NISM Series XXV-A in 2026: who must take it, the exact format, and a mock-test plan
If you searched for a NISM XXV-A mock test or NISM XXV-A study material, start with the one fact most result pages skip: this is a brand-new, narrower exam, not the exam you may already know as "NISM 15" or "NISM VA." NISM-Series-XXV-A: Persons Associated with Research Services (Sales and Other Non-Core Services) Certification Examination launched effective February 10, 2026. It replaces the full NISM Series-XV: Research Analyst exam for one specific group of people, and it is a completely different subject from NISM Series XXV-B, even though the two names collide constantly in search results and in mock-test product pages.
This guide verifies, against NISM's own exam page, FAQ, and Annexure I weightage document, exactly who SEBI requires to pass this exam, the official 50-question format, the six-session blueprint with real marks per session, and how XXV-A differs from XXV-B. It closes with a mock-test and review plan built on OpenExamPrep's free, independent NISM Series XXV-A practice questions, flashcards, and cheat sheet.
Who actually has to take NISM Series XXV-A
NISM Series XXV-A exists because of a specific regulatory chain, and understanding it tells you immediately whether you need this exam at all.
Under Regulation 7 of the SEBI (Research Analysts) Regulations, 2014, "Persons Associated with Research Services" (PARS) — a term defined in Regulation 2(ne) — must hold a NISM certification. Until 2026, that meant every PARS, including sales staff and relationship managers with no research role, had to pass the full NISM Series-XV: Research Analyst exam. SEBI's circular dated March 11, 2026 (Ref. HO/38/12/(5)2026-MIRSD-POD/I/6703/2026) changed that as an "ease of doing business" measure: PARS who perform only sales and other non-core services — client contact, not research itself — may instead pass the lighter NISM Series-XXV-A exam, introduced by NISM Communique No. NISM/Certification/.../2026/01 dated January 30, 2026.
Paragraph 4.2 of the same circular keeps the full Series-XV requirement for every other PARS. The test is what you actually do, not your job title: if you are directly associated with or involved in research-related aspects, Series-XV still applies.
SEBI's circular also includes a grandfather clause: if you already held a valid NISM Series-XV certificate on the circular's date, you are not required to additionally sit Series-XXV-A. You only need to move to Series-XXV-A once your existing Series-XV certificate expires. If your role is genuinely sales or non-core support and you have never held Series-XV, Series-XXV-A is the certification SEBI now expects you to pass.
NISM Series XXV-A vs NISM Series XXV-B: don't confuse these two 2026 exams
Search traffic for "NISM XXV-A," "NISM XXV-B," and "NISM 25 B" overlaps heavily, and several mock-test sites bundle both exams onto one product page as if they were variants of the same test. They are not. They cover different regulated activities, under different SEBI regulations, and SEBI mandated them through different circulars:
| NISM Series XXV-A | NISM Series XXV-B | |
|---|---|---|
| Full name | Persons Associated with Research Services (Sales and Other Non-Core Services) Certification Examination | Persons Associated with Investment Advice (Sales and Other Non-Core Services) Certification Examination |
| Covers | Research-service sales/support staff (PARS) | Investment-advice sales/support staff (PAIA) |
| Governing SEBI rules | SEBI (Research Analysts) Regulations, 2014 | SEBI (Investment Advisers) Regulations, 2013 |
| Full-scope exam it lightens | NISM Series-XV: Research Analyst | NISM Series-X-A and Series-X-B (Investment Adviser, Levels 1 and 2) |
| Authorizing SEBI circular | March 11, 2026 | June 24, 2026 |
| Launched | February 10, 2026 | June 1, 2026 |
| Format | 50 MCQs, 60 minutes, 50% pass, no negative marking, ₹1,500 fee, 3-year validity | 50 MCQs, 60 minutes, 50% pass, no negative marking, ₹1,500 fee, 3-year validity |
The format is nearly identical on both, which is exactly why content farms merge them. The subject matter is not: XXV-A tests research-analysis basics, SEBI research-analyst ethics, and client communication for research services; XXV-B tests financial planning, asset classes, financial products (mutual funds, PMS, AIFs, SIFs, insurance), and advisory sales skills under the Investment Adviser framework. If your firm is a registered research analyst and you support that business, you want XXV-A. If your firm is a registered investment adviser and you only sell or relationship-manage, you want XXV-B. Also watch for a third, unrelated naming collision: "NISM VA" or "NISM 5A" refers to NISM Series V-A: Mutual Fund Distributors, a completely different exam about mutual funds. A "NISM 25A" mock test and a "NISM 5A" mock test are not substitutes for each other.
The official exam format (verified against NISM's Test Details table)
NISM's own "Test Details" table and FAQ page state:
- Questions: 50 multiple-choice questions, 1 mark each, for a total of 50 marks.
- Duration: 60 minutes.
- Delivery: internet-based, remotely proctored (not a physical test-centre exam).
- Passing score: 50%, equal to 25 of 50 marks.
- Negative marking: none.
- Certificate validity: 3 years from the date of the exam; renew by passing the exam again before expiry. NISM's candidate instructions allow a certificate holder to re-sit the same exam only for renewal, within the last 12 months of validity.
- Fee: ₹1,500, plus payment-gateway charges.
- Certificate issuance: NISM only issues the passing certificate to candidates who have furnished a valid PAN in their registration details.
Read one wording change carefully. NISM's January 2026 Annexure I says the assessment follows "completion of the course content within 5 days," but the current exam page and FAQ drop the 5-day phrase and simply say the 50-question assessment follows completion of the course content. Do not plan around a 5-day deadline unless the portal shows one when you enroll. The course content itself is free e-learning video on NISM's YouTube channel, not the downloadable PDF workbook NISM offers for most older series. Register through NISM's certification portal; NISM does not publish a separate retake waiting period or attempt cap for this specific exam, so confirm current booking rules on the portal before you schedule a second attempt.
The official six-session weightage: where your study time should go
NISM's Annexure I also publishes the exact mark allocation across six sessions. This is the actual blueprint, not a third-party guess, and it should set your study priorities before you open a single mock test:
| Session | Marks (of 50) | Weight |
|---|---|---|
| 1. Introduction to Research Analysis Profession and Securities Markets | 5 | 10% |
| 2. Fundamentals of Research, Market Terminologies and Market Analysis | 5 | 10% |
| 3. Risk and Return Fundamentals | 7 | 14% |
| 4. Research Reporting, Ethics, and Regulatory Environment | 8 | 16% |
| 5. Client Interaction and Relationship Skills | 15 | 30% |
| 6. Professional Efficiency, Development, and Tools | 10 | 20% |
Two numbers should change how you allocate review time. First, Client Interaction and Relationship Skills alone is 30% of the exam — more than Sessions 1 and 2 combined. According to NISM's curriculum, that session covers communication, negotiation and objection handling, relationship management, crisis handling, client-bias recognition, and RA code-of-conduct items such as MITC and investor grievances for a non-core, client-facing role, which fits the exam's actual purpose: it is testing whether sales and support staff can represent research services correctly and ethically, not whether they can build a discounted cash flow model. Second, Research Reporting, Ethics, and Regulatory Environment at 16% covers the SEBI (Research Analysts) Regulations, 2014 directly — disclosures, conduct rules, and the compliance boundaries non-core staff must not cross. Between them, Sessions 4 and 5 are 46% of the exam. A study plan that spends equal time on all six sessions is already misallocated.
A 14-day mock-test and review plan
This is a practical pacing plan, not an official NISM study schedule. Adjust the number of days to the time you actually have before your exam slot.
Days 1–2: Map the blueprint before you touch a mock test. Read the session list above against NISM's official curriculum so you know which of the six sessions each question in a mock test belongs to. Skim the PARS role definition so you understand why sales/non-core staff are tested on ethics and client communication rather than valuation formulas.
Days 3–9: Work through Sessions 4 and 5 first, since they carry 46% of the marks. Use OpenExamPrep's independent NISM Series XXV-A practice questions in short sets and track your score by session, not just overall. When you miss a question on research-reporting ethics or client objection-handling, write down the specific rule or conduct principle you missed, not just "wrong answer." The cheat sheet is organized around the same six sessions, so use it to re-check a rule the moment you miss it, instead of re-reading the whole course video.
Days 10–12: Cover the remaining four sessions. Markets basics, research fundamentals, risk and return, and professional tools and efficiency make up the other 54% spread across four sessions, so they are individually lighter but still worth full marks. Flashcards work well here for repeated, short recall drills on terminology (systematic vs. unsystematic risk, diversification, data sources, economic indicators) you are less likely to use daily on the job.
Days 13–14: Run full-length, 50-question, 60-minute timed sets. Since the real exam has no negative marking, your mock-test strategy should match: answer every question, flag uncertain ones, and come back to them rather than skipping. Confirm your exact appointment details, PAN status in your registration, and remote-proctoring setup through cert.nism.ac.in before exam day — a failed proctoring check is an avoidable way to lose a sitting.
What NISM does not publish, so don't trust a number that claims otherwise
Be skeptical of any page that states these without a source, because NISM has not published them for this exam:
- A candidate pass rate. NISM publishes the 50% passing score, not how many candidates actually clear the exam.
- A fixed retake waiting period or attempt limit. Check the current rules on NISM's certification portal before booking a second attempt.
- A separate age, education, or experience prerequisite beyond the PARS role definition itself. The linked FAQ does not add an academic or experience threshold specific to XXV-A.
Treat any mock-test vendor that states a precise pass rate, a fixed cooling-off period, or a strict minimum-education rule for this exam as a claim you should verify directly on nism.ac.in before relying on it.
Next step
Confirm which role you actually hold — research-service sales/non-core staff needs XXV-A; a registered research analyst needs Series-XV; investment-advice sales staff needs XXV-B — then study the two heaviest sessions first. OpenExamPrep's free NISM Series XXV-A practice questions, flashcards, and cheat sheet are independent study material organized around the same six official sessions NISM publishes in Annexure I; they are not NISM questions and are not a guarantee of the live exam's exact wording or difficulty.
