NISM

NISM-Series-X-A: Investment Adviser (Level 1) Certification Examination is the level 1 examination and 

 NISM-Series-X-B: Investment Adviser (Level 2) Certification Examination is the level 2 examination.

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NISM

An individual investment adviser or principal officer of a non-individual investment adviser, registered under SEBI (Investment Advisers) Regulations, 2013 and persons associated with investment advice are required to pass both the levels (i.e. NISM-Series-X-A: Investment Adviser (Level 1) Certification Examination and NISM-Series-X-B: Investment Adviser (Level 2) Certification Examination to fulfill the requirements under SEBI (Investment Advisers) Regulations, 2013.