Lesson 5 of 50 for advisers · Certificates and continuing education · 4 min read · Reviewed 13 Nov 2026
Distributors need NISM Series V-A, valid 3 years and renewed by retaking the exam or a one-day continuing education course. Advisers need a graduate degree plus NISM X-A and X-B, renewed by passing X-C before they expire. Since 24 Jun 2026, an adviser’s sales staff may take the lighter XXV-B.
NISM Series V-A costs ₹1,500: 100 questions in 2 hours, a 50% pass mark and no negative marking. It is valid for 3 years from the exam date.
To renew, retake V-A or attend a one-day NISM continuing education programme in the 12 months before expiry. That extends the certificate by 3 years from its expiry date.
An investment adviser needs a graduate degree in any subject and both NISM X-A and X-B, each valid for 3 years. The 5-year experience rule was dropped on 16 Dec 2024.
Before the certificates expire, the adviser passes NISM X-C, a 50-mark renewal exam. Since 24 Jun 2026, sales staff who don’t advise may take NISM XXV-B instead.
Key idea: An expired certificate means an expired ARN, so the calendar matters as much as the exam.
Try the short quiz on this page to check what stuck.
₹3,000 for a 3-hour exam of 150 marks, with a 60% pass mark and 25% negative marking. X-B has the same fee, length and pass mark.
No. X-C is open only to holders of valid X-A and X-B certificates, one of which expires within 12 months.
Distributors who were 50 or older, or had 10 years’ experience, on 31 May 2010.
For learning only, not investment advice. Built in India by a team that tracks its own money on Reva.