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

Under the SEBI (Investment Advisers) Regulations, 2013, which of the following is the correct position about an individual who wishes to act as an investment adviser?

An individual investment adviser must be registered with SEBI and must hold the prescribed qualification, experience and NISM certifications. A degree alone does not suffice, and registration is not avoided by charging no fee or by having few clients.

  1. AMust hold the prescribed NISM certification and the prescribed qualification and experienceCorrect
  2. BNeeds only a graduation degree with no certification
  3. CMay advise without registration if no fee is charged for every client
  4. DNeeds registration only if advising more than 100 clients

Explanation

An individual investment adviser must be registered with SEBI and must hold the prescribed professional qualification and experience along with the NISM certification (X-A and X-B). A degree alone is not enough, and the clause about advising without registration or a client-count threshold does not match the rule that anyone offering investment advice must be registered.

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