NISM Series XXV-A Persons Associated with Research Services (Sales and Other Non-Core Services)
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What are the different names of the "NISM Series XXV-A : Persons Associated with Research Services (Sales and Other Non-Core Services) Certification Examination"?
The official name of the exam is NISM-Series-XXV-A: Persons Associated with Research Services (Sales and Other Non-Core Services) Certification Examination.
However, candidates also refer to this exam by other names such as NISM Series XXV-A, NISM 25A, NISM PARS Exam, NISM Series XXV-A PARS Certification, and NISM Persons Associated with Research Services Exam.
What is NISM Series XXV-A : Persons Associated with Research Services (Sales and Other Non-Core Services) Certification Examination?
The NISM-Series-XXV-A: Persons Associated with Research Services (Sales and Other Non-Core Services) Certification Examination is a certification developed by the National Institute of Securities Markets (NISM), launched with effect from February 10, 2026.
This examination aims to establish a minimum knowledge benchmark for Persons Associated with Research Services (PARS), as defined under Regulation 2(ne) of the SEBI (Research Analysts) Regulations, 2014. The exam specifically caters to PARS who perform sales and other non-core services — such as sales staff, relationship managers and other client-facing staff — who have client contact but are not directly involved in research-related aspects.
The examination covers topics such as Indian securities markets, fundamentals of research and market analysis, risk and return, regulatory and ethical environment under SEBI (Research Analysts) Regulations, client interaction and relationship skills, and professional efficiency and tools.
The certification is valid for a period of 3 years and must be renewed before expiry by re-appearing for the exam.
Who can take NISM Series XXV-A : Persons Associated with Research Services (Sales and Other Non-Core Services) Certification Examination?
The NISM-Series-XXV-A certification is mandatory for Persons Associated with Research Services (PARS) who perform sales and other non-core services under a registered Research Analyst, as specified by SEBI. This includes sales staff, relationship managers, and other staff who have client contact but are not directly associated with or involved in research-related aspects.
PARS who have already obtained NISM Series-XV: Research Analyst Certification Examination certification are not required to undertake this exam immediately; they shall obtain NISM Series-XXV-A certification only after the expiry of their existing NISM Series-XV certification.
How to Prepare for NISM Series XXV-A : Persons Associated with Research Services Exam?
MODELEXAM offers NISM Series XXV-A : Persons Associated with Research Services (Sales and Other Non-Core Services) Exam Practice Tests based on the latest NISM syllabus, helping candidates prepare effectively with updated questions.
Where can I get NISM Series XXV-A - PARS Exam Dates?
How to do NISM Exam registration?
NISM Exams Registration Procedure
What is the Assessment Structure of the NISM Series XXV-A : Persons Associated with Research Services (Sales and Other Non-Core Services) Certification Examination?
| Total Marks | 50 |
| Total Questions | Multiple Choice Questions[50 questions of 1 mark each] 50x1=50 |
| Total Duration | 1 hour |
| Passing score | 50% = 25 marks |
| Negative Marking | No Negative marking |
Note : The examination will be an internet-based exam, for 60 minutes and will be conducted in a remotely proctored environment, unlike the Test Centre based examinations
Weightage - NISM Series XXV-A : Persons Associated with Research Services (Sales and Other Non-Core Services)
| Sr. No. | Chapter Name | Weightages |
|---|---|---|
| 1 | Introduction to Research Analysis Profession and Securities Markets | 5 |
| 2 | Fundamentals of Research, Market Terminologies and Market Analysis | 5 |
| 3 | Risk and Return Fundamentals | 7 |
| 4 | Research Reporting, Ethics, and Regulatory Environment | 8 |
| 5 | Client Interaction and Relationship Skills | 15 |
| 6 | Professional Efficiency, Development, and Tools | 10 |
| Total Marks | 50 | |
Syllabus - NISM Series 25A Persons Associated with Research Services (Sales and Other Non-Core Services)
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Chapter-1: Introduction to Research Analysis Profession and Securities Markets
- Research services and their scope
- Definition of research analyst
- Definition of PARS
- Role of PARS in supporting analysts, including client query handling and data assistance.
- Basics of Indian securities markets: equity, debt, derivatives, and market participants.
- Key terminologies and market structure (exchanges, regulators like SEBI).
- Skills for PARS: Basic communication with clients on market overviews.
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Chapter-2: Fundamentals of Research, Market Terminologies and Market Analysis
- Data sources and basic tools for research support.
- Economic indicators (GDP, inflation, interest rates) and their impact on markets.
- Linking economic trends to industry and company performance.
- Skills for PARS: Interpreting basic research terms to assist in client explanations and avoid miscommunication.
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Chapter-3: Risk and Return Fundamentals
- Concepts of risk (systematic vs. unsystematic) and return metrics.
- Portfolio basics and diversification.
- Skills for PARS: Understanding risk disclosures in client discussions and ensuring accurate information relay.
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Chapter-4: Research Reporting, Ethics, and Regulatory Environment
- Qualities of a good research report: Clarity, objectivity, and disclosure requirements.
- Legal framework: SEBI (Research Analysts) Regulations, insider trading rules etc.
- Ethical considerations: Conflicts of interest, confidentiality in client interactions.
- KYC Compliance/Requirements
- Skills for PARS: Handling client complaints ethically, and maintaining compliance records.
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Chapter-5: Client Interaction and Relationship Skills
- Communication and Presentation Skills: Clear verbal/written communication, presenting research summaries to clients.
- Negotiation and Objection Handling: Techniques for addressing client concerns, negotiating information requests without overcommitting.
- Relationship Management and Networking: Building long-term client trust, leveraging networks for referrals and insights.
- Crisis Management: Handling urgent client issues, de-escalating conflicts related to market volatility or research discrepancies.
- Behavioural Finance and Bias Identification: Recognizing client biases (e.g., overconfidence, loss aversion) and guiding discussions objectively.
- Code of Conduct: As per RA Regulations, Terms and Conditions as per RA regulations, MITC (as per RA Regulations)
- Maintenance of records as required under RA Regulations
- Handling of Investor grievance
- Skills for PARS: Applying these in daily client interactions to enhance satisfaction and compliance.
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Chapter-6: Professional Efficiency, Development, and Tools
- Day Planning and Time Management: Prioritizing tasks, scheduling client calls and research support activities.
- Professional Development and Continuous Learning: Staying updated on market trends, pursuing certifications, and self-assessment.
- Ethics and Compliance: Reinforcing regulatory adherence in tool usage, data privacy, and ethical decision-making in daily operations.
- Skills for PARS: Integrating tools into workflows for efficient client service and personal career advancement.