NISM Series X-A Mock Test: Investment Adviser (Level 1)
Up to 30 full-length mock tests of 100 questions each, built on the official syllabus, with an explanation for every answer.
About the NISM Series X-A exam
NISM Series X-A is Level 1 of the investment adviser certification — financial planning basics, time value of money, equity, debt, mutual funds and other products, asset allocation, behavioural finance and the SEBI investment adviser regulations.
Who should take it: Individuals and principal officers seeking SEBI registration as investment advisers, who must clear X-A along with X-B.
NISM Series X-A exam pattern
| Questions | 100 multiple-choice questions |
|---|---|
| Total marks | 100 |
| Duration | 180 minutes |
| Passing score | 60% |
| Negative marking | −0.25 mark per wrong answer |
Indicative pattern. Exam bodies revise patterns — confirm the details in the latest official notification before your exam.
Syllabus covered in our NISM Series X-A question bank
Our 50-question bank for NISM Series X-A covers every chapter below. Mock tests mix questions across all of them in the same proportion as the real paper.
- Investment Advisory & Financial Planning Basics3 practice questions
- Time Value of Money4 practice questions
- Client Financial Position & Debt Management3 practice questions
- Indian Financial Markets2 practice questions
- Securities Market Segments2 practice questions
- Equity Investment4 practice questions
- Debt Investment4 practice questions
- Derivatives3 practice questions
- Mutual Funds4 practice questions
- Real Estate, Gold & Other Assets2 practice questions
- PMS, AIF & Other Managed Portfolios3 practice questions
- Asset Allocation & Portfolio Construction4 practice questions
- Portfolio Performance Evaluation3 practice questions
- Behavioural Finance2 practice questions
- Operational Aspects (KYC, Demat, Transactions)2 practice questions
- Regulatory Framework for Investment Advisers3 practice questions
- Ethics, Conflicts & Grievance Redressal2 practice questions
Free NISM Series X-A sample questions
Try five questions from our bank. Each mock test gives you 100 like these, with your score, chapter-wise analysis and explanations at the end.
In a structured financial planning engagement, which step must come before recommending any specific investment product?
- Executing transactions through the client's broker
- Reviewing the performance of the recommended portfolio
- Understanding the client's goals, financial position and risk profile
- Fixing the adviser's renewal fee for the next year
Show answer & explanation
Answer: C. Understanding the client's goals, financial position and risk profile
Recommendations can only be suitable once the adviser has gathered data on the client's goals, finances and risk profile; implementation and monitoring come later.
A client invests ₹1,00,000 for 5 years at 8% per annum compounded annually. What will the investment be worth at maturity (approximately)?
- ₹1,40,000
- ₹1,58,687
- ₹1,48,024
- ₹1,46,933
Show answer & explanation
Answer: D. ₹1,46,933
FV = 1,00,000 × (1.08)^5 = 1,00,000 × 1.46933 ≈ ₹1,46,933. ₹1,40,000 would be simple interest.
A client owns a house worth ₹60 lakh, mutual funds of ₹15 lakh, bank balances of ₹5 lakh and a car worth ₹5 lakh. He owes ₹25 lakh on a home loan, ₹3 lakh on a car loan and ₹50,000 on a credit card. What is his net worth?
- ₹85 lakh
- ₹57 lakh
- ₹56.5 lakh
- ₹51.5 lakh
Show answer & explanation
Answer: C. ₹56.5 lakh
Total assets = 60 + 15 + 5 + 5 = ₹85 lakh; total liabilities = 25 + 3 + 0.5 = ₹28.5 lakh; net worth = 85 − 28.5 = ₹56.5 lakh.
Which of the following is a money market instrument?
- A 10-year Government of India dated security
- An equity share of a listed company
- A 91-day Treasury bill
- A 15-year infrastructure bond
Show answer & explanation
Answer: C. A 91-day Treasury bill
Money market instruments have original maturities of up to one year; a 91-day T-bill qualifies, whereas the others are long-term capital market instruments.
When a company sells newly issued shares to the public for the first time through an IPO, the transaction takes place in the:
- Primary market
- Secondary market
- Over-the-counter derivatives market
- Money market
Show answer & explanation
Answer: A. Primary market
Fresh issuance of securities by the issuer to investors is a primary market activity; later trading between investors happens in the secondary market.
NISM Series X-A mock test plans
Every plan unlocks one full-length mock test per day of the plan. Prices include GST.
| Plan | Mock tests | Questions | Price |
|---|---|---|---|
| 10 Days | 10 mock tests | 1,000 questions | ₹199 incl. GST |
| 15 Days | 15 mock tests | 1,500 questions | ₹279 incl. GST |
| 20 Days Popular | 20 mock tests | 2,000 questions | ₹349 incl. GST |
| 30 Days Best value | 30 mock tests | 3,000 questions | ₹449 incl. GST |
Official study material
Links open the official website. We do not host or alter official material.
NISM Series X-A mock test FAQs
How many questions are there in the NISM Series X-A exam?
The NISM Series X-A paper has 100 multiple-choice questions for 100 marks, to be completed in 180 minutes. This is the indicative pattern — always confirm it in the latest official notification.
Is there negative marking in NISM Series X-A?
Yes. −0.25 mark per wrong answer (25% of the marks for that question). Our mock tests apply the same rule.
What is the pass mark for NISM Series X-A?
You need 60% to pass. Our mock tests show pass or fail against the same mark.
How many NISM Series X-A mock tests do I get?
One full-length mock test is unlocked for each day of your plan: 10, 15, 20 or 30 mock tests on the 10 Days, 15 Days, 20 Days or 30 Days plans. You can retake any unlocked test while your plan is active.
Are these the actual exam questions?
No. Every question is an original practice question written to match the official syllabus and the exam's style. Reproducing real exam questions is not permitted, and we do not do it.
Where can I get the official NISM Series X-A study material?
NISM provides the latest workbook free of cost on its official portal after a short registration. The link is in the Official study material section on this page.