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Tue May 5, 2026
Before you attempt a single question: NISM Series 25A is the certification for Persons Associated with Research Services (PARS) at SEBI-registered Research Analyst firms. It is not the Investment Adviser certification. Exam format: 50 MCQs | 60 minutes | 50% pass mark | Fully online, remotely proctored | Compliance deadline: July 23, 2026
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One fact above carries more urgency than all the others: July 23, 2026. Non-compliant PARS staff cannot legally continue performing research services at an RA firm after that date. If you are reading this in May 2026, you have the time but not the luxury of starting next week.
Enrol in NISM XXV-A Complete Guide
23rd July 2026, this date is marked as a deadline for those who work in association with the Research Analyst in data collection, data management, report formatting, client handling, client onboarding, etc. These activities come under non-core research services, but are the most important arm of any research firm. A few of you must be providing backend support, but many of you are in the sales and marketing team and facing clients directly. This is a real challenge. SEBI suggested in the June 2025 master circular the minimum qualification requirement for a person associated with a Research Analyst.
The certification exam was launched by NISM on 10th of February, 2026. This examination seeks to create a common minimum knowledge benchmark for the persons associated with research services, defined under Regulation 2(ne) of the SEBI (Research Analysts) Regulations, 2014. We also suggest visiting any research analyst’s website to understand how they present their services online and the care they take while sharing information. Code of conduct, FAQ, Disclosures, Disclaimers etc.
Fifty questions in sixty minutes sounds comfortable until you are on Question 34 and suddenly unsure whether the scenario in front of you describes a conflict of interest or a standard disclosure obligation. That confusion is not a knowledge gap. It is a practice gap.
This free mock test gives you 15 carefully written questions across three focused sessions - Regulatory Framework, Securities Markets and Research Services, and Ethics and Compliance. Each question mirrors the actual exam's topic distribution. Each explanation tells you not just the correct answer but the regulation or concept being tested, so you can revisit it precisely in the NISM e-learning course.
Work through all three sets timed. Record your raw score. Then use the scoring guide and re-study plan below to build an exact preparation path before you book your exam date.
Looking for more? Search "nism 25a sample questions" and "nism xxv-a mock test" on the NISM portal for additional official practice materials.
How to Use This Mock Test Effectively
The candidates who clear NISM 25A fastest share one consistent habit: they practised before they felt ready. Waiting until you feel confident to attempt a mock test is the most common preparation mistake. Set your timer before
Question 1: The real NISM Series 25A exam gives you 60 minutes for 50 questions - 72 seconds per question. For this 15-question set, allow 18 minutes in total.
Train your brain to commit and move on.
Never leave a question blank: There is zero negative marking in NISM Series 25A. An unattempted question scores nothing. An intelligent guess gives you a 25% chance of a correct mark. Make this a non-negotiable rule in every practice session so it is completely automatic on exam day. So yes, attempting the question even if you are not sure about it will not take out your negative marks so please go attempt all 50 questions with confidence.
Attempt the full set before reading a single explanation: The temptation to verify each answer immediately is real. Resist it entirely. Finish all questions, note your raw score, then read every explanation - especially for questions you guessed correctly. An accidental right answer is not knowledge. It is false confidence that costs you marks on the real paper.
⏱ Set your timer for 6 minutes. Attempt all 5 questions before reading any answers.
A foreign investor has invested in a country's existing financial instruments. This is known as
Negative Effects Of Inflation
Mock Test Set 2 - Securities Markets and Research Services (5 Questions)Topic coverage: Primary and secondary markets, SEBI's mandate, research report definition, conflict of interest disclosure, mutual fund NAV, systematic versus unsystematic risk.⏱ Continue your timer. Complete all 5 questions within the next 6 minutes.
Which statement about the P/E ratio is correct?
High PE always means a cheap stock
PE shows price per share only
High PE can indicate growth expectations or overvaluation
PE guarantees future returns
When is the threat of substitutes high?
When the substitutes offer a better price
When the substitutes offer better ease
When the substitutes offer better quality
All of the above
What is the primary role of PARS?
To give buy/sell recommendations
To explain research reports clearly
To manage client portfolios
To trade in the market
Which of the following is the best practice for handling client objection?
Stay factual and non-defensive
Provide reasoning in the report with personal views
only a
only b
both a and b
neither a nor b
Stock A and Stock B always move in opposite directions. What is their correlation?
+1
O
~ -1
0.5
A portfolio refers to:
Investment in only equity
Investment in only debt
A mix of different investments
Only mutual funds
Mock Test Set 3 - Ethics and Compliance (5 Questions)Topic coverage: KYC and AML obligations, insider trading under SEBI PIT Regulations 2015, conflict of interest identification, Research Analyst code of conduct, the purpose and scope of NISM Series 25A.⏱ Final stretch - 5 questions in 6 minutes. No blanks. Remember: no negative marking.
Return represents:
Risk takenExplanation:
Return is the reward (profit or loss) from an investment.
Annualised return helps to:
Calculate total profitExplanation:
Annualised return expresses total return as a per-year rate.
An investor adds gold to an equity portfolio. When markets fall, gold prices rise. What is the benefit here?
High betaExplanation:
Gold's low or negative correlation with equities provides diversification benefit.
Who can dictate prices if there is a large number of sellers with similar products/services?
ConsumersExplanation:
More sellers mean more supply of goods. Prices are determined by demand and supply. When supply is higher, prices come down, so buyers are at an advantage here.
The Non-Performing Assets (NPAs) are typically low when _
Interest rates are lowExplanation:
NPAs, or non-performing assets, are those assets on which the interest remained unpaid for a period of 90 days. These non-performing assets negatively affect the functioning of the banks.
When interest rates are low, the EMI burden is relatively lower for the borrower, and therefore, the NPA rate comes down.
(Because EMIs become more affordable)
How to Score Your Practice Test
Add up your correct answers from all three sets. Each correct answer is 1 mark. There is no negative marking - a blank and a wrong answer both score zero, which means every blank was a wasted opportunity.
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The passing mark in the real NISM Series 25A exam is 25 out of 50 (50%). On this 15-question test, your minimum safe score is 8. Your recommended comfort score before booking your actual exam date is 12 or above.
Scoring below 8 on this practice test is not a reason to panic - it is the most precise information you have right now. It tells you exactly what to fix, which is far more useful than general anxiety about the exam.
Most candidates who do not clear NISM 25A on their first attempt could have passed with targeted preparation in the two weeks leading up to the exam. Here is that preparation.
Step 1 - Pinpoint your weak set by section score. Each set maps to a specific cluster of topics. A weak Set 1 means your gap is in the SEBI RA Regulations 2014 and basic exam facts. A weak set of 2 points to securities market fundamentals. A weak Set 3 means ethics and compliance concepts need focused revision. Fix the right thing, not everything.
Step 2 - Follow this five-day targeted re-study plan.
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Three factors account for the majority of low scores on NISM 25A. The first is consuming the e-learning course passively - playing it in the background while working means almost zero retention, and the exam is derived directly from this content.
The second is confusing NISM 25A with NISM X-A - studying Investment Adviser material (100 questions, 60% pass mark, IA Regulations 2013) instead of PARS material (50 questions, 50% pass mark, RA Regulations 2014) is the most damaging mistake a candidate can make. The third is skipping or rushing the mandatory e-learning module, which is both a registration prerequisite and the primary study source for the exam.
Fix these three, and your second attempt will look very different from your first.
How to Clear NISM 25A on Your First Attempt
The NISM Series 25A exam has been live since early 2026. The PARS professionals who cleared it fastest - many scoring 38 to 44 out of 50 - shared one consistent observation: the exam rewards depth over breadth. You do not need to know everything. You need to know the SEBI RA Regulations 2014 and the fundamentals of the securities market precisely, under time pressure.
The e-learning course is your only official textbook:
Know the definition of a research report precisely:
Use the three-pass strategy in the real exam:
Book your exam only after two consistent practice scores:
Enrol in NISM XXV-A Complete Guide
Where to Get More Official Practice Tests
NISM Official Portal - your first stop: The National Institute of Securities Markets is the only source of official, exam-aligned content for NISM Series 25A. Visit nism.ac.in to register for the exam, complete the mandatory e-learning course, check official circulars for exam scheduling and compliance updates, and monitor for workbook publication when it becomes available.
Prof. Sheetal Kunder Academy - structured preparation for working professionals. For PARS professionals who need to clear NISM 25A on their first attempt without disrupting daily work, the Prof. Sheetal Kunder Academy offers a dedicated preparation programme. It includes chapter-wise MCQ banks mapped to every NISM 25A e-learning module, daily live doubt-clearing sessions with a SEBI-registered professional, full-time mock test debriefs explaining the regulatory logic behind every answer, and content updated to reflect the February 2026 SEBI circular and current exam pattern.
Also read: Complete Guide to NISM 25A Exam 2026 | NISM Series XXV-A for Non-Core Research Teams | Who Is a PARS Under SEBI RA Regulations 2014?
Prof. Sheetal Kunder
What is NISM Series 25A?
SEBI-mandated certification for Persons Associated with Research Services (PARS) at SEBI-registered Research Analyst firms. 50 MCQs | 60 minutes | 50% pass mark | No negative marking. Not the Investment Adviser (NISM X-A) certification.
What is the passing mark for NISM Series 25A?
25 out of 50 (50%). No negative marking, a blank score the same as a wrong answer. Always attempt every question.
Is there a PDF or free download for the NISM 25A study material?
No official PDF workbook as of May 2026. The mandatory e-learning on nism.ac.in is your primary study source. Check the portal for future workbook releases.
What is the passing mark for NISM Series 25A?
25 out of 50 (50%). No negative marking, a blank score the same as a wrong answer. Always attempt every question.
Do I need to visit a test centre for NISM Series 25A?
No fully online, remotely proctored from your own device. You need a webcam, stable internet, and a supported browser. No test centre visit required.
Complete the mandatory NISM 25A e-learning module on the NISM portal. First exam registration opens only after this is done. Allow 2–5 days before your target booking date.
SEBI's February 10, 2026, circular requires all PARs to hold NISM 25A by July 23, 2026. Non-certified PARS cannot legally perform research services after that date. Non-compliant RA firms face direct action by SEBI.
Five areas dominate: PARS definition | SEBI RA Regulations 2014 | Conflict of interest and research report disclosures | Primary and secondary markets, mutual fund basics | KYC, AML, insider trading (PIT Regulations 2015), RA code of conduct
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