NISM Series 25A Research Services Certification — Complete Guide 2026 (New Exam)

SEBI launched a brand new mandatory certification in January 2026 — and thousands of research professionals across India are now required to clear it. The NISM Series 25A Research Services Certification is not for analysts who write equity reports. It is for everyone else at a research firm — the sales teams, client servicing executives, marketing staff, and non-core associates who distribute and explain research to investors.

If you work at a SEBI-registered research analyst entity in any non-analytical capacity, this certification is now mandatory for you. Firms that fail to ensure their staff are certified face regulatory action from SEBI.

This guide covers everything you need to know about the NISM Series 25A exam in 2026: who needs it, how it differs from Series 15, the full syllabus with unit weightage, exam pattern, fees, preparation strategy, and career scope.

NISM Series 25A — Quick Facts at a Glance

| Parameter | Details | |-----------|---------| | Full Name | NISM Series XXV-A: Persons Associated with Research Services (Sales & Non-Core) | | Launched | January 30, 2026 | | Mandatory for | Research sales staff, client servicing, non-core associates at SEBI-RA entities | | Total Questions | 100 MCQ | | Exam Duration | 120 minutes | | Passing Marks | 60 out of 100 (60%) | | Negative Marking | Yes — 0.25 marks per wrong answer | | Exam Fee | Rs. 1,500 + GST (approx. Rs. 1,770) | | Certificate Validity | 3 years | | SEBI Circular | March 11, 2026 |

What is NISM Series 25A Research Services Certification?

NISM Series XXV-A: Persons Associated with Research Services (Sales and Other Non-Core Services) is a certification examination introduced by NISM on January 30, 2026, under the authority of SEBI's Research Analyst Regulations.

In simple terms: there are two kinds of people at a research analyst firm. The analyst who writes the equity report needs NISM Series 15. The person who sells that report, explains it to clients, or manages subscriptions now needs NISM Series 25A.

NISM administers the exam on behalf of SEBI through its network of test centres across India. Registration is done online at certifications.nism.ac.in.

What this certification is about:

It is NOT about writing research reports.
It IS about understanding the regulatory rules around research services, how to interact with clients ethically, what research sales staff can and cannot say, and how to stay compliant.

Think of it as the compliance and conduct certification for research distribution professionals.

You can see the full list of all NISM certifications — it covers all active series from Series 1 to the newly launched Series 25A.

Why Did SEBI Introduce NISM Series 25A?

The SEBI Research Analyst Regulations were first introduced in 2014. They created strong standards for analysts who write reports. But a gap remained — the large number of support staff who interact with investors around those reports had no mandatory certification requirement.

SEBI's March 11, 2026 circular addressed this directly. Here is why SEBI acted:

1. Investor Protection

Research sales staff regularly explain research outputs to retail and institutional clients. Without minimum knowledge, they can mislead investors — even unintentionally. SEBI wanted every client-facing person at a research firm to understand regulatory boundaries.

Prevents mis-selling of research-based investment products
Ensures sales staff know what they can and cannot tell clients
Protects retail investors from unqualified advice dressed as research

2. Closing the Regulatory Gap

Before Series 25A, a research firm's sales head with 10 years of experience had no mandatory SEBI certification. The analyst with 6 months of experience had Series 15. This inconsistency created compliance blind spots that SEBI wanted to close.

3. Raising Industry Standards

India's research services industry is growing rapidly with the rise of retail investor participation post-COVID. SEBI introduced Series 25A as part of a broader effort to professionalise the entire research ecosystem — not just the analytical side.

Who Needs NISM Series 25A?

SEBI's March 2026 circular is clear on this. If you perform any of the following roles at a SEBI-registered research analyst entity, you need NISM Series 25A:

| Role Category | Examples | Series 25A Required? | |---------------|----------|---------------------| | Research Sales | Sales Manager, Sales Executive at research firm | Yes — Mandatory | | Client Servicing | Relationship Manager, Client Services Executive | Yes — Mandatory | | Research Marketing | Marketing Manager, Digital Marketing at RA entity | Yes — Mandatory | | Research Distribution | Distribution Manager, Subscription Sales | Yes — Mandatory | | Non-Core Associates | Admin, Ops staff with client-facing research duties | Yes — Mandatory | | Research Analyst | Analyst writing equity/sector research reports | No — Needs Series 15 | | Investment Adviser | Giving personalised advice (separate regulation) | No — Needs Series 10A/10B |

Important clarification:

If you write research reports → you need NISM Series 15, not Series 25A.
If you sell, explain, or distribute research → you need NISM Series 25A.
If you do BOTH → you may need both certifications. Check with your firm's compliance team.

Not sure which NISM certification applies to your career? Our guide on how to choose the right NISM certification explains every series and which role it maps to.

Eligibility Criteria for NISM Series 25A

NISM Series 25A has minimal eligibility requirements — this is intentional. SEBI wants anyone in a research sales or non-core role to be able to clear it, regardless of their educational background.

| Criteria | Requirement | |----------|-------------| | Minimum Education | 10+2 (Class 12 pass) — graduates preferred but not mandatory | | Work Experience | No minimum work experience required | | Age | No minimum age restriction | | Previous NISM Certification | Not required — Series 25A is standalone | | Nationality | Indian nationals and eligible foreign nationals |

Freshers who are planning to join a SEBI-registered research analyst entity should clear Series 25A before joining or within the timeline prescribed by their employer. It is better to be certified before starting than to rush through preparation while working.

For the step-by-step registration process, check our guide on the NISM exam registration process.

NISM Series 25A Exam Pattern 2026

The NISM Series 25A exam follows the standard NISM Computer-Based Test (CBT) format used for all NISM certifications.

| Exam Parameter | Details | |----------------|---------| | Total Questions | 100 multiple-choice questions (MCQ) | | Marks per Question | 1 mark per correct answer | | Total Marks | 100 marks | | Exam Duration | 120 minutes (2 hours) | | Passing Score | 60 marks (60%) | | Negative Marking | Yes — 0.25 marks deducted per wrong answer | | Exam Mode | Online Computer-Based Test (CBT) | | Exam Language | English | | Registration Fee | Rs. 1,500 + 18% GST = approx. Rs. 1,770 | | Certificate Validity | 3 years from date of passing | | Result | Declared immediately after exam completion |

Negative marking strategy alert: With 0.25 negative marking, random guessing is risky. Only attempt questions where you are at least 65–70% confident. Skip uncertain questions on first pass and return to them in the last 15–20 minutes.

Question Distribution by Unit

| Unit | Topic | Weightage | Approx. Questions | |------|-------|-----------|-------------------| | 1 | Introduction to Securities Markets & Research Services | 15% | 15 | | 2 | Regulatory Framework for Research Analysts | 25% | 25 | | 3 | Research Products and Services | 20% | 20 | | 4 | Sales Practices and Client Interaction | 20% | 20 | | 5 | Ethics and Professional Conduct | 10% | 10 | | 6 | Compliance and Risk Management | 10% | 10 | | TOTAL | | 100% | 100 |

Highest weightage note: Unit 2 (Regulatory Framework) covers 25% of the exam — the highest of any unit. Units 3 and 4 together cover 40%. If you master Units 2, 3, and 4 alone, you cover 65% of the exam marks.

NISM Series 25A Syllabus 2026 — All Units Explained

The official NISM Series XXV-A workbook is available free at nism.ac.in. Here is a detailed breakdown of all six units:

Unit 1: Introduction to Securities Markets & Research Services | Weightage: 15%

Overview of Indian securities markets — equity, debt, commodities, derivatives
Role of research in the capital markets ecosystem
Types of research — fundamental, technical, quantitative, thematic
Participants in the research value chain — analysts, sales, compliance, clients
Distinction between research analyst roles (Series 15) and non-core roles (Series 25A)
Growth of the research services industry in India post-2014

Strategic focus: Understand the ecosystem roles clearly — many exam questions ask "who does what" in the research services chain.

Unit 2: Regulatory Framework for Research Analysts | Weightage: 25%

SEBI (Research Analysts) Regulations 2014 — all key provisions
Registration requirements for research analyst entities and individuals
Obligations of persons associated with research services under SEBI
NISM Series XXV-A certification requirement — who, when, consequences of non-compliance
SEBI circular dated March 11, 2026 — full implications for firms and staff
Disclosure requirements — conflicts of interest, client disclosures, shareholding
Prohibition on unfair trade practices, front-running, and insider trading in research context
SEBI inspection and enforcement framework for research analyst entities

Strategic focus: This is the most important unit. Memorise specific regulation references. Create a one-page cheat sheet: which regulation covers what. Expect direct questions like "Which SEBI regulation covers ___?" — not conceptual questions.

Unit 3: Research Products and Services | Weightage: 20%

Types of research reports — initiating coverage, update reports, sector notes, event updates
Components of a research report — recommendation, target price, investment thesis, risk factors
Dissemination of research — email, portals, paid platforms, social media rules
Difference between investment advisory services and research analyst services
What a research sales person can and cannot say to clients — role boundaries
Pricing and subscription models for research services

Strategic focus: Role boundaries are tested heavily here. Practice: "Can a research sales person tell a client to buy stock X?" (Answer: No — they can only explain the research report.)

Unit 4: Sales Practices and Client Interaction | Weightage: 20%

KYC requirements specific to research service clients
Handling client queries about research reports — dos and don'ts
Subscription selling — permitted practices vs mis-selling
Managing institutional clients vs retail clients — differences in approach
Handling client complaints — escalation, SEBI SCORES platform, timelines
Record-keeping obligations for all sales interactions and communications
Prohibition on making promises about returns based on research

Strategic focus: Scenario-based questions dominate this unit. Example: "A client asks the sales person which stock to buy for quick profit. What should the sales person do?" Answer: Explain the research report. Do not give personalised advice. Refer to the firm's research analyst.

Unit 5: Ethics and Professional Conduct | Weightage: 10%

Professional ethics standards for persons associated with research
Insider trading — definition, prohibitions, specific obligations of sales staff
Front running — definition and how sales staff can inadvertently facilitate it
Chinese wall concept — information barriers between research and sales desks
Handling market-sensitive information received from clients or analysts

Unit 6: Compliance and Risk Management | Weightage: 10%

Internal compliance structures at SEBI-registered research analyst entities
Reporting obligations — annual compliance reports, SEBI inspection readiness
Operational risks in research distribution — data security, client data privacy
Consequences of non-compliance for individuals — penalties, debarment, criminal liability
SEBI's grievance redressal mechanism for research service complaints

High-Weightage Topics to Prioritise

SEBI Research Analyst Regulations 2014 — every provision (Unit 2)
March 2026 SEBI circular — who is covered, timeline, consequences (Unit 2)
Role boundaries: research sales vs investment advice (Unit 3)
Client interaction dos and don'ts — scenario questions (Unit 4)
Disclosure and conflict of interest rules (Unit 2)
Insider trading obligations for non-analytical staff (Unit 5)

Time allocation: Unit 2 — 9 days | Unit 3 — 6 days | Unit 4 — 6 days | Unit 1 — 5 days | Units 5 & 6 — 4 days combined.

Difficulty Level and Pass Rate

Overall difficulty rating: 5 out of 10 | Estimated pass rate: 70–75%

Why NISM Series 25A is moderate difficulty:

Syllabus is focused on one niche area — research services regulation
No complex financial modelling or quantitative analysis — unlike Series 15
Most candidates come with relevant industry experience — familiarity helps
Official workbook is concise and well-structured

Where candidates find it challenging:

Remembering exact regulation clause references and provision numbers
Distinguishing what research sales staff CAN say vs CANNOT say to clients
Scenario-based questions where two options both appear correct
Negative marking makes over-cautious candidates leave too many blanks

| Preparation Level | Estimated Pass Rate | |-------------------|---------------------| | Well-prepared — full syllabus + 10+ mock tests | 85–90% | | Moderately prepared — syllabus + 3–5 mock tests | 65–70% | | Under-prepared — incomplete syllabus, no mocks | 30–40% |

See how Series 25A compares to other NISM exams on our NISM exam difficulty ranking — easiest to hardest.

30-Day Study Plan for NISM Series 25A

This plan is designed for working professionals with 1–2 hours of study daily. Students studying full-time can complete this in 15–18 days.

| Week | Daily Focus Topics | MCQ Target/Day | Weekly Goal | |------|-------------------|----------------|-------------| | Week 1 (Days 1–7) | Unit 1 (Days 1–2), Unit 2 — SEBI Regulations (Days 3–7) | 20 MCQs | Master SEBI regulatory framework | | Week 2 (Days 8–14) | Unit 3 — Research Products (Days 8–10), Unit 4 — Sales Practices (Days 11–14) | 25 MCQs | Understand client interaction rules | | Week 3 (Days 15–21) | Unit 5 & 6 (Days 15–17), Full syllabus revision (Days 18–21) | 30 MCQs | Complete all 6 units + first mock | | Week 4 (Days 22–30) | Full mock tests daily, Weak area revision based on mock results | 1 full mock/day | Exam-ready — score 75+ consistently |

Mock test strategy:

Take your first mock at the end of Week 3 as a diagnostic — do not worry about the score.
From Day 22, take one full 100-question timed mock every day.
After each mock, spend 30 minutes reviewing every wrong answer and tracing it to the workbook.
Build a "Weak Regulations List" — revise it daily until your exam date.

Best Preparation Strategy for NISM Series 25A

Recommended study duration: 20–25 days for working professionals. 12–15 days for full-time students.

Resource 1 — NISM Official Workbook: Published by NISM | Free download at nism.ac.in | Read each unit once for concepts. Highlight all regulation references. Create bullet-point notes for each unit.

Resource 2 — PrepCore Mock Tests: Available at prepcore.in | Updated for 2026 Series XXV-A syllabus | Attempt one full 100-question mock after completing each unit. Review every wrong answer. Note which regulation the question referenced. Attempt at least 10 full mocks before your exam date.

PrepCore provides NISM mock tests updated to reflect the latest 2026 exam patterns. You can also browse the full PrepCore certificates library to find practice tests for any NISM series.

Resource 3 — Primary SEBI Source Documents: Free download from sebi.gov.in | What to read: SEBI (Research Analysts) Regulations 2014 + the March 11, 2026 SEBI circular on Series 25A. These are the primary sources — exam questions are directly based on them.

For a complete guide on how to prepare for any NISM exam effectively, read our detailed article on how to prepare for the NISM exam — with time management tips and study strategies that apply to Series 25A.

Series 25A vs Series 15 — Key Differences

The most common question: "I already have NISM Series 15. Do I also need Series 25A?" The answer depends entirely on your current job role.

| Aspect | NISM Series 25A | NISM Series 15 | |--------|-----------------|-----------------| | Full Name | Persons Associated with Research Services (Sales & Non-Core) | Research Analyst Certification | | Who Needs It | Research sales, client servicing, non-core associates | Persons who write/publish research reports | | Analytical Depth | None — regulation and conduct focused | High — fundamental analysis, valuation, modelling | | Launched | January 30, 2026 (New) | Pre-existing (since 2014) | | Exam Fee | Rs. 1,500 + GST | Rs. 1,500 + GST | | Passing Marks | 60% (60/100) | 60% (100/150 for full exam) | | Certificate Validity | 3 years | 3 years | | Difficulty | 5/10 — Moderate | 7/10 — Moderately Hard | | Preparation Time | 20–25 days | 45–60 days |

You need only Series 25A if your role is purely research sales, client servicing, or non-core.
You need only Series 15 if your role is purely analytical — writing research reports.
You need both if your designation involves both analytical output AND client-facing sales activities.

Confirm with your firm's compliance officer — they will advise based on your exact job description.

Explore our dedicated page for NISM Series 15 Research Analyst certification for a full guide, syllabus, and mock tests.

Career Opportunities After NISM Series 25A Certification

Research sales and distribution is one of the fastest-growing career tracks in Indian financial services. NISM Series 25A is now the mandatory credential for this career path.

1. Research Sales Manager

Manage subscriptions and relationships for institutional and retail research clients
Explain equity and sector research reports to clients — within regulatory boundaries
Achieve monthly and quarterly subscription revenue targets
Coordinate with analysts and compliance teams

Salary: Entry (0–2 yrs): Rs. 3.5–5 LPA | Mid (3–7 yrs): Rs. 6–10 LPA | Senior (8+ yrs): Rs. 12–18 LPA

Top employers: Motilal Oswal, ICICI Securities, HDFC Securities, Kotak Securities, Axis Direct, Emkay Global, Anand Rathi, Centrum Broking

2. Client Servicing Executive — Research

Handle client queries about research reports, recommendations, and subscriptions
Manage onboarding and renewal for research subscription clients
Maintain compliance documentation and KYC records for research clients

Salary: Entry: Rs. 3–4.5 LPA | Mid: Rs. 5–8 LPA | Senior: Rs. 9–12 LPA

Top employers: IIFL Securities, Sharekhan, Angel One, 5Paisa, Geojit, Choice Broking, StockEdge

3. Research Distribution Manager

Manage institutional distribution of equity, sector, and thematic research
Build relationships with fund houses, family offices, and HNI clients
Coordinate with research teams on customised institutional research

Salary: Entry: Rs. 5–7 LPA | Mid: Rs. 9–14 LPA | Senior: Rs. 16–25 LPA

Top employers: JP Morgan, Goldman Sachs, Morgan Stanley, Jefferies, Nuvama, Nirmal Bang, Edelweiss

4. Compliance Officer — Research Analyst Entity

Ensure all persons associated with research hold valid NISM Series 25A certification
Prepare and file SEBI compliance reports for research entities
Handle SEBI inspections and respond to regulatory queries

Salary: Entry: Rs. 4.5–6 LPA | Mid: Rs. 7–11 LPA | Senior: Rs. 13–20 LPA

Top employers: Spark Capital, Elara Capital, CLSA, Investec, Nomura, Macquarie, Systematix

NISM Series 25A is now the minimum credential for research services careers. Getting certified early puts you ahead of thousands of peers who are still in the compliance process. For a full overview of career paths and salary data, read our detailed guides on jobs after NISM certification and our NISM certification salary guide.

Certificate Validity and Renewal Process

Your NISM Series 25A certificate is valid for 3 years from the date you pass the exam.

| Renewal Option | Details | When to Choose | |----------------|---------|----------------| | CPE Program | Half-day or full-day NISM workshop, Fee: approx. Rs. 1,000–1,500, No exam required, Renews cert for 3 more years | Easier option — choose this if a CPE program is available in your city before expiry | | Re-take Exam | Appear for NISM Series 25A again, Fee: Rs. 1,500 + GST, Renews cert for 3 more years | Choose if CPE is not available, or if you want to refresh knowledge through exam preparation |

Renewal timeline:

12 months before expiry: Check NISM website for CPE schedule. Register early — seats are limited.
6 months before expiry: Book your CPE slot or exam date. Confirm with your employer's compliance team.
30 days before expiry: If not renewed yet, book the exam immediately at certifications.nism.ac.in.
After expiry: You cannot legally perform research sales roles. Renew immediately — regulatory breach.

For a detailed guide on NISM certificate renewal and CPE programs, read our complete guide on NISM exam validity, renewal and CPE.

Top 10 Preparation Tips for NISM Series 25A

Tip 1: Read the SEBI March 2026 Circular Before the Workbook The exam was designed around this circular. Reading it first gives context to every unit. Download it free from sebi.gov.in and highlight every reference to "persons associated with research services".

Tip 2: Treat Unit 2 as Your Exam Unit 2 alone covers 25% of marks. Pass Unit 2 and you are halfway to passing the exam. Read SEBI Research Analyst Regulations 2014 alongside the workbook chapter.

Tip 3: Master the Role Boundary — The Most-Tested Concept What can a research sales person say? What can they not say? SEBI examiners love testing this. Write 5 things research sales staff CAN do and 5 things they CANNOT.

Tip 4: Do NOT Guess When Negative Marking Applies 0.25 negative marking changes your exam strategy significantly. Only attempt questions where you are at least 65% confident.

Tip 5: Memorise the Regulatory Numbers Table Series 25A has specific numbers — registration fees, net worth requirements, timelines. Write them by hand — physical writing improves memory retention by 30–40%.

Tip 6: Attempt 10 Full Mocks Before Your Exam Candidates who complete 10+ mocks pass at an 85%+ rate. Use PrepCore for timed, full-length Series 25A mock tests. Set a strict 120-minute timer for every mock — no pausing.

Tip 7: Study Units 4 and 2 Together Units 2 and 4 together cover 45% of marks and share overlapping concepts. For every regulation in Unit 2, ask: "How would this apply to a sales conversation?"

Tip 8: Read the KYC Rules for Research Clients Carefully KYC for research service clients is different from standard investor KYC. Note what documents research clients must provide and SEBI's prescribed timelines.

Tip 9: Register Early for Your Preferred Slot Series 25A is a new exam — test centre slots are limited in many cities. Book your exam slot at certifications.nism.ac.in at least 2 weeks before your target date.

Tip 10: Review Mock Errors — Not Mock Scores Your score tells you where you are. Your errors tell you how to improve. After each mock, spend 30 minutes reviewing every wrong answer and maintaining a "Weak Topics Log".

Frequently Asked Questions — NISM Series 25A

What is NISM Series 25A Research Services Certification? NISM Series 25A (officially NISM Series XXV-A) is a mandatory certification launched January 30, 2026 for persons associated with research services in sales and non-core roles at SEBI-registered research analyst entities. It is distinct from Series 15, which is for analysts who write research reports.

Who needs to appear for NISM Series 25A exam? Any person working at a SEBI-registered research analyst entity in a sales, marketing, client servicing, or other non-core research role must clear NISM Series 25A. This includes research sales managers, subscription sales executives, client relationship managers, and research marketing professionals.

Do I need NISM Series 25A if I already have Series 15? It depends on your job role. If your work is purely analytical — writing and publishing research — Series 15 is sufficient. If you have moved into sales or client servicing roles, you need Series 25A as well. Check the SEBI March 2026 circular and your firm's compliance team to confirm.

What is the NISM Series 25A exam fee in 2026? The NISM Series 25A exam fee is Rs. 1,500 plus 18% GST, bringing the total to approximately Rs. 1,770. The fee is non-refundable. Verify the current fee on the official NISM website before registering, as fees may change.

Is NISM Series 25A exam easy or difficult? NISM Series 25A is rated 5 out of 10 in difficulty — moderate. It is easier than Series 15 because there is no financial modelling, equity valuation, or complex analysis. The challenge is regulatory precision — SEBI expects exact knowledge of regulations.

How many questions are there in NISM Series 25A exam? NISM Series 25A has 100 multiple-choice questions. Each question carries 1 mark. There is 0.25 negative marking per wrong answer. The exam duration is 120 minutes. You need 60 marks out of 100 to pass.

Is there negative marking in NISM Series 25A? Yes. NISM Series 25A has negative marking — 0.25 marks are deducted for every wrong answer. A blank answer carries zero marks. Only attempt a question if you are at least 65–70% confident.

How long does it take to prepare for NISM Series 25A? Working professionals with 1–2 hours of daily study need 20–25 days. Full-time students can prepare in 12–15 days.

How long is the NISM Series 25A certificate valid? The NISM Series 25A certificate is valid for 3 years from the date of passing. Working without a valid certification after the expiry date violates SEBI regulations.

Can a fresher or student appear for NISM Series 25A? Yes. There is no minimum work experience or specific educational degree required. Any 10+2 pass candidate can register and appear.

What is the NISM Series 25A syllabus 2026? The NISM Series 25A syllabus covers 6 units: Unit 1 — Introduction to Securities Markets (15%), Unit 2 — Regulatory Framework (25%), Unit 3 — Research Products (20%), Unit 4 — Sales Practices (20%), Unit 5 — Ethics (10%), Unit 6 — Compliance (10%). The official workbook is free at nism.ac.in.

What jobs can I get after clearing NISM Series 25A? Common roles include Research Sales Manager (Rs. 3.5–18 LPA), Client Servicing Executive (Rs. 3–12 LPA), Research Distribution Manager (Rs. 5–25 LPA), and Compliance Officer at RA entities (Rs. 4.5–20 LPA).

Where can I find NISM Series 25A study material and mock tests? The official NISM Series XXV-A workbook is available free at nism.ac.in. For mock tests updated to the 2026 syllabus, PrepCore offers practice questions at Rs. 299 one-time (45 days access) with detailed explanations and performance analytics. View all subjects at prepcore.in/certificates.

Conclusion — Your Action Plan

NISM Series 25A Research Services Certification is the new mandatory standard for research distribution professionals in India. SEBI introduced it to ensure that every person who sells, explains, or distributes research meets a minimum standard of regulatory knowledge and professional conduct.

With 20–25 days of focused preparation, the right resources, and 10+ mock tests, clearing NISM Series 25A on your first attempt is very achievable.

Your 5-Step Roadmap:

Register at certifications.nism.ac.in — pay Rs. 1,770, book your exam slot
Download the NISM Series XXV-A official workbook and March 2026 SEBI circular
Follow the 30-day study plan — prioritise Unit 2 (25% weightage) above all units
Attempt 10 full mock tests on PrepCore before your exam date
Appear for the exam — score 60+ and get your SEBI-recognised certification

Key Takeaways:

NISM Series 25A launched January 30, 2026 — mandatory for research sales & non-core staff
100 MCQ, 120 minutes, 60% to pass, 0.25 negative marking per wrong answer
Unit 2 (SEBI Regulations) carries the highest weightage at 25%
Salary after Series 25A: Rs. 3.5–5 LPA entry level up to Rs. 25 LPA at senior level
Certificate valid for 3 years — renew via CPE program or re-examination

This certification is not just a compliance checkbox — it is the starting credential for one of the most dynamic career tracks in Indian financial services. Clear it early and build your research services career on solid regulatory foundations.

Get unlimited access to 5,000+ NISM practice questions across 28 subjects at PrepCore. Timed mock tests, detailed explanations, performance analytics, and mobile-friendly access, all at Rs. 299 one-time for 45 days.