The National Institute of Securities Markets (NISM) has issued a new circular dated 30 January 2026, introducing a new certification examination – NISM Series XXV-A.
This update is extremely important for candidates preparing for NISM XV (Research Analyst) and for professionals working in sales and non-core research-related roles.
What is NISM Series XXV-A?
NISM Series XXV-A is titled:
“Persons Associated with Research Services – Sales and Other Non-Core Services Certification Examination”
This exam is specifically designed for individuals who are associated with research services, but are NOT performing core research analyst functions.
Who should now prepare for NISM XXV-A?
You should prepare for NISM XXV-A if you are:
- Part of sales teams in broking houses or research firms
- In non-core research roles involved in:
a) Research report distribution
b) Sales support
c) Client servicing related to research
d) Call forwarding or coordination (not making recommendations)
For such roles, NISM XV is no longer required. NISM XXV-A will be the applicable certification going forward. You must still appear for NISM XV if you are:
- Publishing research reports
- Generating buy/sell/hold calls
- Assisting in research report preparation
- Planning to become a SEBI-registered Research Analyst
- Involved in core analytical or recommendation-making roles
➡️ NISM XV remains mandatory for SEBI Research Analyst registration.
What about Compliance Teams?
As of now, there is no clear guidance on which certification applies to compliance teams supporting research services. We will update this section as soon as NISM or SEBI issues further guidance. Current Status of NISM XXV-A Exam
Please note the following important points:
- The workbook is NOT yet available
- Exam booking is NOT open
- NISM XXV-A is NOT yet visible in the certification list on the NISM website
As per the circular, the workbook is expected to be published on 10 February 2026. Security houses and sales teams are advised to wait till the workbook is officially released.
Our Preparation Support – What You Can Expect
Once the official NISM XXV-A workbook is released (10 Feb 2026):
- We will prepare complete study material within 10 days
- Coverage will be exam-focused and practical
Suitable for:
- Sales teams
- Non-core research professionals
- Fresh aspirants entering research-support roles
Need Updates or Guidance?
For updates, guidance, or study material details, you may contact us on WhatsApp only: 7400121111
WhatsApp messages only – no direct calls, please. This change is significant and aims to clearly differentiate between:
Core research roles (NISM XV) and Sales / non-core research roles (NISM XXV-A)
We strongly advise aspirants and institutions to align their preparation strategy accordingly. We will continue to post timely updates as and when new information is released by NISM.
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