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NISM Certifications · NISM-Series-X-A: Investment Adviser (Level 1) · Key Regulations

Under the SEBI (Investment Advisers) Regulations, 2013, an individual registered as an investment adviser is required to hold which of the following in respect of NISM certification?

An individual registered investment adviser, and the principal officer of a non-individual adviser, must pass both NISM-Series-X-A (Level 1) and NISM-Series-X-B (Level 2), because the regulations require both levels of the Investment Adviser certification.

  1. AOnly NISM-Series-V-A certification
  2. BBoth NISM-Series-X-A and NISM-Series-X-B certificationsCorrect
  3. COnly NISM-Series-VIII certification
  4. DNISM-Series-VI certification only

Explanation

Individual investment advisers and principal officers of non-individual advisers must pass both NISM-Series-X-A and X-B. V-A is for mutual fund distributors, VIII for equity derivatives and VI for depository operations, so these do not satisfy the requirement.

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