NISM-Series-XXV-A: Persons Associated with Research Services (Sales and Other Non-Core Services) Certification Examination

Communiqué/Press Release

NISM/Certification/ NISM-Series-XXV-A: Persons Associated with Research Services (Sales and Other Non-Core Services) Certification Examination/2026/01 dated January 30, 2026.

On July 23, 2025, SEBI in its circular named as ‘FAQs related to Regulatory Provisions for Research Analysts’, Clause 4(i) and FAQ No. 32 has specified that the persons associated with research services shall obtain the relevant certification from NISM as specified by SEBI within one year from the date of this circular or within the timeline as may be specified by SEBI’.

Pursuant to above mentioned circular, NISM has developed a Certification Examination named as NISM-Series-XXV-A: Persons Associated with Research Services (Sales and Other Non-Core Services) Certification Examination and hereby announces its launch w.e.f. February 10, 2026.

This examination aims to establish a minimum knowledge benchmark for the persons associated with research services, defined under Regulation 2(ne) of the SEBI (Research Analysts) Regulations, 2014. Further, NISM-Series-XXV-A: Persons Associated with Research Services (Sales and Other Non-Core Services) Certification Examination only caters to Persons Associated with Research Services who perform sales and other non-core services.

The NISM-Series-XXV-A: Persons Associated with Research Services (Sales and Other Non-Core Services) Certification Examination will be available to the candidates with effect from February 10, 2026. Its detailed structure, scope, and other particulars are provided in Annexure – I and Annexure – II of this communiqué/press release.

The text of these annexures and the registration details will be made available at www.nism.ac.in.

–Sd–

Yogita Jadhav

Registrar

National Institute of Securities Markets

Enclosures: Annexure-I and Annexure-II

Enclosures: Annexure I and Annexure II