NISM Learning Resources
Every fortnight, I publish structured learning resources for NISM aspirants, future SEBI-registered Investment Advisers, and individuals who want to approach personal finance with professional-level clarity.Having cleared the NISM-Series-X-A (Investment Adviser Level 1) examination, I use the same disciplined frameworks and analytical approach in designing these materials.
The objective is not merely exam success — but the development of ethical, regulation-aware financial thinking that can serve you whether you become an adviser or manage your own finances independently.
NISM Series X-A-Investment Adviser Level 1, Chapter 1 Topic: Introduction to Personal Financial Planning
What's inside: Key concepts, flowcharts, comparison tables, concept maps, real-life examples, quick revision sheet & summary. Click below to open the full interactive notes
NISM Series X-A – Investment Adviser Level 1, Chapter 2 Topic: Time Value of Money
What's inside: Core concepts, formula cards, compounding & discounting tables, CAGR calculations, annuity vs perpetuity comparison, Excel function reference, quick revision sheet & summary. Click below to open the full interactive notes.
NISM Series X-A – Investment Adviser Level 1, Chapter 3 Topic: Evaluating the Financial Position of Clients
What's inside: Cash flow management concepts, household budget flowchart, income & expenditure statement, personal balance sheet (worked example), 8 personal finance ratios with benchmarks, contingency planning grid, budget & savings steps, quick revision sheet & summary. Click below to open the full interactive notes.
NISM Series X-A – Investment Adviser Level 1, Chapters 4, 5 & 6 : Debt Management| Introduction to Indian Financial Markets | Securities Market Segments
What's inside: Debt ratios, loan types & EMI calculations, debt repayment strategies, Indian financial regulators & market structure, banking & NBFC ecosystem, money & forex markets, primary & secondary market mechanics, IPO process, corporate actions, risk management systems, quick revision sheets & MCQs for all three chapters. Click below to open the full interactive notes.
NISM Series X-A – Investment Adviser Level 1, Chapters 7, 8 & 9 : Introduction to Investment | Investing in Stocks | Introduction to Fixed Income & Debt Markets
What's inside: Investment types & asset classes, equity & preference shares, credit ratings & credit spreads, commodities & real estate, structured products & distressed securities, investment channels (MF/PMS/AIF/RIA), equity diversification strategies, fundamental & technical analysis, valuation methods , bond ecosystem & pricing, bond risks, yield measures & yield curve shapes, Macaulay & modified duration, money market instruments, G-Sec & corporate debt market, small savings schemes , quick revision sheets & MCQs for all three chapters. Click below to open the full interactive notes.
NISM Series X-A – Investment Adviser Level 1, Chapters 10 & 11 : Understanding Derivatives | Understanding Mutual Funds
What's inside: derivative types & zero sum game, forwards vs futures vs options vs swaps, hedging/speculation/arbitrage, equity & currency & commodity derivatives, mutual fund structure & NAV mechanics, open-ended vs closed-end vs ETF, SEBI fund categories (equity, debt, hybrid), SIP/SWP/STP/DTP systematic plans, direct vs regular plan, quick revision sheets & MCQs for both chapters. Click below to open the full interactive notes.
NISM Series X-A – Investment Adviser Level 1, Chapters 12 & 13: Portfolio Manager | Alternative Investment Funds (AIFs)
What's inside: PMS overview & minimum ticket size (Rs.50L), discretionary vs non-discretionary vs advisory services, SEBI registration requirements & net worth (Rs.5Cr), responsibilities & restrictions (associate limits, no pooling, no below-investment-grade), fee structures — fixed cost, performance fees, hurdle rate, high watermark, catch-up vs no catch-up, direct access facility vs regular PMS, performance disclosure requirements, alternative investments vs traditional investments, SEBI AIF Regulations 2012
NISM Series X-A – Investment Adviser Level 1, Chapters 14, 15 & 16: MPT | Portfolio Construction | Performance Measurement
What's inside: Core concepts of Modern Portfolio Theory, including diversification, risk-return trade-off, correlation, and efficient frontier, along with investor risk profiling. Portfolio construction basics covering asset allocation (SAA & TAA), Investment Policy Statement (IPS), investor constraints, life cycle stages, and rebalancing strategies. Performance measurement tools such as HPR, TWRR vs MWRR, CAGR, alpha, beta, and key risk measures, along with advanced ratios like Sharpe, Treynor, Jensen Alpha, Sortino, and Information Ratio. Also includes benchmarking and performance attribution.
NISM Series X-A – Investment Adviser Level 1, Chapters 17 & 18: Operations | Regulations
What's inside: Investment operations including KYC, PAN, demat, NRI rules, payment systems, and advisory documentation.Key regulations covering SEBI, SCRA, PMLA, PFUTP, Insider Trading, and IA Regulations—along with IA duties, risk profiling, compliance, and investor protection.Includes quick revision sheets and MCQs.
NISM Series X-A – Investment Adviser Level 1, Chapters 19 & 20: Ethics | Grievance Redressal
What's inside: Core ethical principles including client-first approach, fiduciary responsibility, ethical dilemmas, mis-selling, churning, and SEBI do’s & don’ts for investors. Grievance redressal framework covering SCORES, ODR, Consumer Protection Act, Ombudsman mechanisms (banking, insurance, pension), and escalation process (IA → SCORES → ODR → courts).
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