IA Renewal
Renewal exam for SEBI-Registered Investment Advisers covering recent regulatory updates and continuing education.
Exam Pattern & Marking
Detailed Syllabus
5 chapters · 100 total marks
| # | Chapter | Marks | Practice Qs |
|---|---|---|---|
| 1 | XC Regulatory Updates and Amendments | 25 | 31 |
| 2 | XC Compliance and Ethics Updates | 20 | 25 |
| 3 | XC Financial Planning Concepts Review | 20 | 25 |
| 4 | XC Investment Products and Market Developments | 20 | 25 |
| 5 | XC Case Studies and Practical Application | 15 | 19 |
| Total | 100 | 125 |
Marks per chapter reflect the official NISM syllabus weightage. Practice question counts show the bank size in our app — use them to gauge depth of preparation needed per chapter.
Key Knowledge Areas
Overview
Series X-C is the renewal certification for SEBI-Registered Investment Advisers (RIAs). RIAs must renew their NISM certificate every 3 years — either by re-passing X-A + X-B, or by clearing the lighter X-C “renewal” exam designed to test recent regulatory changes.
At a glance: 100 questions · 2 hours · 60% pass mark · 0.25 negative marking · ₹1,500 + GST · valid 3 years.
Who should take X-C
- SEBI-RIAs whose certificate is approaching the 3-year expiry
- Senior advisers refreshing knowledge of recent SEBI circulars
- Aspirants who already cleared X-A + X-B and want a lower-cost renewal
Important: X-C alone does NOT qualify someone for first-time RIA registration. You need X-A + X-B initially, then X-C for renewals only.
Key Knowledge Areas
Recent SEBI IA Regulation amendments
Recurring exam themes:
- Fee structure caps (fixed-fee vs AUM-linked)
- Segregation of advisory and distribution
- Conflict of interest disclosure
- Risk profiling documentation requirements
- Capital adequacy (₹5 lakh individual, ₹50 lakh non-individual)
Personal taxation updates
Always test the most recent FY’s slabs and capital gains rules. The Finance (No. 2) Act 2024 changes — STCG 20%, LTCG 12.5%, ₹1.25L exemption — feature prominently.
Mutual fund regulations updates
- Recent scheme categorization changes
- New TER caps
- Risk-o-meter changes
- Stewardship code obligations for AMCs
Adviser obligations
The X-C exam tests applied compliance scenarios:
- Risk profiling refresh on existing clients
- Documentation of every recommendation
- Periodic review of client portfolios
- Disclosure of any complaints in last 3 years
Continuing education
SEBI requires RIAs to undertake CPE programmes between renewals — these can substitute for re-exam under specific conditions.
Exam Tips
Tip 1: X-C is essentially a refresh + recent-updates test. If you cleared X-A and X-B in the last 3 years, focus 70% of prep on what’s CHANGED since.
Tip 2: SEBI Master Circular for IAs is the gold reference — review it before the exam.
Tip 3: Tax updates from the latest Finance Act always feature. For FY 2025-26 prep, focus on Finance (No. 2) Act 2024 changes.
Tip 4: SEBI Adjudication / Penalty orders against IAs can be questioned. Read recent SEBI orders to understand common compliance failures.
Try the Free Quiz
Test your knowledge with our free X-C practice quiz — or get the full bank of 125+ X-C questions plus mock tests in the NISM Exam Prep app.
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Try 30 free questions now, or get all 125 in the app.
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