NISM Series XXV-B Study Material: What to Use
The official NISM workbook, third-party notes and mock tests, and what each is genuinely good for.
The official study material for NISM Series XXV-B is a set of video lessons, not a book. NISM's exam page and its FAQ both say the examination content is freely available on NISM's YouTube channel, and the study material button on the exam page opens that playlist. NISM and SEBI shorten the role to PAIA, Persons Associated with Investment Advice.
NISM's free workbook portal is also linked from the exam page. It is the same portal that serves every NISM series, and the list of workbooks sits behind a short form, so check there for a Series XXV-B workbook once you are inside. Either way, the six-session curriculum is the map, and this page shows how to study from the material NISM gives you.
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What NISM publishes for XXV-B
All of it is free. Nothing here needs a purchase.
PAIA video playlist
Where it is
NISM's YouTube channel, linked from the exam page as View Study Material
Use it for
The teaching itself; the lessons follow the sessions
Curriculum page
Where it is
The Curriculum link on the exam page
Use it for
The six sessions and their five or six lettered learning points each; your revision checklist
Workbook portal
Where it is
Study Material Download on the exam page sidebar
Use it for
View and download NISM workbooks after a short form; look for a Series XXV-B title
| Material | Where it is | Use it for |
|---|---|---|
| PAIA video playlist | NISM's YouTube channel, linked from the exam page as View Study Material | The teaching itself; the lessons follow the sessions |
| Curriculum page | The Curriculum link on the exam page | The six sessions and their five or six lettered learning points each; your revision checklist |
| Workbook portal | Study Material Download on the exam page sidebar | View and download NISM workbooks after a short form; look for a Series XXV-B title |
How to get the material
- 1
Open the NISM Series XXV-B exam page
Search NISM's website for the exam by name. The page carries the launch notice, the study material button, the curriculum link and the FAQ link.
- 2
Save the playlist
Click View Study Material. It opens the PAIA playlist on NISM's YouTube channel. Save it to your account so you can watch between client calls.
- 3
Print or save the curriculum
The curriculum page lists six sessions, each with five or six lettered learning points. Treat every lettered point as one question topic.
- 4
Check the workbook portal
The Study Material Download link asks for your name, email, mobile number, city and state, then shows the workbook list. Download the Series XXV-B workbook if one is listed.
What to read alongside the videos
The exam defines its own audience by a SEBI regulation, so one companion document is worth having:
- check_circleSEBI (Investment Advisers) Regulations, 2013, which SEBI's regulations list shows as last amended on 25 November 2025. Regulation 2(r) defines a person associated with investment advice, and the regulations set the fiduciary, suitability and role-boundary rules that session 6 covers.
- check_circleRead it for the definition and the conduct rules only. The exam is for sales and other non-core staff of a registered investment adviser, not for the adviser, so the adviser's own qualification and net worth clauses are background.
- check_circleSession 4 names mutual funds, PMS, AIF, SIF, retirement products and insurance. The videos cover these at product level. Do not chase each product's regulation; the curriculum asks for features and key differences, not rule numbers.
Free account, this exam preselected.
How to use it session by session
Watch the lessons for a session, then tick off its lettered points on the curriculum page before moving on:
- check_circleSession 1: learn the six-step financial planning process as a sequence, and the difference between risk tolerance (willingness) and risk capacity (ability).
- check_circleSession 2: saving versus investment, the types of investment risk, compounding, asset allocation and rebalancing.
- check_circleSession 3: equity, fixed income, banking products and derivatives. Know each asset class, its participants and its listed risks.
- check_circleSession 4: build one comparison sheet for mutual funds, PMS, AIF and SIF, then one for retirement and insurance products.
- check_circleSession 5: advisory sales versus product selling, client profiling, communication, ethical negotiation, crisis management and CRM tools.
- check_circleSession 6: day planning and the 3P approach, continuous learning, the regulatory environment, fiduciary duty, suitability and role boundaries, and ethics in routine work.
Spot material written for another exam
XXV-B was launched on 1 June 2026, so any note, PDF or video set dated before that cannot be for this exam. Material that describes negative marking or a paper longer than one hour belongs to another series, usually the Investment Adviser exams X-A and X-B, which are often confused with this one. Material that lists chapter weightages is invented, because NISM publishes none. Material built around numbered chapters is a sign the writer never opened the curriculum, which uses six sessions.
How XXV-B tests this material
The paper is 50 multiple choice questions of 1 mark each in 1 hour, with no negative marking, and you pass with 25 out of 50 (50%). Video lessons and a conceptual curriculum produce one kind of question: a definition or a distinction. Expect items that ask which statement describes risk capacity rather than risk tolerance, which activity is advisory sales rather than product selling, or which feature separates an AIF from a PMS.
The trap is treating this as a sales exam. Sessions 2, 3 and 4 are product and market knowledge, and they make up half the curriculum. Candidates from a sales background who skip them and rely on session 5 lose the easy marks. The reverse trap exists too: product experts who skim session 5 and session 6 miss questions on ethics, suitability and role boundaries, which are written in the regulation's language rather than everyday sales language.
FAQs
Where is the NISM XXV-B study material?expand_more
On NISM's YouTube channel. NISM's exam page says the examination content is freely available there, and the View Study Material button opens the PAIA playlist.
Is the NISM 25 B study material free?expand_more
Yes. The video playlist is free on YouTube, and NISM's workbook portal describes its workbooks as free of cost to view and download. Printed NISM workbooks are sold separately through Taxmann.
Is there a NISM XXV-B workbook PDF?expand_more
NISM names the YouTube playlist as the study material for this exam. Its workbook portal may also list a Series XXV-B workbook; the list sits behind a form, so look there rather than downloading a PDF from a third-party site.
Is the XXV-B material the same as NISM XXV-A?expand_more
No. XXV-A is the twin exam for persons associated with research services and has its own curriculum and playlist. XXV-B is for persons who do sales and other non-core work for a registered investment adviser.
Is NISM XXV-B a difficult exam?expand_more
NISM publishes no pass rate, so there is no official measure. The structure is light: 50 one-mark questions, one hour, no negative marking, pass at 50%. The curriculum is broad rather than deep, so the work is covering all six sessions, not mastering any one of them.
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