Who this certification is for
SEBI's research analyst framework distinguishes between the registered research analyst and the people associated with providing research services — researchers, associates and support staff who contribute to research output without holding the registration themselves.
Series XXV-A is aimed at that second group. If you are pursuing full registration as a research analyst, Series XV is the exam that applies to you, not this one.
How XXV-A differs from Series XV
- One hour instead of two, and 50 marks instead of 100
- A 50% pass mark, against 60% for Series XV
- No negative marking at all — Series XV carries 25%
- Same ₹1,500 fee, but a substantially shorter and less demanding paper
- Scope covers associated-person obligations rather than the full research analyst curriculum
How to prepare
This is a short paper, but short does not mean trivial — 50 marks in 60 minutes leaves little room to deliberate, so recall needs to be quick.
Because there is no negative marking, there is never a reason to leave an answer blank. Attempt every question. That single habit is worth several marks over a 50-mark paper.
Work from the official NISM workbook, and focus on the conduct and disclosure obligations that apply to associated persons — that is what distinguishes this syllabus from the broader Series XV material.