The Only Official Book You Must Have: NISM 25A Workbook.
The NISM-Series-XXV-A workbook is the single most important study resource for this exam. It is not a recommended book. It is the exam syllabus in written form. Every question in the 50-question paper is drawn directly from this workbook. No other book, course, or coaching programme can replace it.
What the Official Workbook Covers:
The workbook is structured into six chapters that map directly to the exam syllabus:
Where to Get the Official Workbook: The NISM workbook is available in two formats:
- Free PDF download: Go to nism.ac.in, navigate to the Certifications section, find NISM-Series-XXV-A, and download the workbook PDF. It is free and up to date with the latest curriculum. Do not pay anyone for a PDF version of the workbook. It is publicly available at no cost.
- Printed book: The workbook is also available in print through select online bookstores and NISM-authorised distributors. The print version costs between Rs 200 and Rs 500, depending on the seller. If you prefer reading physical books, buy the print version. If you are comfortable with PDFs, save the money.
For a detailed breakdown of what each chapter covers and how many questions to expect from each section, the
NISM 25A study material guide maps the full syllabus chapter by chapter.
Is the Workbook Enough on Its Own?For most candidates, yes.
The workbook alone is sufficient to pass if you:
- Read each chapter twice, once for comprehension and once for memorisation
- Take chapter-wise practice question sets after completing each chapter
- Take three to four full-length timed mock tests in the final week before the exam
The workbook is written at a level that assumes no prior knowledge of securities markets. It defines every term, explains every concept, and provides examples where needed. You do not need supplementary books if the workbook content is clear to you on the first or second reading.
When you do need supplementary books:
- If Chapter 1 (Securities Markets) feels unfamiliar, and the workbook explanations are not enough to build clarity
- If you have no accounting background, Chapter 4 (Financial Statement Analysis) is difficult to follow
- If you want a deeper context on SEBI regulations beyond what the workbook provides
Best Supplementary Books for Securities Markets and Research Regulations. If the official workbook is not enough on its own, the following books provide the foundation-level knowledge needed to make the NISM 25A syllabus easier to understand.
- Securities Markets Module by NISM
- Publisher: NISM
- Cost: Free PDF download or Rs 200 to Rs 400 in print
- Why it helps: This is the foundation-level NISM module that covers Indian capital markets from the ground up. It explains stock exchanges, depositories, SEBI's role, types of market participants, and the structure of primary and secondary markets in significantly more detail than the NISM 25A workbook. If you have never worked in securities markets before, this module fills the gap.
- Where to get it: Download the free PDF from nism.ac.in under the Securities Markets Foundation certification section.
- SEBI (Research Analysts) Regulations, 2014 (Official Text)
- Publisher: SEBI
- Cost: Free
- Why it helps: The NISM workbook summarises the SEBI RA Regulations. The exam questions quote the regulations word for word. Reading the actual regulatory text alongside the workbook gives you the exact language that appears in questions. This is particularly important for Chapter 2, which carries the highest weight in the exam.
- Where to get it: Download the full text from sebi.gov.in under the Legal Framework section. Search for "Research Analysts Regulations 2014" and download the PDF.
- Understanding Financial Statements by Lyn Fraser and Aileen Ormiston
- Publisher: Pearson
- Cost: Rs 500 to Rs 800
- Why it helps: If Chapter 4 (Financial Statement Analysis) is difficult because you have no accounting background, this book explains P&L statements, balance sheets, and cash flow statements in plain language with real-world examples. It is not India-specific, but the concepts are universal.
- Skip this if: You already understand how to read financial statements, or if you have completed CA Foundation, CMA, or any commerce degree. The NISM workbook chapter is sufficient in that case.
- Investment Analysis and Portfolio Management by Prasanna Chandra
- Publisher: McGraw-Hill
- Cost: Rs 600 to Rs 900
- Why it helps: Covers valuation methods, including DCF, P/E multiples, and EV/EBITDA in far more depth than the NISM workbook. Useful if Chapter 5 (Valuation and Investment Analysis) feels too condensed in the workbook and you want worked examples and case studies.
- Skip this if: You are preparing purely to pass the exam, not to build deep valuation knowledge. The workbook's coverage is sufficient to address the 5-7 valuation questions in the paper.
- The Basics of Financial Statement Analysis (Free SEBI Investor Education Material)
- Publisher: SEBI
- Cost: Free
- Why it helps: SEBI publishes investor education booklets that cover financial ratios, how to read annual reports, and red flags in company financials. These are shorter and more exam-focused than full textbooks.
- Where to get it: Visit sebi.gov.in and navigate to the Investor Education section. Download the PDFs on financial literacy and company analysis.
Best Books for Understanding SEBI RA Regulations.
Online Resources
That Replace Physical Books. In 2026, several high-quality free online resources will provide the same content as paid books. If budget is a constraint, these resources are legitimate substitutes.
- SEBI Official Website (sebi.gov.in)
- What it offers: Full text of all SEBI regulations, including RA Regulations 2014, investor education materials, master circulars, and compliance guidelines. All content is free and official.
- How to use it: Download the Research Analyst Regulations PDF and the latest master circular on RA compliance. Read these alongside the NISM workbook for Chapter 2 and Chapter 6.
- NISM Official Website (nism.ac.in)
- What it offers: Free PDF downloads of all NISM workbooks, including Series 25A, Series 15, and the Securities Markets Foundation module. Also includes sample question papers and exam information bulletins.
- How to use it: Download the NISM 25A workbook, the Securities Markets Foundation module (if needed), and any sample question papers available. These are the primary study resources.
- YouTube Channels on NISM Exam Preparation
- What they offer: Free video lectures covering the NISM 25A syllabus chapter by chapter. Some channels provide full course coverage, mock tests, and tip videos.
- Recommended channels: Search for "NISM Series 25A 2026" on YouTube and filter by upload date to find current content. Look for channels run by SEBI-registered trainers or NISM-certified educators.
- Warning: Verify that the channel is teaching NISM 25A (Research Analyst PARS certification), not NISM 10A (Investment Adviser). The syllabus is completely different. If the video mentions tax planning, insurance, or financial goal setting, it is teaching the wrong exam.
- SEBI Investor Education Portals
- What they offer: Plain-language guides on securities markets, how to read financial statements, understanding stock market operations, and your rights as an investor.
- How to use it: Use these resources as supplementary reading for Chapter 1 and Chapter 4 if the workbook feels too technical.
Should You Buy a Coaching Package or Self-Study?
This is the most common question from candidates preparing for NISM 25A who have limited time before the July 23, 2026, deadline. The answer depends on your background, available study time, and learning style. When Self-Study Works Best vs When Coaching Helps More
- Prior NISM certification:
- Self-study works best if you have cleared NISM V-A, VIII, or XII before
- Coaching helps more if you have no prior NISM exams
- Securities markets knowledge:
- Self-study works best if you are working in an RA firm, broker, or MF distributor
- Coaching helps more if you have no finance or securities background
- Available study time:
- Self-study works best with 6 weeks or more
- Coaching helps more with less than 4 weeks until the exam
- Learning style:
- Self-study works best if you are comfortable reading and self-testing
- Coaching helps more if you prefer structured lessons and live Q&A
- Budget:
- Self-study works best if the budget is tight and you need to minimise cost
- Coaching helps more if a budget is available for coaching
Pros of Self-Study
- Cost: Free or under Rs 500 if you buy the print workbook. All other resources are free downloads.
- Flexibility: Study at your own pace, skip sections you already know, and spend more time on weak chapters.
- Sufficient for most candidates: The workbook is written at a self-study level. You do not need a teacher to explain it if you are comfortable reading technical material.
Cons of Self-Study
- No accountability: It is easy to postpone study sessions when there is no class schedule or instructor tracking your progress.
- No doubt resolution: If a concept in the workbook is unclear, you have to figure it out on your own or search for explanations online.
- No structured plan: You need to create your own study schedule, chapter allocation, and mock test timeline.
The Middle Path: Hybrid Approach.
If you are unsure whether to self-study or take coaching, try this:
- Self-study for the first two weeks using the NISM workbook and free resources
- Take one full mock test at the end of Week 2
- Evaluate your score: If you score above 60%, continue self-study. If you score below 50%, consider enrolling in a short coaching crash course for the remaining chapters.
This approach saves money if you turn out not to need coaching and gives you a clear decision point based on actual performance rather than guesswork.
Complete Study Toolkit: Books + Practice Tests + Notes. Here is the complete resource checklist for
NISM 25A preparation. Tick off each item as you acquire it. Mandatory Resources (Must Have)
- NISM-Series-XXV-A Official Workbook (free PDF or print)
- SEBI (Research Analysts) Regulations, 2014 (free PDF from sebi.gov.in)
- NISM 25A mock test series with chapter-wise performance report
Highly Recommended (Should Have If You Have No Securities Background)
- NISM Securities Markets Foundation Module (free PDF)
- SEBI Investor Education material on financial statement analysis (free)
- Latest SEBI Master Circular on Research Analyst compliance (free)
Optional (Nice to Have for Deeper Understanding)
- NISM Series 15 Workbook for deeper RA Regulations coverage (free PDF)
- Understanding Financial Statements by Lyn Fraser (Rs 500 to Rs 800)
- Investment Analysis and Portfolio Management by Prasanna Chandra (Rs 600 to Rs 900)
Tools and Practice
- Chapter-wise question bank (available free or paid from various platforms)
- Full-length timed mock test with 50 questions in 60 minutes (minimum 3 attempts)
- Handwritten or typed notes summarising each chapter (create your own, do not buy pre-made notes)
- Flashcards for SEBI RA Regulations key points (optional but useful for memorisation)
Where to Find Mock Tests. Mock tests are more important than supplementary books. The
NISM 25A mock test provides a full 50-question timed test in real exam format with chapter-wise performance analysis. Take at least three full mocks in the final week before your scheduled exam.
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