NISM Series XXV-A, the certification SEBI now requires from sales and non-core support staff at registered Research Analyst firms, has gone through two meaningful process changes from June 1, 2026. The mandatory video-watching requirement before the exam has been removed entirely, and the exam fee has come down from Rs. 2,500 to Rs. 1,500. Candidates now book a fixed date and time slot and appear only during that window. The exam remains 50 questions, 60 minutes, 50% pass mark, no negative marking, and the compliance deadline for existing PARS staff is July 23, 2026. This guide covers what changed, why it matters, and what you need to do before the deadline.

Table of Contents

• The Two Major Changes at a Glance
• The Earlier NISM XXV-A Process
• The New NISM XXV-A Process
• Remote Proctoring Rules Every Candidate Must Know
• NISM XXV-A Exam Pattern and Fee (Current)
• Roles That Require NISM XXV-A
• Background: Why NISM XXV-A Exists
• Study Material for NISM XXV-A
• How to Register for NISM XXV-A
• Frequently Asked Questions
• References
• Conclusion

The Two Major Changes at a Glance

NISM XXV-A launched on February 10, 2026 with a process that required candidates to watch mandatory video lectures before the exam link activated. That step has now been removed. The fee has also been cut from Rs. 2,500 to Rs. 1,500, and the old five-day rolling exam window has been replaced with a fixed slot you pick at the time of booking.

Here is a quick comparison of what changed:

If you have been putting off registration because of the earlier video-watching step or the higher fee, both of those reasons are gone now.

Many candidates find the workbook easier to get through when there is some structure around it. If you would rather not work through the material on your own, you can prepare for NISM XXV-A with a guided course that maps to the exam topics session by session.

The Earlier NISM XXV-A Process

When NISM XXV-A first launched, the process had an extra layer before candidates could access the exam.

Here is how it worked:

• After booking, candidates received links to mandatory video lectures on their registered email ID
• The examination window opened only after those videos were fully completed
• The exam was then available over a five-day rolling window
• Watching the videos required sitting in front of a system with a webcam running throughout

The fee at that point was Rs. 2,500, and the webcam-active video requirement added real time and effort for people appearing from home.

The New NISM XXV-A Process

The mandatory video-watching requirement has been fully removed from June 1, 2026. Candidates no longer need to complete any pre-exam video module before the examination link activates. The booking process now works like any standard slot-based exam:

• Register on the NISM certification portal and pay the fee
• Pick a specific date and time slot at the time of booking
• Log in and appear only during that chosen window
• The five-day rolling window from the earlier format no longer applies

For example, if you book a slot on June 5 for June 10 from 2:00 PM to 3:00 PM, you must take the exam exactly in that one-hour window.

The exam is still fully online and remotely proctored from home. Official study material remains accessible through the "View Study Material" section on the NISM website.

Remote Proctoring Rules Every Candidate Must Know

The exam is remotely proctored for its full 60-minute duration. The system watches the candidate continuously, so it is important to know what is and is not allowed during the attempt.

Things that can trigger a disqualification

• Looking away from the screen for extended periods
• Standing up or moving significantly during the exam
• Drinking water or eating during the attempt
• Having another person in the room
• Running other applications in the background

A disqualification voids the attempt entirely. The candidate has to re-register and pay Rs. 1,500 again for a fresh slot.

Before your exam day, make sure you have:

• A quiet, well-lit room with no distractions
• A stable internet connection
• A working webcam and microphone
• All other applications and browser tabs closed

Treat the 60 minutes exactly like a physical exam hall. Sit down, stay focused, and submit before the window closes.

NISM XXV-A Exam Pattern and Fee (Current)

The exam pattern itself has not changed with the process update. Only the fee and the pre-exam requirement have been revised.

A few things work in your favour here:

• No negative marking means a wrong answer costs nothing, so never leave a question blank
• The pass mark is just 25 out of 50, which is very achievable with focused preparation
• The whole exam is done online from home, so no travel or test centre visit is needed

Roles That Require NISM XXV-A

NISM XXV-A applies to Persons Associated with Research Services (PARS) under Regulation 2(ne) of the SEBI (Research Analysts) Regulations, 2014, in sales and non-core service functions. You need NISM XXV-A if you work in any of these roles at a SEBI-registered Research Analyst entity:

• Sales executives who distribute or sell research services and subscriptions
• Client relationship managers and servicing staff who handle queries on existing research
• Marketing and business development professionals at a research firm
• Operations and back-office staff with client-facing responsibilities
• Any other person covered under the PARS definition in Regulation 2(ne)

You do not need NISM XXV-A if:

• You prepare or publish research reports, in which case NISM Series XV applies
• You have no association with a SEBI-registered Research Analyst entity

Background: Why NISM XXV-A Exists

The SEBI (Research Analysts) Regulations came into force in December 2014. For more than a decade, only the people actually preparing and publishing research had to hold an NISM certification.

That left a real gap. Sales executives, relationship managers, and support staff at research firms were speaking to investors every day with no formal grounding in SEBI rules or investor protection requirements.

SEBI moved to close it:

• A circular on July 23, 2025 formally created the PARS category
• NISM responded by launching Series XXV-A, available from February 10, 2026
• A further SEBI circular specifically mandating the exam came through on March 11, 2026
• The compliance deadline is July 23, 2026, with no grace period after that date

Study Material for NISM XXV-A

The official NISM workbook is the primary study material. It is available through the "View Study Material" section on the NISM certification portal at cert.nism.ac.in. The exam is set directly from the workbook, so reading it fully is the starting point for every candidate.

The workbook covers these broad areas:

• Introduction to research services and India's securities markets
• SEBI (Research Analysts) Regulations, 2014 and the PARS category
• Rules around distributing research reports and communicating with clients
• Disclosures and disclaimers that must accompany research material
• Ethical conduct, conflict of interest, and investor protection

Many candidates find the workbook dense to read in isolation. If you want a more guided path, you can follow a structured NISM XXV-A course with concept videos in Hindi and English, 300+ mock questions, revision notes, and daily doubt-clearing sessions.

How to Register for NISM XXV-A

Registration is fully online through the NISM certification portal at cert.nism.ac.in. The steps are simple:

1. Create a candidate account on the portal and link your PAN
2. Select NISM-Series-XXV-A from the list of available certifications
3. Pay the Rs. 1,500 exam fee online
4. Pick your preferred exam date and time slot
5. Run the system check to confirm your device, camera, and connection meet the proctoring requirements

Keep these ready before you start:

• PAN card and a valid government photo ID
• Passport-size photograph and proof of address in JPG format, each under 1 MB
• A confirmed quiet room and time slot reserved for exam day

One practical note: book early. Slots close to July 23, 2026 will fill up quickly, and a last-minute booking leaves no room if a technical issue requires rescheduling.

Conclusion

NISM XXV-A now comes with a simpler process, a lower fee, and no pre-exam video step to deal with. If you are a PARS at a SEBI-registered Research Analyst firm, there are no more reasons to delay. Register on the NISM portal, pick a slot, read the official workbook, and spend most of your preparation time on the regulatory and conduct sections where the marks actually are. Run a few timed mock tests and book your slot with enough room to re-attempt if needed. July 23, 2026 is fixed and will not move, and clearing this exam early means the one compliance requirement that could stall your work at a research firm is simply done.