NISM Series XXV-A Eligibility: Who Needs It?
NISM certifications have no degree requirement. What matters is the role you hold. Here is who Series XXV-A is mandatory for.
If you sell or support research services at a SEBI-registered Research Analyst firm, but you do not write or publish the research yourself, Series XXV-A is your certification. If you do write or publish research, you need Series XV instead.
That one line resolves most of the confusion: XXV-A and Series XV cover two different roles at the same kind of firm, not two difficulty levels of the same exam.
Who must hold Series XXV-A
Mandatory for people associated with a SEBI-registered Research Analyst who perform sales or other non-core roles, including:
- checkSales staff and relationship managers pitching or servicing research subscriptions
- checkTelemarketers and inside-sales staff calling on behalf of a Research Analyst firm
- checkOther client-facing staff who support the research desk without preparing research themselves
Already hold Series XV? You don't need to switch yet
If you already hold a valid Series XV certificate, NISM lets you keep working under it until it lapses. Only when it's time to renew do you move to XXV-A, if your role by then is sales or support rather than preparing research. Confirm your own transition timing on NISM's certification portal.
XXV-A vs Series XV, side by side
The two certifications that get confused for each other, compared directly.
Who it's for
Series XXV-A
Sales & support staff
Series XV
Research writers & analysts
Questions
Series XXV-A
50
Series XV
100
Duration
Series XXV-A
60 minutes
Series XV
120 minutes
Pass mark
Series XXV-A
50%
Series XV
60%
Negative marking
Series XXV-A
None
Series XV
0.25 per wrong answer
| Series XXV-A | Series XV | |
|---|---|---|
| Who it's for | Sales & support staff | Research writers & analysts |
| Questions | 50 | 100 |
| Duration | 60 minutes | 120 minutes |
| Pass mark | 50% | 60% |
| Negative marking | None | 0.25 per wrong answer |
Free account, this exam preselected.
As with NISM's other certifications, there is no minimum educational qualification to sit Series XXV-A. Confirm the current age and eligibility rules on the NISM certification portal before you register, since NISM revises these between cycles.
Quick self-check
Ask yourself one question:
- checkDo you write or publish research reports, or issue buy/sell recommendations? → You need Series XV, not XXV-A.
- checkDo you sell, market or otherwise support research services without preparing the research? → You need Series XXV-A.
Eligibility questions
Can a research analyst take XXV-A instead of Series XV?expand_more
No. Anyone who prepares or publishes research, or issues recommendations, is regulated as a Research Analyst under SEBI's rules and needs Series XV. XXV-A only covers non-core roles like sales and support.
I hold Series XV and I'm moving into a sales role. Do I need XXV-A now?expand_more
You can continue on your existing Series XV certificate until it lapses. Plan to hold XXV-A by the time you renew, since your role will then fall under the non-core definition.
Is there a minimum qualification for Series XXV-A?expand_more
NISM certifications generally set no minimum educational qualification. Check the current rule on the certification portal before you register, since requirements can be revised between cycles.