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NISM Series XXV-A

Persons Associated with Research Services

A shorter one-hour paper for staff supporting a registered research analyst rather than signing the research themselves.

Exam pattern

Duration
60 min
Total marks
50
Pass mark
50% (25)
Negative marking
None

There is no negative marking, so never leave a question blank — an uncertain guess costs you nothing.

NISM’s examination fee is ₹1,500, plus taxes and payment charges. Confirm the current fee when you register.

This pattern was checked against NISM’s own page for this examination on 18 September 2026.

Who can take this exam

This paper exists because SEBI created a lighter certification for people who work alongside research analysts without doing the research. SEBI's circular of 11 March 2026 draws the line by what you actually do:

  • If you perform only sales and other non-core services — sales staff, relationship managers and similar roles that deal with clients but are not involved in the research itself — this paper, XXV-A, is your certification.
  • If you do anything research-related, XXV-A is not enough: SEBI says you must still pass the full NISM-Series-XV: Research Analyst examination.

"Persons Associated with Research Services" (PARS) is the defined term, from Regulation 2(ne) of the SEBI (Research Analysts) Regulations, 2014.

Already hold Series XV? Then you are not pushed onto this paper straight away. SEBI's circular says such a person need not take XXV-A "at this stage", and takes it only once their existing XV certification expires. So the deadline is personal to your certificate rather than a fixed date — SEBI's circular came into force with immediate effect and sets no calendar cut-off of its own.

How the exam is delivered

NISM delivers the course as videos, not a workbook, and the exam follows the course:

  • Work through the e-learning videos on NISM's YouTube channel — 30 short numbered modules, plus an introduction and a video on sitting an online exam.
  • Then take a 60-minute remotely proctored assessment: 50 multiple-choice questions of one mark each, no negative marking, pass at 50% (25 marks). The certificate is valid for 3 years and is renewed by sitting the exam again before it expires.

One divergence in NISM's own sources, worth knowing before you start: Annexure I to its launch circular says the assessment must be completed within 5 days of finishing the course content, while the exam page states only that it follows completion of the course and sets no window. Plan for the 5 days — it is the stricter of the two.

Syllabus and chapter weightage

This paper has no workbook. The sessions and the marks against each one are the ones NISM published in the annexure to its own circular launching the examination.

  1. 1Introduction to Research Analysis Profession and Securities Markets10%
  2. 2Fundamentals of Research, Market Terminologies and Market Analysis10%
  3. 3Risk and Return Fundamentals14%
  4. 4Research Reporting, Ethics, and Regulatory Environment16%
  5. 5Client Interaction and Relationship Skills30%
  6. 6Professional Efficiency, Development, and Tools20%

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Every chapter explained in plain English, then tested at three levels, with mock exams that use this paper’s real marking rules.

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Where the official material is

There is no workbook for this paper. NISM's own video course is the official material and it is free — the syllabus below is the one NISM published in the annexure to its circular of 30 January 2026, with its own marks per session.

Open NISM’s official course

The course is published by NISM on its own channel and remains its material. Confirm the current syllabus and fee at nism.ac.in.

Frequently asked questions

What is the passing mark for NISM Series XXV-A?
You need 50% to pass NISM-Series-XXV-A: Persons Associated with Research Services. On a 50-mark paper that is 25 marks.
Is there negative marking in NISM Series XXV-A?
There is no negative marking, so never leave a question blank — an uncertain guess costs you nothing.
How long is the NISM Series XXV-A exam?
The exam runs for 60 minutes and carries 50 marks in total.
How long is the NISM Series XXV-A certificate valid?
NISM certifications are generally valid for 3 years from the date of passing, after which they must be renewed. Confirm the current position on nism.ac.in before your certificate lapses.