NISM Series XXV-A 2026: Exam Guide, SEBI Rules & Free Mock Test
Video
Which task fits a sales employee whose role is limited to the non-core research services covered by NISM Series XXV-A?
Research Profession And Markets
Question · Easy
Who SEBI requires to pass NISM Series XXV-A, the official 50-question format, the Annexure I weightage table, how it differs from XXV-B, and a free mock-test study plan.
Blog
A client asks a sales associate to change a research conclusion. Which role boundary matters?
Research Profession and Securities Markets
Flashcard
Which statutory regulator governs registration of Research Analysts under India's Research Analysts Regulations?
Regulatory acronym under Regulation 2(1)(ne) for client-facing or research-supporting staff of a research entity—excluding purely clerical personnel with no client contact—whose sales and non-core members take NISM-Series-XXV-A.
Markets and Profession
Guess the Term
Introduction & Exam Overview
0.1 Current Exam Facts & Regulatory Context
Study guide
Cheat sheet
A client asks about contracts whose value depends on an equity index rather than direct ownership of its constituent shares. Which market segment is relevant?
Read the clue and guess the term in 6 tries.
Game
What distinguishes the Series XXV-A role from the Series XV research-analyst role?
Which institution maintains securities holdings in electronic form through accounts serviced by depository participants?
Statutory regulator established under a 1992 Act that grants registration to Indian research analysts in Form B or Form C and enforces market conduct rules.
Compare a plain fixed-rate corporate bond with ordinary equity. Which statement correctly distinguishes their investor claims?
Question · Medium
What claim does an equity share represent, compared with a bond?
A client asks a non-core sales employee to raise a published target price to reflect fresh market news. What should the employee do?
Client Interaction And Relationships
Electronic custody account maintained through a depository participant to hold securities in book-entry format rather than executing buy and sell orders on an exchange.
0.2 Study Strategy & Blueprint Allocation
After an exchange trade, which institution typically becomes the central counterparty and manages settlement risk?
Swap tiles to line up three of the same term.
Term Match
Why is a derivative's risk tied to another asset or rate?
A company needs an intermediary to manage its public securities issue. Which role is most directly relevant?
Periodic interest rate stated as a fixed percentage of a bond's face value that the issuing borrower agrees to pay debenture or bond holders until maturity.
Which risk is directly reduced by replacing physical share certificates with dematerialized holdings?
Who regulates India's securities market, and what is an exchange's separate role?
A report gives a ₹450 target for a stock priced at ₹360. A client calls the implied price increase a guaranteed return. Which response is accurate?
Macroeconomic indicator estimated quarterly by India's National Statistics Office that measures total domestic output across private consumption, fixed investment, manufacturing, and services.
Market and Economic Analysis
Research Profession & Securities Markets
1.1 Scope of Research Services & Role of PARS
A trading member breaches an exchange's trading procedures. Which institution enforces its membership rules under SEBI oversight?
Flip two cards at a time to find matching terms.
Term Pairs
A research summary quotes a market statistic. What source check should precede client use?
Research and Market Analysis Fundamentals
A shareholder needs an issuer's investor records updated following an authorized change of name. Which intermediary commonly processes this service for the issuer?
Retail price indicator tracking food, fuel, and core baskets that serves as the Reserve Bank of India Monetary Policy Committee's 4 percent headline inflation benchmark.
Which description distinguishes a recognized self-regulatory organization from an ordinary industry association?
What does GDP growth describe in a market discussion?
A trade is expressly subject to T+1 settlement. Monday is the trade date, Tuesday is a settlement holiday, and Wednesday is the next settlement working day. When is normal settlement due?
Ready-forward money-market instrument and primary Liquidity Adjustment Facility policy rate under which debt securities are sold for short-term funds with a simultaneous agreement to buy them back later.
1.2 Structure of Indian Securities Markets & Participants
A broker executes an order but uses another firm for clearing. Which division of responsibility best describes the arrangement?
Find five hidden terms in a grid of letters.
Term Search
Why might higher inflation matter to a client reading a company report?
To verify a listed company's reported annual profit, which source is closest to the company's primary financial disclosure?
Research Fundamentals And Analysis
Exchange-defined benchmark basket of securities—such as the Nifty 50 or BSE Midcap—that tracks broad market or sector movements and falls within the regulatory scope of Indian securities for research and passive products.
Which measure values final goods and services produced within a country during a specified period?
What should a PARS clarify when a report says interest rates rose?
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