NISM Series XXV-A Persons Associated with Research Services (PARS / NISM 25A): Mock Tests & Exam Prep
NISM Series XXV-A (Persons Associated with Research Services) is a SEBI-recognised certification exam in compliance. The exam has 50 marks over 60 minutes, needs 25/50 to pass, and stays valid for 3 years.
SEBI-mandated certification for sales and support staff at a Research Analyst firm
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Total Marks
Duration
Pass Mark
Your Readiness
Series XXV-A · NISM
About This Certification
NISM Series XXV-A certifies the people who sell or support research services at a SEBI-registered Research Analyst firm without preparing the research themselves. It is a shorter, lighter alternative to Series XV for that specific role, launched by NISM on 10 February 2026. The exam is 50 marks in 60 minutes with no negative marking, and it is delivered as an internet-based exam in a remotely proctored environment rather than at a test centre.
Quick Facts
- RegulatorSEBI
- Conducted byNISM
- Validity3 Years
- Negative Marking0%
- Fee₹1500 + GST
What You Get
898+ Questions
Exam-pattern practice with full-length timed mocks and negative marking.
AI Smart Notes
Concise chapter summaries generated from the NISM workbook.
Key Concepts
Key concepts, one card at a time, for every formula and definition.
Doubt Forum
Get answers from mentors and past exam-takers.
Which of the following correctly calculates Net Asset Value?
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3 Steps to Pass Series XXV-A
Diagnostic Quiz
15 questions to baseline your current knowledge across all topics.
Personalized Plan
A day-by-day path built around your weak topics, not a generic schedule.
Mock & Improve
Sit full mocks and watch your Readiness Score climb in real time.
Know exactly when you're ready.
Our AI tracks your mock scores, topic mastery, and study consistency to predict your Series XXV-A pass probability in real time.
Concepts 92%
Regs 54%
Exam Syllabus & Topic Weightage
savings01. Introduction to Research Analysis Profession and Securities Markets
What research services are and who may offer them, the difference between a registered Research Analyst and a person associated with research services, what a PARS may and may not do when a client asks, and the structure and vocabulary of the Indian securities markets.
~10% weightage
storefront02. Fundamentals of Research, Market Terminologies and Market Analysis
The data sources and tools a research support role works with, the economic indicators that move markets, how economic trends read through to an industry and a company, and how to explain research terminology to a client without overstating it.
~10% weightage
gavel03. Risk and Return Fundamentals
Risk and return metrics including standard deviation, beta and the Sharpe ratio, why diversification changes a portfolio's risk, and the standard of accuracy required when relaying risk disclosures to a client.
~14% weightage
receipt_long04. Research Reporting, Ethics and Regulatory Environment
What makes a research report sound, the SEBI (Research Analysts) Regulations and insider trading rules, conflicts of interest and client confidentiality, KYC and anti-money laundering obligations, and how complaints and records must be handled.
~16% weightage
savings05. Client Interaction and Relationship Skills
The largest chapter and 15 of the 50 marks. Presenting research summaries, handling objections and negotiation, managing relationships, de-escalating a crisis, recognising behavioural bias, the code of conduct and MITC, record maintenance under the RA Regulations, and investor grievance handling.
~30% weightage
storefront06. Professional Efficiency, Development and Tools
Day planning and time management, continuing professional development, ethics and data privacy in the tools a research desk uses, and how those tools fit into a working day.
~20% weightage
Free Resources
NISM Series XXV-A Persons Associated with Research Services Mock Tests
Sit free, full-length NISM Series XXV-A (PARS / NISM 25A) mock tests that mirror the real exam: 50 marks over 60 minutes. Each attempt is auto-scored against the 50% pass mark with instant solutions, so you know exactly when you are ready.
NISM Series XXV-AStudy Material & Notes
Chapter-wise Persons Associated with Research Services study material and revision notes built from the official SEBI syllabus, with 898+ practice questions and previous-year style MCQs to lock in every high-weightage topic.
NISM Series XXV-A Syllabus 2025-26
- Introduction to Research Analysis Profession and Securities Markets10%
- Fundamentals of Research, Market Terminologies and Market Analysis10%
- Risk and Return Fundamentals14%
- Research Reporting, Ethics and Regulatory Environment16%
- Client Interaction and Relationship Skills30%
- Professional Efficiency, Development and Tools20%
Frequently Asked Questions
When was Series XXV-A introduced?
NISM launched the Series XXV-A examination on 10 February 2026, as part of SEBI's framework for people working around a registered Research Analyst. It covers client-facing and support roles that no earlier NISM certification addressed.
Do I need XXV-A or Series XV?
If you write or publish research, or issue buy and sell recommendations, you need Series XV. If you sell, market or otherwise support research services without preparing the research yourself, you need XXV-A.
How is the exam conducted?
It is an internet-based exam taken in a remotely proctored environment, so you sit it from home or your office rather than at a physical NISM test centre. That is unlike most other NISM series, which are test-centre based.
What is the exam pattern?
50 multiple-choice questions worth 1 mark each, 60 minutes, and a pass mark of 50 percent, which is 25 out of 50. There is no negative marking and no sectional cut-off.
How long is the certificate valid?
Three years. Before it lapses you either sit the exam again or complete the CPE programme. Verify the current renewal route on the NISM certification portal, because CPE rules differ between series.
How we prepare you for Persons Associated with Research Services
Everyone selling exam prep tells you that you'll pass. Here is the machinery underneath the claim - six things the product does, in the order you'll meet them.
A diagnostic, before a single lesson
Fifteen questions map what you already know against the syllabus.
Most people waste their first fortnight re-reading chapters they'd already pass. The diagnostic exists so your plan starts at the gaps, not at page one.
Chapters broken into five-minute cards
The syllabus is re-cut into sessions that fit a commute, not an evening.
A 600-page workbook asks you to find an hour you don't have. Bite-sized cards ask for the ten minutes you already lose to a queue - which is why the habit survives past week two.
Practice that follows your mistakes
The engine weights questions toward the topics you keep getting wrong.
A static question bank serves everyone the same 1,200 questions in the same order. Adaptive weighting means your revision time lands where it actually moves the score.
A worked solution on every question
Not just the right option - the reasoning, and the trap you fell for.
Knowing you picked C and the answer was B teaches you nothing. Every question carries the working, so a wrong answer is the most useful thing that happens in a session.
Mocks under real exam conditions
Full length, properly timed, with negative marking where the series has it.
The exam is as much a clock-management problem as a knowledge one. A mock that doesn't reproduce the pressure tells you how you'd do in an untimed, forgiving version of an exam that is neither.
One number: your Preparedness Score
Whether you'd pass today - and which chapters are holding it down.
Every other method leaves you guessing at the only question that matters before you pay the exam fee. The score is the answer, and it moves as you do.
Why people leave the alternatives
You have four other options, and each one genuinely beats us at something. Here is the whole picture - including the rows where they win.
| Dimension | PrepCleverPrepClever | Coaching centreClassroom batch | YouTube & PDFsFree material | Other prep appsTypical case | BooksSelf-study |
|---|---|---|---|---|---|
| What it costs to start | Free forever core - no card | ₹30,000–50,000 upfront | Free | Freemium; the real bank is paywalled | ₹500–1,500 per workbook |
| When you can study | Five-minute sessions, any time | Fixed batch timings, fixed venue | Any time | Any time | Any time |
| Does it know your weak areas? | Adaptive - weights toward what you miss | One pace for the whole batch | Nothing is tracked | Usually a static bank in fixed order | Nothing is tracked |
| Why was my answer wrong? | Worked solution on every question | Strong - if you can get the teacher's time | The comments section | Often an answer key only | Answer key at the back |
| Am I ready to book the exam? | Preparedness Score, updated per session | A mock rank, and instinct | No signal at all | Your raw score on the last test | No signal at all |
| Is the syllabus current? | Tracked against SEBI workbook updates | Depends entirely on the centre | Often years out of date | Varies; rarely dated on the page | Whatever the last reprint said |
| How many NISM series? | All 26 | The one or two that fill a batch | Patchy - the popular ones | Usually the popular ones | One book per series |
Rival columns describe the typical case, not every provider. A good coaching teacher will out-explain any app on the day you can actually reach them.
Rather judge it yourself? Take a free test or read a worked solution before you decide.
Ready to pass Series XXV-A?
Start your personalized prep today, 898+ practice questions, free to start.
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