Research Profession and Securities Markets
10%of exam
Research and Market Analysis Fundamentals
10%of exam
Risk and Return Fundamentals
14%of exam
Research Reporting, Ethics and Regulation
16%of exam
Client Interaction and Relationship Skills
30%of exam
Professional Efficiency, Development and Tools
20%of exam
Quick Facts
- Exam
- NISM Series XXV-A
- Role
- Research-service sales; non-core PARS
- Assessment
- 50 MCQs; one mark each
- Time
- 60 minutes
- Pass
- 25/50 marks; 50%
- Penalty
- No negative marking
- Certificate
- Valid three years
- Largest session
- Client skills: 15/50 marks
- Blueprint
- January 2026 Annexure I
XXV-A vs Series XV
XXV-A
- Sales and non-core
- Client-contact research services
- Not directly research-facing
Series XV
- Research-facing PARS
- Direct research involvement
- Different certification route
Classify actual duties first
Role Boundary
- XXV-A scope
- Sales and other non-core PARS
- Client contact
- Within research-service role
- Research author
- Analyst owns research conclusions
- Sales support
- Explain approved research faithfully
- View revision
- Route to analyst process
- Series XV
- Research-facing PARS route
- Existing XV
- 2026-03-11 XV holders: until expiry
- Unclear duties
- Confirm with compliance
Market Map
- SEBI
- Indian securities regulator
- Exchange
- Organized trading venue
- Equity
- Ownership claim
- Debt
- Issuer borrowing claim
- Derivative
- Value linked to underlying
- Issuer
- Raises capital
- Intermediary
- Connects market participants
Source Check
SUDS: source, unit, date, scope
Source: provenanceUnit: scaleDate: freshnessScope: comparison
Data and Context
- Source
- Identify publisher and provenance
- As-of date
- Check timeliness
- Unit
- Confirm scale and currency
- Period
- Match comparison windows
- GDP
- Output indicator
- Inflation
- Price-level change
- Interest rate
- Borrowing-cost signal
- Trend
- Context, not certain forecast
Research Terms
- Estimate
- Projection, not result
- Assumption
- Condition behind projection
- Target price
- Analyst estimate, not promise
- Time horizon
- Period for stated view
- Benchmark
- Comparison reference
- Revision
- Use current approved version
- Unfamiliar term
- Clarify before paraphrasing
Systematic vs Unsystematic Risk
Systematic
- Market-wide shocks
- Persists with diversification
- Economic exposure
Unsystematic
- Issuer-specific shocks
- Diversification may reduce
- Company exposure
Diversification has limits
Risk Map
- Systematic risk
- Market-wide exposure
- Unsystematic risk
- Issuer-specific exposure
- Diversification
- May reduce issuer-specific risk
- Volatility
- Magnitude of price movement
- Liquidity risk
- Difficulty transacting promptly
- Credit risk
- Issuer repayment uncertainty
- Concentration
- Large single-exposure dependence
Past Return vs Forecast
Historical
- Observed period
- Backward-looking
- No future assurance
Expected
- Estimate
- Assumption-dependent
- Uncertain outcome
Neither guarantees future returns
Return Language
- Historical return
- Past observation
- Expected return
- Forward-looking estimate
- Total return
- Price change plus income
- Nominal return
- Before inflation adjustment
- Real return
- Inflation-adjusted return
- Risk disclosure
- Relay material limitations
- Upside claim
- Pair with relevant risk
Complaint Path
RACE: record, acknowledge, channel, escalate
Record exact issueAcknowledge receiptChannel formallyEscalate appropriately
Report Opinion vs Sales Explanation
Report opinion
- Analyst-approved view
- Caveats and disclosures
- Version controlled
Sales explanation
- Faithful summary
- No altered conclusion
- Route fresh analysis
Explain; never rewrite research
Conduct Incident Response
- Potential conflict noticed→Disclose and escalate(Follow firm controls)
- Client data misdirected→Contain and report(Use privacy process)
- Unpublished information received→Restrict sharing(Escalate promptly)
- KYC incomplete→Follow verification process(No informal bypass)
- Communication went off-channel→Preserve factual record(Return to approved channel)
Report Integrity
- Approved report
- Use authorized current version
- Research summary
- Preserve context and caveats
- Opinion
- Attribute to analyst/report
- Disclosure
- Keep visible with claim
- Conflict
- Disclose; follow firm controls
- Unpublished research
- Do not circulate prematurely
- Client data
- Share through authorized channels
- Material nonpublic information
- Protect; escalate potential misuse
Risky Request
PAUSE before promises or disclosures
ProvenanceApprovalUncertaintyScopeEscalation
Published vs Unpublished Research
Published
- Approved for distribution
- Disclosures included
- Check current version
Unpublished
- Restricted draft
- Protect confidentiality
- Do not preview
Approval controls distribution
Conduct Controls
- RA framework
- SEBI research analyst rules
- KYC
- Follow applicable verification process
- MITC
- Explain applicable key terms
- Consent record
- Use approved documentation
- Call notes
- Record material client exchanges
- Complaint record
- Preserve exact concern
- Escalation
- Use firm complaint process
- Personal promise
- Never replace firm terms
Client Reply
CLEAR: clarify, listen, explain, archive, route
Clarify concernListen firstExplain approved factsArchive material exchangeRoute beyond scope
Objection vs Complaint
Objection
- Concern or clarification
- Explain approved facts
- Record useful context
Complaint
- Expressed grievance
- Formal firm process
- Preserve exact record
Route grievances formally
Research Request Routing
- Published report requested→Share approved current version(Keep disclosures attached)
- Meaning unclear→Clarify report wording(Do not invent conclusion)
- Fresh target requested→Route to analyst(No self-issued target)
- Personal recommendation requested→Check service scope(Escalate to authorized staff)
- Unpublished draft requested→Decline circulation(Protect confidential research)
Client Conversation
- Open question
- Clarify actual concern
- Active listening
- Restate before responding
- Plain language
- Explain without changing substance
- Published view
- Name source and date
- Limitations
- Mention assumptions and risks
- Unknown answer
- Verify or route upward
- Follow-up
- Document agreed next action
- Written recap
- Use approved channels
Confidence vs Guarantee
Evidence-based view
- Source and assumptions
- Known uncertainty
- Relevant risks
Guarantee
- Certain result claim
- Misstates uncertainty
- Do not promise
Communicate uncertainty clearly
Client Concern Picker
- Simple term confusion→Explain approved definition(Confirm understanding)
- Market volatility worry→Acknowledge and verify facts(Avoid return promises)
- Report appears stale→Check authorized revision(Name report date)
- Material disagreement→Document exact issue(Route to analyst)
- Formal grievance raised→Use complaint process(Preserve communication record)
Objections and Crisis
- Return demand
- No guaranteed performance claim
- Price shock
- Acknowledge; cite verified facts
- Stale report
- Seek current approved update
- Contradiction
- Escalate; avoid improvisation
- Urgent issue
- Triage by impact and deadline
- Dispute
- Record then route formally
- Emotional client
- De-escalate without promising outcome
Bias and Trust
- Overconfidence
- Test certainty against evidence
- Loss aversion
- Separate emotion from facts
- Recency bias
- Compare broader relevant period
- Confirmation bias
- Surface contrary evidence
- Trust
- Consistency plus accurate follow-up
- Referral
- Respect privacy and permissions
- Boundaries
- Service without unsuitable promises
Daily Workflow Picker
- Multiple client requests→Triage impact and urgency(Record queue)
- Question exceeds role→Route authorized expert(Track response)
- Tool needs client data→Check approved access(Use minimum necessary)
- Report version uncertain→Verify before sending(Retain source date)
- Knowledge gap recurring→Schedule focused learning(Check official updates)
Workflow and Tools
- Task triage
- Urgency plus client impact
- Call calendar
- Reserve research-support time
- Version control
- Confirm latest approved report
- CRM record
- Capture factual interaction
- Access control
- Least necessary client data
- Unapproved tool
- Do not upload private data
- Skill gap
- Log and practice weak area
- Regulatory change
- Check current official notice
Common Traps
Role is task-based
Non-core client contact: XXV-A ≠ Research-facing PARS: Series XV
Existing XV transition
Non-core XV on 2026-03-11: until expiry ≠ Non-core staff: XXV-A after expiry
Passing mark vs pass rate
25/50 is candidate threshold ≠ Population pass rate unpublished
No negative marking
Wrong answers have no deduction ≠ Accuracy still determines passing
Risk reduction vs elimination
Diversification may reduce issuer risk ≠ Market-wide risk remains
Client explanation vs authorship
Sales explains approved research ≠ Analyst owns research conclusions
Concern vs grievance
Clarification gets accurate answer ≠ Complaint enters formal process
Estimate vs certainty
Target depends on assumptions ≠ No guaranteed outcome
Last Minute
- 1.Profession: 5 marks; research: 5 marks
- 2.Risk: 7 marks; ethics: 8 marks
- 3.Clients: 15 marks; efficiency: 10 marks
- 4.50 MCQs; 60 minutes; pass 25
- 5.No negative marking; answer every item
- 6.XXV-A serves non-core research staff
- 7.Series XV serves research-facing PARS
- 8.Communicate current approved report faithfully
- 9.Keep assumptions, disclosures and risks attached
- 10.Never guarantee a target return
- 11.Record complaints; use formal escalation
- 12.Protect unpublished research and client data
- 13.Check source, date, unit and scope
Same family resources
Explore More NISM Certifications (India)
Continue into nearby exams from the same family. Each card keeps practice questions, study guides, flashcards, videos, and articles in one place.