NISM Series XXV-A
NISM-Series-XXV-A: Persons Associated with Research Services (Sales and Other Non-Core Services) Certification Examination
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ExploreAbout this exam
NISM-Series-XXV-A is a certification examination titled "Persons Associated with Research Services (Sales and Other Non-Core Services) Certification Examination", issued within the National Institute of Securities Markets (NISM) certification framework. NISM is a public trust established in 2006 by the Securities and Exchange Board of India (SEBI), the regulator of the securities markets in India, and it carries out capacity building activities aimed at enhancing quality standards in securities markets. The examination sits in the NISM catalogue under a "Persons Associated" grouping, alongside a parallel paper for persons associated with investment advice (NISM-Series-XXV-B). NISM has published a formal communique for this examination (NISM/Certification/ NISM-Series-XXV-A ... /2026/01 dated January 30, 2026) and a linked SEBI circular dated March 11, 2026, which are the authoritative documents for its syllabus, enrolment and assessment details. The credential is intended for staff who support research services in sales and other non-core roles rather than for core research analysts, whose separate certification is NISM-Series-XV. Because the public source material available here does not spell out the syllabus modules, question count, duration, pass mark, fees or validity period, candidates should treat those as unconfirmed and verify them against the official NISM communique and SEBI circular before booking. Preparation should start from those two documents, then the NISM study material, followed by timed practice on the published learning outcomes.
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About NISM Series XXV-A preparation
What exactly is the NISM-Series-XXV-A examination?
It is the NISM certification examination titled "Persons Associated with Research Services (Sales and Other Non-Core Services) Certification Examination". NISM has issued a dedicated communique for it dated January 30, 2026, and a related SEBI circular dated March 11, 2026. Those two documents, not third-party summaries, define what the examination covers and who must take it.
Who should take this paper rather than the Research Analyst certification?
The title targets persons associated with research services in sales and other non-core roles. NISM lists core research certification separately as NISM-Series-XV: Research Analyst Certification Examination, and a parallel non-core paper exists for investment advice as NISM-Series-XXV-B. Confirm your role classification with your compliance team before choosing between them.
How many questions are there, how long is the exam, and what is the pass mark?
These details are not stated in the source material available here, so we do not publish figures that could be wrong. The authoritative values are in the NISM communique dated January 30, 2026 and the SEBI circular dated March 11, 2026. Check the current NISM page for this examination before you schedule a test slot.
What does the exam actually test?
The source material does not reproduce the syllabus. The examination name indicates coverage of research services as they touch sales and other non-core functions, but module weights and learning outcomes must be read from the official communique and circular. Start there, then map each learning outcome to the NISM study material before attempting practice questions.
How should I sequence my preparation?
Read the January 30, 2026 communique and the March 11, 2026 SEBI circular first to fix the scope. Then work through the official NISM study material chapter by chapter, making notes on obligations and conduct points. Only after that attempt timed practice, and revisit weak chapters rather than re-reading everything.
Where do candidates most often lose marks?
Without the official syllabus we will not assert specific weak topics. The general pattern on NISM papers is that candidates skim the regulatory text and then confuse similar obligations under exam pressure. Read the circular wording closely, note who must do what and by when, and practise distinguishing near-identical requirements rather than memorising headlines.
If I fail, can I retake the examination?
The retake policy, waiting period and any fee for a repeat attempt are not given in the source material available here, so we do not state them. NISM sets these terms in its examination communique and on the examination page. Confirm the current rules there before assuming you can re-sit immediately.
How long is the certificate valid, and is renewal required?
Validity and renewal requirements are not stated in the source material available here and are therefore left unconfirmed. NISM operates Continuing Professional Education programmes, including eCPE, for several certifications, but whether renewal applies to this paper must be checked on the official NISM page for the examination rather than assumed.
Is this site connected to NISM or SEBI?
No. This is independent study material and is not affiliated with, endorsed by, or approved by NISM or SEBI. NISM is a public trust established in 2006 by SEBI. Use our pages for orientation and practice only, and rely on the official NISM communique, SEBI circular and NISM study material for anything that affects your registration or compliance status.