NISM Series XXV-A study guide
NISM Series XXV-A · Work through your exam, one topic at a time.
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). /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. Topics on this exam: Persons Associated with Research Services (Sales and Other Non-Core Services). The NISM Series XXV-A study guide has 1 section and about 435 words.
01Persons Associated with Research Services (Sales and Other Non-Core Services)
This domain tests the boundary between a registered research analyst and the sales or non-core staff who support research services. The exam asks you to classify personnel, apply supervision and disclosure rules, and spot conflicts of interest. Only those primarily responsible for the preparation, content, or publication of a research report are research analysts; sales, marketing, distribution, client servicing, and back-office staff are persons associated with research services and do not need separate research analyst registration. Employees and agents in sales, marketing, distribution, client servicing, and other non-core functions related to research services.
435 words, about 2 minMore study resources for NISM Series XXV-A
- Practice questionsUnder the SEBI (Research Analysts) Regulations, which activity by a sales or relationship person attached to a research service would require that person to obtain research analyst registration or certification?
- FlashcardsPerson associated with research. An individual involved in preparing, publishing, or distributing research reports, or providing research-related services under the research analyst's control, including sales and client-facing staff.
- Cheat sheetSEBI (Research Analysts) Regulations, 2014 apply to research analysts and to persons associated with research services, including sales and other non-core personnel who interact with clients on research content.
- Key termsResearch Analyst. An individual who prepares or publishes research reports or makes public recommendations on securities, and who must hold the certification required by the research analyst regulations.
- Study planMap the full scope of the research-services ecosystem: define who a research analyst, research entity, and persons associated with research services are, and distinguish core research activity from sales and other non-core support functions.
- Common mistakesCandidates skim the definition and anchor on the word 'research', so they miss that the scope is activity- and role-based and extends to anyone involved in the research service chain, including sales and distribution personnel.
- Exam-day guideUse the same photo ID type and number you entered during registration.