How long is the NISM Series XXV-B exam?

The exam runs for 60 minutes and carries 50 marks in total.

How long is the NISM Series XXV-B 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.

NISM Series XXV-B

Persons Associated with Investment Advice

A shorter one-hour paper for staff supporting a registered investment adviser rather than advising in their own name.

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 investment advisers without giving the advice. SEBI's circular of 24 June 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 have client contact but are not involved in the advice itself — this paper, XXV-B, is your certification.
If you are involved in investment advice, XXV-B is not enough: SEBI says you must still pass both NISM-Series-X-A (Level 1) and X-B (Level 2).

"Persons Associated with Investment Advice" (PAIA) is the defined term; the certification requirement comes from Regulation 7 of the SEBI (Investment Advisers) Regulations, 2013. Until this circular, a PAIA in a sales role had to pass both X-A and X-B.

Already hold X-A and X-B? Then you need not take XXV-B "at this stage", in SEBI's words — only before your existing certifications expire. The deadline is personal to your certificate rather than a fixed date; the 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 — 22 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.

NISM says candidates "may appear for the examination" once they have completed the course content, and — unlike the XXV-A paper — sets no fixed number of days between finishing the videos and sitting the test.

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.

1Introduction to Personal Financial Planning and Financial Markets12%
2Securities Markets and Basics of Investment12%
3Financial Asset Classes16%
4Financial Products16%
5Sales Skills24%
6Professionalism, Ethics and Compliance20%

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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 communiqué of 18 May 2026, with its own marks per session. Note that NISM's 22 numbered videos are a finer breakdown than these 6 graded sessions, and it does not publish a mapping between the two, so treat the video numbering as a running order rather than as the marks structure.

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-B?: You need 50% to pass NISM-Series-XXV-B: Persons Associated with Investment Advice. On a 50-mark paper that is 25 marks.
Is there negative marking in NISM Series XXV-B?: There is no negative marking, so never leave a question blank — an uncertain guess costs you nothing.
How long is the NISM Series XXV-B exam?: The exam runs for 60 minutes and carries 50 marks in total.
How long is the NISM Series XXV-B 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.