निवेशकों की जोखिम प्रोफाइलिंग · NISM-Series-X-B: Investment Adviser (Level 2) Certification Examination
What this chapter covers
Risk appetite as willingness, ability and need to take risk; the factors that shape it, questionnaires and their limits, conservative, moderate and aggressive profiles, SEBI's risk-profiling duties for Investment Advisers, strategic, tactical and dynamic asset allocation, model portfolios, and review and rebalancing.
निवेशकों की जोखिम प्रोफाइलिंग — जोखिम क्षमता व इच्छा, SEBI नियम, एसेट एलोकेशन और मॉडल पोर्टफोलियो।
What to master before the exam
- A coin toss that costs Rs 1,00,000 and pays Rs 2,10,000 has a positive expected value of Rs 5,000, yet most people decline — willingness to take risk is more about psychology than finances.
- Other things being equal, risk appetite rises with more earning members, lower age, longer life expectancy, regular income and a larger capital base, and falls with more dependants.
- SEBI (IA) Regulations require a risk profile before any investment advice — assessing the ability to absorb losses, through questionnaires that are fair, clear and free of leading questions — and its periodic update.
- Illustrative model portfolios: a young BPO employee with high risk — 50% equity, 20% sector funds, 10% gold ETF, 10% debt fund/FDs, 10% liquid; a couple in their seventies, conservative to moderate — 15% equity index fund, 5% gold ETF, 35% debt-oriented hybrid/MIS/SCSS, 30% debt fund/FDs, 15% liquid.
- Strategic allocation is long-term and goal-based, tactical allocation suits only seasoned investors with large surpluses, dynamic allocation follows pre-defined models; review at least once a year and rebalance to match needs, not short-term moves.
Exam tip: Module 12 (Chapters 18–20) carries 45 marks, the heaviest module. Know the factors in risk appetite, the SEBI risk-profiling duties and the model portfolios — case questions ask which allocation fits a client.
Sample questions from this chapter
Five of the 48 questions in our free bank. Open the answer to see the explanation — every question in the mock test has one, in English and Hindi.
Question 1
In the workbook’s coin-toss game, a person pays Rs. 1,00,000 for one chance to call heads or tails and receives Rs. 2,10,000 if the call is right (nothing otherwise). Assuming a 50% probability of each outcome, what is the total expected win amount (expected win less expected loss)?
वर्कबुक के सिक्का-उछाल खेल में, एक व्यक्ति हेड या टेल बोलने के एक मौके के लिए रु. 1,00,000 देता है और सही बोलने पर रु. 2,10,000 पाता है (अन्यथा कुछ नहीं)। प्रत्येक परिणाम की 50% संभावना मानते हुए, कुल अपेक्षित जीत राशि (अपेक्षित जीत घटा अपेक्षित हानि) क्या है?
- Rs. 55,000रु. 55,000
- Rs. 5,000रु. 5,000
- Rs. 1,10,000रु. 1,10,000
- Rs. 50,000रु. 50,000
Show answer & explanation
Answer: B — Rs. 5,000
Net win if right = 2,10,000 − 1,00,000 = 1,10,000; at 50% the expected win is 55,000. Loss if wrong = 1,00,000; at 50% the expected loss is 50,000. Total expected win = 55,000 − 50,000 = Rs. 5,000.
सही होने पर शुद्ध जीत = 2,10,000 − 1,00,000 = 1,10,000; 50% पर अपेक्षित जीत 55,000। गलत होने पर हानि = 1,00,000; 50% पर अपेक्षित हानि 50,000। कुल अपेक्षित जीत = 55,000 − 50,000 = रु. 5,000।
Question 2
Using the workbook’s coin-toss logic, a player stakes Rs. 50,000 and receives Rs. 1,20,000 if the call is right (nothing otherwise), with a 50% chance of each outcome. What is the total expected win amount?
वर्कबुक के सिक्का-उछाल तर्क का उपयोग करते हुए, एक खिलाड़ी रु. 50,000 दाँव पर लगाता है और सही बोलने पर रु. 1,20,000 पाता है (अन्यथा कुछ नहीं), प्रत्येक परिणाम की संभावना 50% है। कुल अपेक्षित जीत राशि क्या है?
- Rs. 35,000रु. 35,000
- Rs. 70,000रु. 70,000
- Rs. 25,000रु. 25,000
- Rs. 10,000रु. 10,000
Show answer & explanation
Answer: D — Rs. 10,000
Net win = 1,20,000 − 50,000 = 70,000 → expected win 35,000 at 50%. Expected loss = 50% × 50,000 = 25,000. Total expected win = 35,000 − 25,000 = Rs. 10,000.
शुद्ध जीत = 1,20,000 − 50,000 = 70,000 → 50% पर अपेक्षित जीत 35,000। अपेक्षित हानि = 50% × 50,000 = 25,000। कुल अपेक्षित जीत = 35,000 − 25,000 = रु. 10,000।
Question 3
In the coin-toss game, the stake stays at Rs. 1,00,000 but the prize for a right call is raised to Rs. 2,50,000 (50% probability of each outcome). What is the total expected win amount now?
सिक्का-उछाल खेल में दाँव रु. 1,00,000 ही रहता है, पर सही बोलने का इनाम बढ़ाकर रु. 2,50,000 कर दिया जाता है (प्रत्येक परिणाम की संभावना 50%)। अब कुल अपेक्षित जीत राशि क्या है?
- Rs. 25,000रु. 25,000
- Rs. 75,000रु. 75,000
- Rs. 1,25,000रु. 1,25,000
- Rs. 1,50,000रु. 1,50,000
Show answer & explanation
Answer: A — Rs. 25,000
Net win = 2,50,000 − 1,00,000 = 1,50,000 → expected win 75,000; expected loss = 50,000. Total = 75,000 − 50,000 = Rs. 25,000. The workbook notes that more people agree to play as the winning amount rises — the net payoff must be much higher for some.
शुद्ध जीत = 2,50,000 − 1,00,000 = 1,50,000 → अपेक्षित जीत 75,000; अपेक्षित हानि = 50,000। कुल = 75,000 − 50,000 = रु. 25,000। वर्कबुक बताती है कि जीत की राशि बढ़ने पर अधिक लोग खेलने को तैयार होते हैं — कुछ लोगों के लिए शुद्ध प्रतिफल बहुत अधिक होना आवश्यक है।
Question 4
Most people refuse to play the workbook’s coin-toss game even though its expected win amount is positive. What does this indicate?
वर्कबुक के सिक्का-उछाल खेल की अपेक्षित जीत राशि धनात्मक होने के बावजूद अधिकांश लोग इसे खेलने से इनकार करते हैं। यह क्या दर्शाता है?
- That people cannot calculate probabilities correctlyकि लोग संभावनाओं की सही गणना नहीं कर सकते
- That the game has a negative expected valueकि खेल का अपेक्षित मूल्य ऋणात्मक है
- The innate willingness of a person to take a risk in order to get a payoffप्रतिफल पाने के लिए जोखिम लेने की व्यक्ति की सहज इच्छा
- That risk appetite depends only on the size of the person’s incomeकि जोखिम लेने की क्षमता केवल व्यक्ति की आय के आकार पर निर्भर करती है
Show answer & explanation
Answer: C — The innate willingness of a person to take a risk in order to get a payoff
The workbook says the game indicates “the innate willingness of a person to take a risk in order to get a payoff” — most decline out of fear of losing the Rs. 1,00,000 stake, and some need a much higher net payoff before they agree to play.
वर्कबुक कहती है कि यह खेल “प्रतिफल पाने के लिए जोखिम लेने की व्यक्ति की सहज इच्छा” दर्शाता है — अधिकांश लोग रु. 1,00,000 का दाँव खोने के डर से मना करते हैं, और कुछ को खेलने के लिए बहुत अधिक शुद्ध प्रतिफल चाहिए।
Question 5
According to the workbook, willingness to take risk has more to do with:
वर्कबुक के अनुसार, जोखिम लेने की इच्छा का संबंध अधिक किससे है?
- The individual’s psychologyव्यक्ति के मनोविज्ञान से
- The individual’s financial circumstancesव्यक्ति की वित्तीय परिस्थितियों से
- The prevailing interest ratesप्रचलित ब्याज दरों से
- The tax bracket of the individualव्यक्ति के टैक्स स्लैब से
Show answer & explanation
Answer: A — The individual’s psychology
The workbook states that willingness to take risk has more to do with the individual’s psychology than with their financial circumstances; some clients find volatility and the chance of losses distressing, others are more relaxed.
वर्कबुक कहती है कि जोखिम लेने की इच्छा का संबंध व्यक्ति की वित्तीय परिस्थितियों की तुलना में उसके मनोविज्ञान से अधिक है; कुछ ग्राहकों को अस्थिरता और हानि की संभावना परेशान करती है, जबकि अन्य अधिक सहज रहते हैं।
Aumsetu
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