NISM Series XXV-A is one of the most important staffing changes for the Research Analyst industry in 2026.
It was created for Persons Associated with Research Services (PARS) who interact with clients or support a Research Analyst business but perform sales and other non-core services rather than the core research function.
Before this lighter module, firms had a stronger incentive to put a research-oriented certification burden on a wider group of staff.
SEBI’s March 2026 relaxation recognises that a relationship manager who explains a subscription and manages a client relationship does not perform the same job as an analyst preparing a valuation model or publishing a research recommendation.
Quick answer
NISM Series XXV-A is for PARS doing sales and other non-core research-service functions.
The current exam is online/remotely proctored, 50 questions, 60 minutes, 50% pass, no negative marking, ₹1,500 plus applicable/payment charges as listed by NISM, and the certificate is valid for 3 years.
What this Guide Covers
- What XXV-A is
- Why SEBI introduced a lighter module
- Who is a PARS
- Core vs non-core research role
- Who should take XXV-A
- Exam fee and structure
- Remote-proctored process
- Curriculum and weightages
- Study plan
- PAN and certificate validity
- Renewal
- XXV-A vs Series XV
- Employer role-mapping
- FAQs
What Is NISM Series XXV-A?
NISM launched Series XXV-A effective 10 February 2026.
It establishes a minimum knowledge benchmark for persons associated with research services under the SEBI Research Analysts framework, but only for sales and other non-core services.
Who Is a Person Associated with Research Services?
The regulatory definition is broader than the job title “sales executive”.
A Research Analyst entity can include relationship managers, subscription-support staff, business-development staff, and other employees connected to research services.
The key compliance question is the function actually performed.
Core Research vs Sales/Non-Core
| Role Activity | Likely Certification Direction |
| Preparing/publishing research reports | Core research – Series XV framework |
| Building valuation models used in published research | Core research – Series XV framework |
| Making the research recommendation/target call | Core research – Series XV framework |
| Explaining subscription plans and onboarding clients | Sales/non-core – XXV-A framework |
| Client relationship management without preparing advice/research | Sales/non-core – XXV-A framework |
| Administrative/technology support with no research role | Analyse actual PARS definition/role; certification may differ |
Do not choose XXV-A simply because it is easier. If the employee is actually involved in the preparation or publication of research analysis, the lighter sales/non-core module should not be used to disguise a core research role.
Exam Structure 2026
| Particular | Current XXV-A |
| Launch | 10 February 2026 |
| Fee | ₹1,500; NISM live FAQ/current page should be checked for taxes/payment-gateway treatment |
| Questions | 50 MCQs × 1 mark |
| Maximum marks | 50 |
| Duration | 60 minutes |
| Passing score | 25 marks / 50% |
| Negative marking | None |
| Mode | Internet-based, remotely proctored |
| Study content | Video/e-learning content made available by NISM |
| Validity | 3 years |
| Renewal | Reappear and pass before expiry |
| PAN | Required/updated for certificate issuance |
XXV-A Curriculum and Weightage
| Session | Topic | Marks |
| 1 | Introduction to Research Analysis Profession and Securities Markets | 5 |
| 2 | Fundamentals of Research, Market Terminologies and Market Analysis | 5 |
| 3 | Risk and Return Fundamentals | 7 |
| 4 | Research Reporting, Ethics and Regulatory Environment | 8 |
| 5 | Client Interaction and Relationship Skills | 15 |
| 6 | Professional Efficiency, Development and Tools | 10 |
| Total | 50 |
The weightage shows what the exam is trying to accomplish.
It does not turn sales staff into analysts; instead, it provides enough market, ethics, client-interaction, and research-service context for a non-core employee to operate responsibly in a Research Analyst business.
How to Register
- Create/login to the NISM certification portal.
- Select Series XXV-A.
- Complete profile and PAN details accurately.
- Choose the available remote-proctored exam workflow/date as shown by the portal.
- Pay the current exam fee.
- Complete the prescribed study content and exam instructions.
- Appear for the online proctored assessment.
How to Prepare
Because there is no negative marking and the pass mark is 50%, the exam is less calculation-heavy than Series XV.
The correct preparation approach is not to over-study equity valuation; focus on role boundaries, research-service basics, ethics, regulation, investor protection and client handling.
| Study Priority | Topic | Reason |
| High | Client interaction and relationship skills | 15/50 marks |
| High | Professional efficiency/tools | 10/50 marks |
| High | Research reporting, ethics and regulation | 8/50 marks |
| Medium | Risk and return | 7/50 marks |
| Foundation | Research profession/market basics | 10 marks combined across first two sessions |
5-Day Study Plan
| Day | Focus |
| 1 | Sessions 1–2: research profession, securities markets, basic research and terminology |
| 2 | Session 3: risk and return; revise practical investor-risk concepts |
| 3 | Session 4: research reports, ethics, conflicts and regulatory environment |
| 4 | Session 5: client interaction, communication, relationship management |
| 5 | Session 6 + full revision; complete mock-style questions and remote-proctor checks |
Certificate Validity and Renewal
The certificate is valid for three years from the exam date. NISM’s current FAQ says renewal requires passing XXV-A again before the existing certificate expires.
Research Analyst entities should maintain a certification register so staff do not accidentally continue regulated functions after certification lapses.
XXV-A vs NISM Series XV
| Feature | Series XXV-A | Series XV |
| Role | Sales and other non-core research services | Core Research Analyst/research function |
| Duration | 60 minutes | 120 minutes |
| Marks | 50 | 100 |
| Pass | 50% | 60% |
| Negative marking | None | 25% |
| Mode | Remote/internet based | Current NISM Series XV exam process |
| Purpose | Role-appropriate lighter benchmark | Full research competency benchmark |
Employer Role-Mapping Checklist
- Write a job description before choosing the certificate.
- Identify whether the employee can influence the research recommendation.
- Identify whether the employee prepares data/analysis used in the report.
- Identify whether the employee only explains, sells or services the research subscription.
- Restrict system access consistent with the role.
- Record the certification number and expiry date.
- Review role changes before transferring a non-core employee into research.
FAQs
Is XXV-A for a Research Analyst?
It is designed for persons associated with research services performing sales and other non-core services, not as a substitute for the core Series XV requirement.
Is there negative marking?
No.
What is the current fee?
NISM’s live current FAQ/page lists ₹1,500; check the payment screen for applicable charges/taxes.
Can a relationship manager take XXV-A?
If the person’s function is genuinely sales/non-core within the PARS framework, XXV-A is designed for that type of role.
How is it renewed?
Reappear and pass XXV-A before the existing certificate expires.
Final Takeaway
XXV-A makes Research Analyst staffing more proportionate.
The value isn’t that firms can put less-qualified people into research; it’s that sales and client-service staff can meet a benchmark suited to their function while the core research team continues to meet the more rigorous research certification requirements.