0.1 Current Exam Facts & Regulatory Context

What Is NISM Series XXV-A?

The Statutory Framework: SEBI (Research Analysts) Regulations, 2014

SEBI's SEBI (Research Analysts) Regulations, 2014 (the RA Regulations) came into effect on December 1, 2014 to regulate investment research, its disclosures and its conflicts of interest. The SEBI (Research Analysts) (Third Amendment) Regulations, 2024, effective December 16, 2024, rewrote the core definitions that this exam tests:

• Research analyst (Regulation 2(1)(u)): a person who, for consideration, is engaged in the business of providing research services, including a part-time research analyst.
• Research services (Regulation 2(1)(wa)): preparing or publishing research reports, providing research analysis, making buy/sell/hold recommendations, giving price targets or stop-loss targets, offering an opinion on a public offer, recommending model portfolios, providing trading calls, or any similar service for listed or to-be-listed securities.
• Persons associated with research services (Regulation 2(1)(ne)): any member, partner, officer, director, employee or other staff of a research analyst or research entity who is engaged in providing research services to clients or the public.

The explanation to Regulation 2(1)(ne) is the heart of this exam. All client-facing and public-facing persons, such as analysts, sales staff, service relationship managers and client relationship managers, are deemed to be PARS by whatever name they are called. Persons who only do clerical or office administrative work, with no connection to research services and no client contact, are not PARS.

How Series XXV-A Came About

The March 11, 2026 circular explains the policy. Sales staff, relationship managers and other staff who have client contact but are not directly involved in research-related work get a lighter NISM module. PARS other than these sales and non-core staff continue to need NISM Series XV: Research Analyst Certification Examination.

Full Exam Logistics and Parameters at a Glance

NISM publishes the following details on the Series XXV-A examination page, FAQ and Annexure I of its January 30, 2026 communiqué:

Defining the PARS Scope: Core Research Analysts vs PARS

The boundary between core research analysis and PARS is functional, not hierarchical. Job titles vary across brokerages and research boutiques—a "Vice President of Institutional Equity" might perform non-core sales, while an "Associate" might build valuation models. Regulatory compliance depends strictly on the actual day-to-day functions performed.

Typical Responsibilities of Sales and Non-Core PARS

The regulation does not list permitted tasks; it defines PARS by function. In practice, sales and non-core PARS typically perform the following support and client-facing work:

• Client Onboarding & KYC Compliance: Assisting prospective clients with onboarding documentation, verifying identity through Central KYC (CKYC) and KYC Registration Agencies (KRAs), and recording client mandates.
• Dissemination of Published Research: Circulating research reports, market notes, and thematic reviews that have already been finalized, approved, and released by the registered Research Analyst.
• Explaining Analyst Rationale: Clarifying published valuation methodologies, explaining published target prices, and summarizing sector theses to clients using only information explicitly contained in published reports.
• Commercial Relationship Management: Managing client subscription agreements, handling billing, tracking contract renewals, and coordinating institutional meeting schedules between clients and lead research analysts.
• Grievance Logging: Receiving client feedback, logging service complaints, and directing regulatory grievances to the internal Compliance Officer or the SEBI SCORES platform.

Work Outside the Sales and Non-Core Role

The following work belongs to research analysts (who need Series XV) or to registered investment advisers. A sales or non-core PARS must not perform it:

• No Report Authorship: PARS personnel cannot write, draft, or substantively edit research reports, earnings models, or sector analyses.
• No Independent Target Prices or Recommendations: PARS cannot provide independent buy, sell, or hold recommendations, nor can they formulate or alter price targets or fair value estimates.
• No Personalized Investment Advice: Recommending a specific stock based on an individual client's financial situation, risk profile, or portfolio goals constitutes "investment advice" under the SEBI (Investment Advisers) Regulations, 2013. PARS are strictly prohibited from providing personalized advisory recommendations.
• No Premature Sharing of Research Drafts: Circulating unpublished research notes or sharing analyst opinions before official release breaches the Code of Conduct (confidentiality of a report until it is public, and no front running of the firm's own research) and Regulation 22(1), which bars making a report available selectively to some clients in advance of others.

Side-by-Side Comparison: NISM Series XV vs NISM Series XXV-A

Understanding how Series XXV-A compares with Series XV clarifies both the regulatory rationale and the appropriate preparation depth:

Candidate Registration, PAN Rules & Remote Proctoring

Candidates register on NISM's certification portal at cert.nism.ac.in, then follow the portal instructions to book a slot.

The PAN Requirement

NISM issues the passing certificate only to candidates whose Income Tax Permanent Account Number (PAN) is furnished or updated in their registration details.

• A candidate who did not give PAN at registration can furnish it to the test administrator at any time after the exam; the certificate then follows at no extra cost.
• For non-receipt of a certificate after passing and providing PAN, the candidate contacts the test administrator (NISM: certification@nism.ac.in).

Remote Proctoring Requirements (NISM FAQ, Version 2)

Because Series XXV-A is remotely proctored on the Mettl platform, candidates must meet NISM's technical and conduct rules:

• Hardware and Connectivity: A Windows (version 7 or above) laptop or desktop with a working webcam and microphone and a stable internet connection of at least 512 kbps. Phones and tablets cannot be used to take the test.
• Secure Browser: The Mettl Secure Browser (MSB) must be installed; it closes prohibited applications and blocks extra screens.
• Dual Camera: A mobile phone placed about 1 metre to the left or right must record the candidate's side profile, both hands, the screen and the desk throughout the exam.
• Identity Check: An original photo ID (PAN card, Aadhaar card, driving licence or passport, or the same document through DigiLocker) is shown and a live image is submitted for authorisation.
• Login Window: The Start Test button is active from 15 minutes before to 15 minutes after the scheduled start; after that, access is denied.
• Conduct: No one may talk to the candidate, no earphones or smart devices may be used, and no bio-breaks are allowed once the exam starts. Suspicious behaviour can lead to termination.
• Disconnections: The test auto-saves; a candidate who loses power or internet can resume from the same question, but disconnections are monitored.

Transition & Renewal Framework

Transition Rules for Existing Market Professionals

SEBI's March 11, 2026 circular sets the transition rules:

1. Existing NISM Series XV Holders: Sales and non-core PARS who had already obtained NISM Series XV as on March 11, 2026 do not need Series XXV-A at this stage. They must obtain Series XXV-A only after their Series XV certificate's validity expires.
2. Other Sales and Non-Core PARS: They obtain certification by passing Series XXV-A. SEBI's July 23, 2025 FAQ circular set a one-year window from that date (or any timeline SEBI specifies) for PARS certification.
3. PARS Involved in Research: PARS other than sales and non-core staff continue to need Series XV.

Renewal

• The Series XXV-A certificate is valid for 3 years from the date of the examination.
• NISM's FAQ says renewal requires passing the Series XXV-A examination again before the existing certificate expires; no continuing professional education route is offered for this module.
• Regulation 7(3) of the RA Regulations adds that a fresh NISM certification must be obtained before the existing one expires, so that certification is continuous.