NISM Series XXV-A & XXV-B: The New “Lite” Certifications for Sales Staff (2026)

If you work in sales, relationship management, or any client-facing but non-advisory role at a research firm or a SEBI-registered investment adviser, there's a good chance you've recently heard about a new, simpler NISM certification — and you might be wondering if it applies to you.

In 2026, SEBI introduced two new "lite" certifications — NISM Series XXV-A and NISM Series XXV-B — specifically for people who deal with clients but don't actually give investment advice or research recommendations themselves. Here's what changed, who it affects, and why it matters.

The Problem SEBI Was Solving

Before this change, anyone classified as a "Person Associated with Investment Advice" (PAIA) at a registered investment adviser firm — including sales staff and relationship managers who simply onboard clients or explain products, without giving advice themselves — had to clear the same certifications as the actual advisers: NISM Series X-A (Investment Adviser Level 1) and X-B (Investment Adviser Level 2). Similarly, sales staff at research firms often needed certification aligned with the full NISM Series XV Research Analyst exam.

That's a heavy, advisory-level syllabus for someone whose job is client relationships, not giving investment advice. SEBI's own circular acknowledged this, stating it was introducing a lighter module "as a step towards ease of doing business" for staff who perform only sales and other non-core services.

NISM Series XXV-A: For Sales Staff at Research Firms

Introduced via a SEBI circular dated March 11, 2026, NISM Series XXV-A is designed for persons associated with research services who handle sales and other non-core functions — not the research analysts themselves, but the people who support client relationships around research services.

NISM Series XXV-B: For Sales Staff at Investment Advisers

Introduced via a SEBI circular dated June 24, 2026, and effective immediately, NISM Series XXV-B applies to PAIA — such as sales staff, relationship managers, and other personnel — who perform only sales and non-core services at a registered investment adviser. According to SEBI's circular, this covers individuals who may have client contact but are not directly associated with or involved in investment advice-related activities.

Who Still Needs the Full X-A/X-B or XV Exams?

This is the part that trips people up: the lighter route does not apply to everyone at an RIA or research firm. SEBI was explicit that PAIA who are involved in giving actual investment advice — not just sales and non-core services — must continue to obtain certification through the existing, full NISM Series X-A and X-B examinations. The same logic applies on the research side: analysts actually producing research recommendations still need the full Series XV certification, not XXV-A.

In short:

• You give investment advice or research recommendations directly → you still need the full X-A/X-B (advisers) or XV (research analysts) certifications.
• You handle sales, onboarding, or relationship management without giving advice yourself → the new, lighter XXV-B (advisory side) or XXV-A (research side) may apply to you instead.

Your exact classification depends on your actual job function as defined by your employer and SEBI's PAIA framework, so if you're unsure which category you fall into, check with your compliance team before assuming either certification applies.

Why This Matters for Employers Too

For RIA firms and research firms, this isn't just good news for individual employees — it reduces the compliance burden of getting an entire sales team certified at an advisory-level standard when their actual role doesn't require it. Firms can now align certification requirements more precisely with what each role actually does, rather than defaulting everyone to the heaviest applicable exam.

What to Expect From These Exams

As newly introduced certifications, detailed syllabus breakdowns and sample question banks are still being published and refined across the industry. What we can say with confidence, based on SEBI's own circulars, is that both XXV-A and XXV-B are intentionally scoped to be lighter than their full-certification counterparts (X-A/X-B and XV), focused on the knowledge a sales or client-facing, non-advisory role actually needs — rather than the deeper technical and analytical content required of someone giving advice or research recommendations directly.

Because these are newly introduced certifications, always cross-check the latest exam pattern, fee, and syllabus details on the official NISM website before registering, as specifics are still being finalised and published.

Coming Soon on StudyNISM

We're building out dedicated study material and mock tests for both NISM Series XXV-A and XXV-B as official syllabus details become available. In the meantime, if your role sits closer to full advisory or research work, our existing X-A and X-B mock tests, or our Series XV Research Analyst mock tests, can help you prepare while you confirm which certification track actually applies to your role.

Browse our full mock test library to see everything currently available, and check back soon for XXV-A and XXV-B specific content.

Frequently Asked Questions

What is NISM Series XXV-A?

A simplified NISM certification introduced by SEBI in March 2026 for sales and non-core staff at research firms, distinct from the full Series XV exam required for research analysts themselves.

What is NISM Series XXV-B?

A simplified NISM certification introduced by SEBI in June 2026 for sales staff, relationship managers, and other non-core personnel at investment adviser firms who have client contact but don't give investment advice directly.

Do I need the full X-A and X-B exams, or just XXV-B?

If you give investment advice directly, you still need the full X-A and X-B certifications. If your role is limited to sales or non-core services without giving advice, XXV-B may apply instead. Check with your firm's compliance team to confirm your classification.

When did these certifications come into effect?

NISM Series XXV-A was introduced via a SEBI circular dated March 11, 2026. NISM Series XXV-B was introduced via a SEBI circular dated June 24, 2026, with immediate effect.

Why did SEBI introduce these lighter certifications?

SEBI stated the goal was to reduce the compliance burden on sales and non-core staff who previously had to clear the same advisory- or research-level exams as the professionals actually giving advice or recommendations.

Not Sure Which Certification Applies to You?

Certification requirements depend on your exact role, so confirm your classification with your employer before you start preparing. If you're working toward full advisory or research certification in the meantime, explore our full mock test library to get started.