NISM Series XXV-A Syllabus: Persons Associated with Research Services
All 6 chapters of the Persons Associated with Research Services workbook, with the weightage each carries in the exam.
The NISM Series XXV-A workbook is 6 chapters long, and the exam draws from all of them. What varies is how much each one is worth. The weightage column below is the most useful thing on this page, because it tells you where revision time actually pays.
This page lists what each chapter covers. Marks, timing and the pass mark are on the exam pattern page.
All 6 chapters and their weightage
Weightage is the share of the 50-mark paper each chapter contributes.
01
Chapter
Introduction to Research Analysis Profession and Securities Markets
Weightage
10%
02
Chapter
Fundamentals of Research, Market Terminologies and Market Analysis
Weightage
10%
03
Chapter
Risk and Return Fundamentals
Weightage
14%
04
Chapter
Research Reporting, Ethics and Regulatory Environment
Weightage
16%
05
Chapter
Client Interaction and Relationship Skills
Weightage
30%
06
Chapter
Professional Efficiency, Development and Tools
Weightage
20%
| # | Chapter | Weightage |
|---|---|---|
| 01 | Introduction to Research Analysis Profession and Securities Markets | 10% |
| 02 | Fundamentals of Research, Market Terminologies and Market Analysis | 10% |
| 03 | Risk and Return Fundamentals | 14% |
| 04 | Research Reporting, Ethics and Regulatory Environment | 16% |
| 05 | Client Interaction and Relationship Skills | 30% |
| 06 | Professional Efficiency, Development and Tools | 20% |
What each chapter covers
The workbook's own scope, chapter by chapter:
- 01. Introduction to Research Analysis Profession and Securities Markets (10%)
- 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.
- 02. Fundamentals of Research, Market Terminologies and Market Analysis (10%)
- 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.
- 03. Risk and Return Fundamentals (14%)
- 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.
- 04. Research Reporting, Ethics and Regulatory Environment (16%)
- 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.
- 05. Client Interaction and Relationship Skills (30%)
- 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.
- 06. Professional Efficiency, Development and Tools (20%)
- 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.
Free account, this exam preselected.
Where the marks concentrate
The heaviest chapter here is Client Interaction and Relationship Skills at 30%. With a pass mark of 25 out of 50 (50%) and no sectional minimum, scoring well on the top-weighted chapters gets you most of the way before the lighter ones are counted.