NISM Series XXV-A: Persons Associated with Research Services (PARS) Certification
NISM Series XXV-A (Persons Associated with Research Services) is the SEBI-mandated certification for sales and other non-core staff at a registered Research Analyst firm - the people who sell or support research services without writing 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 over 60 minutes, needs 25/50 to pass, and stays valid for 3 years.
scheduleLimited-time price, ends midnight tonight
NISM Series XXV-A at a glance
- Full nameNISM Series XXV-A: Persons Associated with Research Services
- Conducted byNISM
- RegulatorSEBI
- Questions50
- Duration60 min
- Pass mark25/50 (50%)
- Negative markingNone
- Validity3 years
- DifficultyMedium
Who needs NISM Series XXV-A?
- check_circleSales staff and relationship managers at a SEBI-registered Research Analyst firm
- check_circleTelemarketers and inside-sales staff calling on behalf of a Research Analyst firm
- check_circleOther client-facing, non-research staff supporting a research desk
- check_circleSeries XV holders whose role has moved into sales or support, once their existing certificate is due for renewal
Where it takes you
- trending_upResearch Services Sales Associate at a Research Analyst firm
- trending_upRelationship Manager servicing research subscriptions
- trending_upInside Sales / Telemarketing Associate for research services
- trending_upClient Servicing Associate supporting a research desk
NISM Series XXV-A syllabus
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.
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.
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.
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.
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.
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.
How to register for NISM Series XXV-A
- 1
Create an NISM account
Register at certifications.nism.ac.in with your PAN, email and mobile number.
- 2
Complete KYC
Upload PAN and address proof. Verification is usually same-day.
- 3
Select the Series XXV-A module
Choose "Series XXV-A: Persons Associated with Research Services" from the certification list and pay the registration fee online.
- 4
Book your test-centre slot
Pick a date and NISM test centre. Metro centres typically have slots within a week.
- 5
Take the exam
50 questions in 60 minutes, computer-based. Your result appears immediately on submission.
Fees and slot availability are set by NISM and can change: confirm current details on certifications.nism.ac.in.
NISM Series XXV-A guides
The syllabus, exam pattern and everything else about Persons Associated with Research Services, each on its own page.
NISM Series XXV-A: frequently asked questions
What is NISM Series XXV-A?expand_more
NISM Series XXV-A is the Persons Associated with Research Services Certification Examination conducted by the National Institute of Securities Markets. It is the SEBI-mandated certification for sales and other non-core staff at a registered Research Analyst firm, distinct from Series XV, which covers the people who actually prepare the research.
Do I need XXV-A or Series XV?expand_more
If you write or publish research, or issue buy/sell recommendations, you need Series XV. If you sell, market or otherwise support research services without preparing the research yourself, you need XXV-A.
Who is eligible for the NISM Series XXV-A exam?expand_more
As with NISM's other certifications, there is no minimum educational qualification to sit the exam. Confirm the current age and eligibility rules on the NISM certification portal before registering.
How is the NISM Series XXV-A exam conducted?expand_more
It is an internet-based exam conducted in a remotely proctored environment - taken from home or office rather than at a physical NISM test centre, unlike most other NISM series.
How difficult is NISM Series XXV-A?expand_more
It is the shortest paper in the NISM range: 50 questions in 60 minutes, no negative marking, and a 50% pass mark with no minimum required per chapter. No pass rate has been published yet, since the exam only launched in February 2026.
How long is NISM Series XXV-A valid?expand_more
The certification is valid for 3 years from the date of passing. Renewal requires either passing the exam again or completing the CPE programme before it expires.
Ready to start preparing?
898+ practice questions and full-length mock tests for NISM Series XXV-A, with a solution for every question, ₹299 for full premium.
scheduleLimited-time price, ends midnight tonight