0.1 Current Exam Facts & Regulatory Context

What Is NISM Series XXV-B?

Quick Answer: NISM Series XXV-B (Persons Associated with Investment Advice — Sales and Other Non-Core Services) is a 50-MCQ, 60-minute, internet-based remote-proctored certification from the National Institute of Securities Markets (NISM), the educational arm of SEBI. You need 25 out of 50 marks to pass, there is no negative marking, and the certificate is valid for three years. It exists specifically for sales and support staff of SEBI-registered Investment Advisers who do NOT perform core investment advice.

SEBI regulates Investment Advisers (IAs) under the SEBI (Investment Advisers) Regulations, 2013. Regulation 2(r) defines a "Person Associated with Investment Advice" (PAIA) as any employee, partner, or representative of an IA who is entrusted with any responsibility related to investment advice, sales, or client servicing. Until 2026, every PAIA — whether they wrote a financial plan or merely handed out a product brochure — was expected to clear NISM Series X-A and X-B. That requirement was disproportionate for purely sales and support roles, and SEBI responded by carving out a lighter module.

NISM launched the module with effect from June 1, 2026. It was operationalised through two documents:

• NISM communique NISM/Certification/.../2026/01 dated May 18, 2026 — announces the launch, syllabus, and logistics.
• SEBI circular HO/38/12/11(5)2026-MIRSD-POD/I/14660/2026 dated June 24, 2026 — formalises the regulatory recognition of XXV-B as a valid PAIA certification for non-core staff, framed as an "ease of doing business" measure.

Full Exam Logistics at a Glance

Because there is no negative marking, the strategic floor on your score is 25 out of 50 — you should attempt every single question even if you are guessing. We build on this in Section 0.2.

Who Must Take Series XXV-B?

Series XXV-B is mandatory for a PAIA whose role is limited to sales and other non-core services. Typical job profiles include:

• Sales executives and business development associates of an Investment Adviser
• Relationship managers whose job is client onboarding, servicing, and retention (without providing personalised investment advice)
• Client support staff who handle documentation, KYC, account maintenance, and query resolution
• Marketing and product distribution staff who circulate product literature but do not tailor it to a specific client's circumstances

The defining test is functional, not titular: if your day-to-day work involves constructing, recommending, or tailoring an investment strategy for a client, you are performing core investment advice and need X-A/X-B. If you are explaining product features, onboarding the client, or servicing the relationship, XXV-B is the right module.

Relationship to NISM Series X-A and X-B

NISM already operated two investment-adviser certifications:

• NISM Series X-A: Investment Adviser (Level 1) — entry module for IA certification, broader and deeper.
• NISM Series X-B: Investment Adviser (Level 2) — advanced module required for principal officers and representatives who actually give advice.

XXV-B does not replace either. It sits beside them as a third, lighter path for a clearly narrower role.

Diagram: Which NISM Module Applies to a PAIA?

The diagram below summarises the decision tree.

Transition and Renewal Provisions

SEBI's June 24, 2026 circular and the NISM communique together set out a pragmatic transition:

• Existing X-A/X-B holders: If you already hold a valid X-A and/or X-B certificate, you are not required to take XXV-B during the remainder of its validity. You only need to choose the appropriate module at renewal, based on the role you will be performing.
• Existing non-core staff who had cleared X-A/X-B: They can migrate to XXV-B at their next renewal without any penalty — the lighter module is now the correct fit.
• Fresh candidates joining a non-core role on or after the circular's effective date: Must clear XXV-B before acting as a PAIA.
• Renewal: Every NISM certification expires after 3 years. NISM's XXV-B page and FAQ set out one renewal route only — reappear for the examination before the existing certificate expires and pay the ₹1,500 fee again. XXV-B has no CPE/eCPE renewal programme at present, unlike several older NISM modules; verify any change on cert.nism.ac.in.

Regulatory Framing: Why SEBI Created a Lighter Module

The SEBI circular frames XXV-B as an ease-of-doing-business measure. Under the prior framework, a relationship manager who never wrote a single recommendation was forced to clear the same rigorous curriculum as the principal officer of the IA firm. This raised compliance costs for IAs, discouraged formal hiring of support staff, and ironically pushed some roles into the informal economy where consumer protection was weaker. XXV-B:

1. Right-sizes the curriculum to the actual responsibilities of sales/support staff.
2. Reduces the time and cost barrier to formalising employment relationships.
3. Keeps the consumer-protection moat intact — even non-core staff must demonstrate baseline knowledge of products, regulation, and client handling.

Where This Leads in the Guide

The remainder of this guide is built around the six sessions of NISM's published XXV-B curriculum. Section 0.2 maps each session to the chapters that follow, lays out a 20–40 hour study plan, and explains how to use the 99-question practice bank included with this guide.