  3. R3 – Review: Use our Printed Study Guide and eBook to reinforce concepts like cash flow management, mutual funds, derivatives, and fixed income securities.
  4. R4 – Rehearse: Practice chapter-wise mock tests focused on financial planning case studies, investment product scenarios, and SEBI compliance regulations.
  5. R5 – Resolve: Clear doubts using our NISM Series X-A detailed answer keys and PDF-based question bank covering topics like Indian financial markets, NAVs, and retirement planning.
  6. R6 – Revise: Daily review key formulas (e.g., TVM, ROI, CAGR) and recent updates from SEBI on investment adviser regulations. Bookmark our NISM Updates Hub.
  7. R7 – Replicate: Take full-length mock tests using our exam simulator to build exam stamina, speed, and negative marking strategy.
  8. R8 – Reflect: Use our progress tracking dashboard to analyze mistakes in areas like portfolio strategies, product suitability, or investment returns.
  9. R9 – Reattempt: Go back to tough MCQs using our Investment Adviser glossary, flashcards, and advanced mock sets for last-mile revision.

Request Your Personalized 9R™ Exam Mastery Study Plan

This 9-step revision method aligns with the latest NISM Investment Adviser Level 1 exam pattern, covering all modules such as SEBI regulations, financial planning, risk-return analysis, and ethical practices. Ideal for aspirants using our mock test bundles, smart question banks, case-study based practice sets, and eBooks curated to match 2025 exam trends.


Glossary of Key Investment Terms for NISM Series X-A Investment Adviser Level 1 Exam 2025

1. Alternative Investment Fund (AIF)

An AIF is a privately pooled investment vehicle that collects funds from sophisticated investors, whether Indian or foreign, for investing it in accordance with a defined investment policy for the benefit of its investors. AIFs in India are regulated by SEBI and are categorized into three types: Category I (e.g., Venture Capital Funds, SME Funds), Category II (e.g., Private Equity Funds, Debt Funds), and Category III (e.g., Hedge Funds).

2. Alpha

Alpha is a measure of the performance of an investment on a risk-adjusted basis. It represents the excess return of an investment relative to the return of a benchmark index. A positive alpha indicates that the portfolio has performed better than its benchmark, while a negative alpha suggests underperformance.

3. Amortization

Amortization is the process of spreading out a loan into a series of fixed payments over time. Each payment consists of both principal and interest. An amortization schedule details the specific amount of principal and interest that make up each payment until the loan is paid off in full.

4. Annuity

An annuity is a series of equal payments made at regular intervals. An Ordinary Annuity involves payments made at the end of each period, while an Annuity Due involves payments made at the beginning of each period. Annuities are commonly used in retirement planning.

5. Asset Allocation

This is the investment strategy of dividing a portfolio among different asset categories, such as equities, fixed-income securities, and cash. The goal of asset allocation is to balance risk and reward by diversifying investments according to an investor's goals, risk tolerance, and investment horizon.

6. Assets

In personal finance, an asset is any resource with economic value that an individual owns or controls with the expectation that it will provide a future benefit. Assets can be classified as tangible (e.g., real estate, gold) or intangible (e.g., stocks, bonds).

7. Beta

Beta is a measure of a stock's volatility, or systematic risk, in relation to the overall market. A beta of 1 indicates that the security's price will move with the market. A beta of less than 1 means the security will be less volatile than the market, and a beta of more than 1 indicates the security will be more volatile than the market.

8. Book Building

This is a price discovery mechanism used in Initial Public Offers (IPOs) for determining the price of a security. In a book-built issue, the issuer sets a price band, and investors bid for shares at various prices within this band. The final issue price is determined based on the demand received at different price points.

9. Circuit Breakers

Circuit breakers are pre-defined measures to temporarily halt trading on an exchange during periods of extreme market volatility. They are triggered by significant price drops in a benchmark index and are designed to curb panic-selling and give investors time to assess information.

10. Contingency Planning

This is the process of creating a plan for unexpected events or emergencies that could impact an individual's financial stability. It typically involves setting up an emergency fund, equivalent to 3-6 months of living expenses, to cover unforeseen costs without derailing long-term financial goals.

11. Corporate Actions

These are major events initiated by a public company that affect its securities and, therefore, its shareholders. Common corporate actions include paying dividends, bonus issues, stock splits, rights issues, share buy-backs, and mergers and acquisitions.

12. Credit Score

A credit score is a three-digit numeric summary of an individual's credit history, ranging from 300 to 900. It is calculated by credit information companies (like CIBIL) based on a person's borrowing and repayment history. A higher score indicates a better credit history and improves the chances of loan approval.

13. Dematerialisation (Demat)

Dematerialisation is the process of converting physical share certificates into an electronic format, which are then credited to a demat account. This makes holding and trading securities more convenient, secure, and efficient.

14. Derivatives

A derivative is a financial contract whose value is derived from an underlying asset or group of assets. Common derivatives include futures, options, forwards, and swaps. They are used for hedging, speculation, and arbitrage.

15. Diversification

Diversification is a risk management strategy that involves mixing a wide variety of investments within a portfolio. The rationale is that a portfolio constructed of different kinds of assets will, on average, yield higher long-term returns and lower the risk of any single holding or event.

16. Duration

In the context of fixed-income securities, duration measures a bond's price sensitivity to changes in interest rates. It is expressed in years and represents the weighted average time to receive the bond's cash flows. The higher the duration, the more a bond's price will fluctuate with interest rate changes.

17. Efficient Frontier

A concept in Modern Portfolio Theory, the efficient frontier is a graph representing a set of optimal portfolios that offer the highest expected return for a defined level of risk or the lowest risk for a given level of expected return. Portfolios that lie below the frontier are sub-optimal.

18. Exchange Traded Fund (ETF)

An ETF is a type of pooled investment security that operates much like a mutual fund but trades like a stock on an exchange. ETFs typically track a specific index, sector, commodity, or other asset and can be bought and sold throughout the trading day at market-determined prices.

19. Fiduciary Responsibility

This is a legal and ethical duty of one party (the fiduciary, e.g., an investment adviser) to act in the best interest of another party (the client). This includes duties of loyalty and care, putting the client's interests ahead of their own, and avoiding conflicts of interest.

20. Financial Planning

Financial planning is the comprehensive process of developing strategies to help individuals manage their financial affairs to meet life goals. It involves setting financial goals, creating a budget, managing debt, making investments, and planning for insurance, taxes, retirement, and estate transfer.

21. Fundamental Analysis

This is a method of evaluating a security's intrinsic value by examining related economic, financial, and other qualitative and quantitative factors. Fundamental analysts study everything that can affect the security's value, from macroeconomic factors like the state of the economy to company-specific factors like management and financial performance.

22. Future Value (FV)

Future value is the value of a current asset at a specified date in the future, based on an assumed rate of growth (interest rate). The formula helps investors calculate how much an investment made today will be worth in the future.

23. Hedging

Hedging is a risk management strategy used to offset potential losses in investments. It typically involves taking an opposing position in a related security. Derivatives like options and futures are commonly used for hedging purposes.

24. High Watermark Principle

A high watermark is the highest peak in value that an investment fund or account has reached. It is a common feature in performance fee calculations for portfolio managers, ensuring that the manager only earns a performance fee on new profits above this previously achieved peak value.

25. Hypothecation

Hypothecation is the practice of pledging an asset as collateral for a loan without transferring title or possession of the asset. For example, in a car loan, the car is hypothecated to the lender, but the borrower still uses it. If the borrower defaults, the lender can seize the asset.

26. Initial Public Offer (IPO)

An IPO is the process by which a private company becomes a public company by offering its shares to the public for the first time. It is a way for a company to raise capital from public investors.

27. Intrinsic Value

Intrinsic value refers to the perceived or calculated value of an asset based on a fundamental analysis of its underlying financial health, without reference to its market price. It is used to determine if a stock is overvalued or undervalued.

28. Investment Policy Statement (IPS)

An IPS is a formal document that outlines the general rules for a portfolio manager. It details the investor's objectives, constraints (liquidity needs, time horizon, tax considerations), and unique preferences, providing a strategic guide for how the portfolio should be managed.

29. KYC (Know Your Customer)

KYC is a mandatory process for financial institutions and intermediaries to verify the identity and address of their clients. It involves collecting documents like proof of identity and address to prevent fraud, money laundering, and other illicit activities.

30. Leverage Ratio

In personal finance, the leverage ratio measures the level of a person's debt in relation to their total assets. It is calculated as Total Liabilities / Total Assets. A high ratio indicates a high level of debt and greater financial risk.

31. Liabilities

A liability is a financial obligation or debt owed to another person or entity. In personal finance, common liabilities include loans (home, auto, personal), credit card balances, and other outstanding payments.

32. Liquidity Ratio

This ratio measures an individual's ability to cover their short-term financial obligations with their most liquid assets (assets that can be quickly converted to cash). It is calculated as Liquid Assets / Current Liabilities.

33. Market Capitalization (Market Cap)

Market cap is the total market value of a publicly traded company's outstanding shares. It is calculated by multiplying the company's share price by its total number of shares outstanding. Companies are often categorized by market cap (e.g., large-cap, mid-cap, small-cap).

34. Modern Portfolio Theory (MPT)

MPT is an investment theory that attempts to maximize portfolio expected return for a given amount of portfolio risk, or equivalently minimize risk for a given level of expected return, by carefully choosing the proportions of various assets. It emphasizes that risk and return should not be viewed in isolation, but in terms of how an investment contributes to the overall portfolio's risk and return.

35. Mortgage

A mortgage is a loan used to purchase or maintain a home, land, or other types of real estate. The borrower agrees to pay the lender over time, typically in a series of regular payments that are divided into principal and interest. The property itself serves as collateral for the loan.

36. Mutual Fund

A mutual fund is a professionally managed investment fund that pools money from many investors to purchase a diversified portfolio of securities like stocks, bonds, or other assets.

37. Net Asset Value (NAV)

The NAV represents a mutual fund's per-unit market value. It is the price at which investors buy or sell units of a fund. It is calculated by dividing the total market value of all the securities in a fund's portfolio, less liabilities, by the total number of outstanding units.

38. Net Worth

Net worth is a measure of an individual's financial health. It is calculated by subtracting total liabilities from total assets (Net Worth = Total Assets - Total Liabilities). A positive and growing net worth is a key indicator of financial progress.

39. Pledging

Pledging involves delivering an asset to a lender as collateral for a loan, with the lender taking possession of the asset. For example, in a gold loan, the gold is pledged and kept in the lender's custody until the loan is repaid.

40. Portfolio Construction

This is the process of selecting a mix of assets and creating a portfolio based on an investor's goals, risk tolerance, and investment horizon. The process includes defining objectives, choosing an asset allocation strategy, and selecting specific securities within each asset class.

41. Present Value (PV)

Present value is the current value of a future sum of money or stream of cash flows, given a specified rate of return. It answers the question: "What do I need to invest today to have a specific amount of money in the future?"

42. Primary Market

The primary market is where securities are created and sold for the first time. It includes initial public offerings (IPOs), rights issues, and private placements. The primary market facilitates capital formation for companies, governments, and other entities.

43. Risk Profiling

Risk profiling is the process of evaluating an individual's willingness and ability to take financial risks. It involves assessing factors like age, income, financial goals, and psychological comfort with investment volatility to determine a suitable investment strategy.

44. Secondary Market

The secondary market is where investors buy and sell securities they already own. The stock exchange (like the NSE or BSE) is the most common example of a secondary market. It provides liquidity for investors.

45. Sharpe Ratio

The Sharpe ratio is a measure used to assess the risk-adjusted return of an investment. It is calculated by subtracting the risk-free rate from the portfolio's rate of return and dividing the result by the portfolio's standard deviation (a measure of its volatility). A higher Sharpe ratio indicates better performance for the amount of risk taken.

46. Systematic Investment Plan (SIP)

An SIP is a method of investing in mutual funds where an investor contributes a fixed amount of money at regular intervals (e.g., monthly). SIPs encourage disciplined investing, help in averaging the cost of purchase (rupee cost averaging), and harness the power of compounding.

47. Systematic Risk

Also known as market risk or non-diversifiable risk, systematic risk is the risk inherent to the entire market or a market segment. It affects the overall market, not just a particular stock or industry. Factors like interest rate changes, inflation, and political instability cause systematic risk.

48. Technical Analysis

Technical analysis is a trading discipline used to evaluate investments and identify trading opportunities by analyzing statistical trends gathered from trading activity, such as price movement and volume. Technical analysts believe that past trading activity and price changes of a security can be valuable indicators of the security's future price movements.

49. Time Value of Money (TVM)

This is the fundamental financial concept that a sum of money is worth more now than the same sum will be at a future date due to its potential earning capacity. TVM is the foundation for calculations involving present value, future value, and annuities.

50. Yield to Maturity (YTM)

YTM is the total return an investor can expect to receive if they hold a bond until it matures. It takes into account the bond's current market price, par value, coupon interest rate, and time to maturity. It is expressed as an annual rate and is one of the most important figures for a bond investor.


FAQ - Frequently Asked Questions: NISM Series X-A Investment Adviser Level 1 Exam 2025

Q1: What is the NISM Series X-A Investment Adviser Level 1 exam?
A: It is a SEBI-mandated certification exam for individuals aspiring to become registered Investment Advisers. The exam tests knowledge in personal financial planning, investment products, Indian financial markets, portfolio construction, and regulations.

Q2: How do I register for the NISM X-A exam?
A: Visit the official NISM website, create your candidate profile, select 'Series X-A – Investment Adviser Level 1', choose your test centre and date, and pay the registration fee online.

Q3: What is the exam fee for NISM Investment Adviser Level 1?
A: As of 2025, the registration fee is ₹1,500. The fee is non-refundable and payable via the NISM portal.

Q4: What is the exam pattern for NISM X-A?
A: It is a 2-hour exam with 100 multiple-choice questions. There is negative marking of 25% for each incorrect answer. The passing score is 60%.

Q5: Is there negative marking in the NISM X-A exam?
A: Yes. Each wrong answer deducts 0.25 mark. It’s important to avoid blind guessing.

Q6: Can I take the exam in Hindi?
A: Yes. NISM offers the exam in both English and Hindi. You can choose your preferred language while booking the exam slot.

Q7: How can I prepare for NISM Series X-A effectively?
A: Start with the official syllabus PDF, follow a day-wise revision strategy, use our mock tests and 9R™ Study Plan, and practice case-based questions extensively.

Q8: Where can I find the updated NISM X-A syllabus PDF?
A: You can download the latest syllabus PDF directly from the NISM website or from the link provided on this page.

Q9: What are the high-weightage topics in the exam?
A: SEBI regulations, portfolio construction, time value of money, investment planning, and mutual funds carry higher weight. Focus your preparation accordingly.

Q10: Do you provide mock tests for the NISM Investment Adviser exam?
A: Yes, we provide chapter-wise practice sets, full-length mock tests, Hindi practice sets, and detailed answer keys aligned to the 2025 syllabus.

Q11: Are there any previous year question papers available?
A: We provide mock papers simulating past-year patterns with similar case studies and difficulty level, as actual question papers are not officially released by NISM.

Q12: Can I get printed books for exam preparation?
A: Yes. Our NISM XA Exam Prep Guide includes 2500+ MCQs, 10+ case studies, and is available in both printed and eBook format.

Q13: Do you provide a study plan for beginners?
A: Yes. We offer a free 9R™ Exam Mastery Study Plan which you can download or receive via email by filling the form on this page.

Q14: Is there a crash course or video tutorial available?
A: Yes, our Udemy crash course includes targeted video lessons, MCQs, and last-minute revision strategies tailored for the NISM X-A exam.

Q15: What types of questions are asked in the NISM X-A exam?
A: The exam includes theoretical, numerical, and case-based MCQs covering areas like personal finance, SEBI norms, risk profiling, and investment planning.

Q16: What are the eligibility criteria for the NISM X-A exam?
A: There are no strict academic prerequisites. Anyone interested in becoming a SEBI-registered Investment Adviser can take the exam.

Q17: How often is the exam conducted?
A: The exam is available throughout the year at designated NISM test centres across India. You can select a date as per your convenience.

Q18: What is the validity of the NISM Series X-A certificate?
A: The certificate is valid for three years. After that, you will need to pass a Continuing Professional Education (CPE) program or reattempt the exam.

Q19: How should I revise in the last 3 days?
A: Focus on mock test analytics, SEBI regulation MCQs, portfolio theory, and glossary. Use our revision cheat sheet and crash course videos for last-minute prep.

Q20: Can I retake the exam if I fail?
A: Yes. You can register again and retake the exam after a waiting period. Use our weak-area diagnostics to improve before your next attempt.

Q21: Are mobile app-based tests available?
A: Yes. Our mock tests and glossary are also available on the GurukulOnRoad mobile app for easy on-the-go preparation.

Q22: Do you offer guidance for SEBI registration after passing?
A: Yes. Once you pass, we offer FAQs and support on next steps, including SEBI Investment Adviser registration and compliance basics.

Q23: What resources are included with your eBook?
A: Our eBook includes 2500+ practice MCQs, detailed answers, real-world case studies, regulatory updates, and glossary terms.

Q24: How does your 9R™ Study Plan help?
A: It breaks down your preparation into 9 clear phases—from syllabus scanning to final revision—ensuring thorough coverage and time optimization.

Q25: Is this exam mandatory for working as an Investment Adviser?
A: Yes. As per SEBI Investment Adviser Regulations, passing the NISM Series X-A is a key eligibility requirement.




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