Who this certification is for
SEBI's investment adviser framework separates the registered investment adviser from the persons associated with providing investment advice — paraplanners, advisory associates and support staff who contribute to advice without being the registered adviser.
Series XXV-B covers that associated group. If your goal is registration as an investment adviser in your own right, the relevant exams are Series X-A and X-B, not this one.
How XXV-B compares with Series X-A and X-B
- ₹1,500 against ₹3,000 for either X-A or X-B
- 60 minutes and 50 marks, against 180 minutes and 150 marks
- A 50% pass mark, against 60% for X-A and X-B
- No negative marking — X-A and X-B both carry 25%
- Focused on the obligations of associated persons rather than the full advisory curriculum
How to prepare
The paper is short and the pass mark is comparatively forgiving, but 50 marks in an hour still rewards quick, confident recall over working things out on the spot.
With no negative marking, answer every question. There is no scenario in which leaving one blank helps you.
Use the official NISM workbook and concentrate on the conduct, suitability and disclosure obligations specific to associated persons — that is the material that separates this syllabus from the much broader Series X-A curriculum.