NISM 25A Exam 2026: Complete Guide to NISM Series XXV-A Certification

• If your job involves writing or publishing research reports, you need NISM Series XV (NISM 15).
• If your job involves selling research services or supporting a Research Analyst firm in any non-research role, you need NISM 25A.  

2. Why Was NISM 25A Introduced?

The SEBI (Research Analysts) Regulations came into effect in December 2014. For over a decade, only the people preparing and publishing research were required to hold NISM certifications. This left a significant gap. Thousands of sales executives, client relationship managers, and support staff at Research Analyst firms were directly interacting with investors daily, with no formal training on SEBI regulations, ethical conduct, or investor protection norms.SEBI identified this gap and acted. On July 23, 2025, SEBI issued a circular formally introducing the category of "Persons Associated with Research Services" and mandating that they obtain NISM certification within one year.NISM responded by creating a dedicated exam. NISM Series XXV-A was launched on February 10, 2026. A SEBI circular specifically mandating this exam followed on March 11, 2026. The compliance deadline is one year from SEBI's original circular: July 23, 2026. As confirmed by SEBI's FAQ circular, all persons associated with research services must obtain relevant NISM certification within one year of the circular date, that is, by July 23, 2026. There is no grace period mentioned. After this date, continuing in a covered role without certification is a violation of SEBI regulations.

3. Who Needs to Appear for NISM 25A?

NISM 25A applies to Persons Associated with Research Services (PARS) as defined under Regulation 2(ne) of the SEBI (Research Analysts) Regulations, 2014, who perform sales and non-core service functions. You need NISM 25A if you work in any of these roles at a SEBI-registered Research Analyst entity:

• Sales executive selling research subscriptions or advisory packages
• Client relationship manager for research clients
• Marketing or business development professional at a research firm
• Telecaller or inside sales professional at a Research Analyst entity
• Back-office or administrative staff with client-facing responsibilities
• Any other person covered under Regulation 2(ne) of SEBI RA Regulations 2014

• You prepare or publish research reports (you need NISM 15 instead)
• You have no association with a SEBI-registered Research Analyst entity

4. NISM 25A Exam Pattern. 

One of the most important facts: NISM 25A is not a traditional test-centre exam. It is fully online and remotely proctored. You can take it from your home or office.

Three things make this exam very manageable: No negative marking, and you should attempt every single question. There is nothing to lose on an unsure answer.50% passing threshold: You need 25 out of 50 marks. With focused preparation, scoring 35 to 40 is very realistic. Fully online from home: No travel, no test centre. You take the exam on your own device in a remotely proctored environment.

5. NISM 25A Full Syllabus (All 6 Sessions)

The exam content is delivered through a mandatory video-based e-learning course. You must complete it within 5 days of starting before you can appear for the assessment. The official NISM curriculum covers 6 sessions:

Session 1:  Introduction to Research Analysis Profession and Securities Markets

• What research services are and how they work.
• Who is a Research Analyst, and who is a PARS?
• Structure of Indian securities markets (equity, debt, derivatives).
• Key market terms, exchanges, and the role of SEBI.

Session 2:  Fundamentals of Research, Market Terminologies and Market Analysis

• Data sources and tools used in research support.
• Key economic indicators: GDP, inflation, and interest rates.
• How macro trends impact industries and companies.
• Explaining research terms clearly to clients.

Session 3: Risk and Return Fundamentals

• Systematic vs unsystematic risk.
• Basic return metrics.
• Portfolio management and diversification concepts.
• How to explain risk disclosures to clients accurately.

Session 4: Research Reporting, Ethics, and Regulatory Environment

• What makes a good research report?
• SEBI (Research Analysts) Regulations and insider trading rules.
• Conflict of interest and confidentiality obligations.
• KYC compliance and handling client complaints.

Session 5:  Client Interaction and Relationship Skills

• Verbal and written communication with clients.
• Objection handling and managing information requests.
• Building long-term client trust and relationships.
• Behavioural finance: spotting and managing client biases.
• MITC, investor grievance handling, and RA regulations in daily work.

Session 6:  Professional Efficiency, Development, and Tools

• Time management and daily task planning.
• Staying updated on market trends and regulations.
• Ethics and compliance in tool and data usage.
• Protecting client data privacy.
• Using tools effectively to improve client service.

The bottom line: if your job involves writing or publishing research, clear NISM 15. If your job involves selling research or supporting a Research Analyst firm in any non-research capacity, NISM 25A is your exam. 

7. How to Register and Appear for NISM 25A. The process is entirely online. Here are the four steps: 

Step 1. Register on the NISM Portal

• Go to certifications.nism.ac.in, create your candidate account, and pay the Rs. 2,500 fee. Make sure your PAN is linked to your account.
• Without a valid PAN, the certificate will not be issued after you pass.

Step 2. Complete the E-Learning Course

• After registering, you get access to the mandatory video-based course. Complete all sessions within 5 days of starting.
• Watch every session actively, as the exam questions are directly drawn from this content.

Step 3. Appear for the Online Assessment

• Once the course is complete, schedule your exam.
• The 50-question MCQ test runs for 60 minutes and is conducted in a remotely proctored environment from your own computer.

Step 4. Receive Your Certificate via DigiLocker

• Score 25 out of 50 or more, and your NISM 25A certificate is issued through DigiLocker. It is valid for 3 years.
• Renewal requires reappearing and passing the exam before the certificate expires.

8. How to Prepare and Clear NISM 25A. 

NISM 25A is designed to be cleared in one attempt with structured preparation. Here is how to approach it smartly. Take the e-learning course seriously: This is not a box-ticking exercise. The exam questions come directly from this content. Watch every session, pause and make notes, and revisit anything unclear before moving on. Build a strong foundation in Session 4: The SEBI (Research Analysts) Regulations, insider trading rules, conflict of interest guidelines, and KYC requirements are the regulatory backbone of this exam. Know these deeply. Study Session 5 thoroughly: Understanding what you are permitted to say, what requires disclosure, how to handle client complaints, and how MITC works will account for a large portion of your exam. Know what you can and cannot do as a PARS: A key theme across the entire exam is the boundary of permitted activities. Know exactly where you can act independently and where you need to defer or disclose. Practice MCQs under timed conditions: Even without negative marking, practising 50 questions in 60 minutes helps you build the speed and confidence needed to avoid second-guessing yourself during the actual exam. Do not carry doubts into the exam hall: Resolve all unclear topics before exam day. Join a structured preparation program if you find the regulatory content confusing on your own. 

9. Career Benefits of Getting Certified: Clearing NISM 25A is not just about meeting the July 23, 2026, deadline. It builds real value.

• You become legally compliant: After July 23, 2026, working in a covered role without NISM 25A is a SEBI violation. Getting certified protects both you and your employer.
• You build genuine regulatory knowledge: The course teaches you how SEBI regulates research services, what ethical conduct looks like in practice, and how to protect investors in your daily work. This knowledge makes you a better professional.
• You gain credibility with employers and clients: certified professionals are more trusted. Employers actively prefer certified candidates in regulated environments, and clients feel more confident dealing with them.
• It opens the path to advanced certifications: NISM 25A provides a strong foundation in SEBI regulations. This naturally prepares you for more advanced certifications like NISM XV (Research Analyst), NISM XXI-A (PMS Distributors), and others.
• You stay ahead of peers: Most people in your category are still unaware of this exam or its deadline. Being certified early signals that you are serious about your career in finance.

NISM 25A has a hard compliance deadline of July 23, 2026. The exam is manageable: 50 MCQs, no negative marking, 50% passing threshold, and fully online from home. The only thing that matters now is taking action. Register on certifications.nism.ac.in, complete the 5-day e-learning course, and clear the exam well before the deadline. If you need structured guidance to prepare, Prof. Sheetal Kunder Academy offers updated NISM courses with daily live doubt-clearing sessions to help you pass on your first attempt. If you prefer not to prepare alone and want a proven roadmap from a SEBI-registered Research Analyst, visit Prof. Sheetal Kunder Academy to understand how our programs help working professionals clear NISM 25A comfortably on the first attempt.

Q1. What is NISM 25A? NISM 25A (Series XXV-A) is a SEBI-mandated certification for sales executives, client relationship managers, and non-core support staff working at SEBI-registered Research Analyst firms. It was launched on February 10, 2026. 

Q2. Is NISM 25A mandatory? Yes, SEBI's circular dated July 23, 2025, makes it compulsory for all Persons Associated with Research Services in sales and non-core roles. The deadline to comply is July 23, 2026.

Q3. What are the passing marks for NISM 25A? You need 25 out of 50 marks to pass, which is 50%. There is no negative marking, so attempt every question.

Q4. Can I take NISM 25A from home? Yes. Unlike most NISM exams, NISM 25A is fully online and remotely proctored. No test centre visit is needed. You can appear from your home or office on your own device.

Q5. What is the fee for NISM 25A? The registration fee is Rs. 2,500 plus applicable payment gateway charges. This includes access to the mandatory e-learning course.

Q6. What is the difference between NISM 25A and NISM 15? NISM 15 is for people who prepare and publish research reports. NISM 25A is for sales and support staff at Research Analyst firms. NISM 15 has 100 questions at a test centre. NISM 25A has 50 questions online from home.

Q8. What happens if I miss the July 23, 2026, deadline? Continuing to work in a covered role without NISM 25A after July 23, 2026, is a direct violation of SEBI regulations. There is no grace period mentioned in the circular. Register and clear the exam well before the deadline.

Q9. I already hold a valid NISM Series XV certificate. Do I still need NISM 25A? Not immediately. If your NISM Series XV was valid as of March 11, 2026, you are currently exempt until that certificate expires. Once it does, you will need NISM 25A if your role is in sales or non-core.