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NISM · Investor basics

SEBI Investor Awareness Test

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SEBI Investor Awareness Test (Level 1) is a free online test on saving and investing. SEBI runs it with NISM, the National Institute of Securities Markets.

Who can take the SEBI Investor Awareness Test?

Anyone can take it. There is no age or education limit. It is for people who want to learn the basics of Indian financial markets.

Test pattern, fee and passing marks

Fee
Free
Questions
25 multiple-choice questions
Time
60 minutes
Pass mark
10/25 (40%)
Wrong-answer deduction
None
Test languages
English, Hindi, Marathi, Punjabi, Odia, Kannada

Choose your test language when you start. The test is online after registration. You can use a desktop, laptop or Android phone.

SEBI investor awareness test registration

  1. Open the official portal and press Register.
  2. Fill in the form. Use your name as on Aadhaar. Verify your email.
  3. Complete the Aadhaar check through DigiLocker and submit the form.
  4. Use the login details sent by email. Download the study material. Press Start Exam when ready.

Enter personal details only on the official portal. This page has no registration form.

What the syllabus covers

  • Saving, investing and budgeting. Inflation means prices rise and the same money buys less.
  • Government schemes and how financial markets work. New shares enter the primary market. Existing shares trade in the secondary market.
  • The roles of exchanges, regulators and depositories. A depository holds securities in electronic form.
  • Credit risk means a borrower may not repay. Market risk means prices can fall. Liquidity risk means it may be hard to sell.
  • Diversification spreads money across investments. Hedging aims to reduce a risk. Neither removes all risk.
  • Checks before investing, honest conduct, investor rights and how to raise a complaint.

Read the market basics

How it differs from NISM certification exams

SIAT checks investor basics. NISM also has separate certification exams for specific market work. Their fees, booking steps and marking rules differ by series. Read the exam guide for the work you plan to do.

Explore the NISM exam guides

Certificate and retakes

After you pass, use Download Certificate on the portal. The certificate is available at once and is valid for 2 years. NISM also emails your score.

After a failed attempt, you have 2 more attempts with no gap. After 3 failed attempts, wait 3 months before trying again.

Official sources.

Last checked on 30 October 2026.