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NISM Series XXV-A Cheat Sheet

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Research Profession and Securities Markets

  • 10% of exam
  • Role Boundary Market Map PARS Series XV

Research and Market Analysis Fundamentals

  • 10% of exam
  • Data and Context Research Terms Economic Signals Source Check

Risk and Return Fundamentals

  • 14% of exam
  • Risk Map Return Language Diversification Risk Disclosure

Research Reporting, Ethics and Regulation

  • 16% of exam
  • Report Integrity Conduct Controls KYC Complaint Path

Client Interaction and Relationship Skills

  • 30% of exam
  • Client Conversation Objections and Crisis Bias and Trust Complaint Path

Professional Efficiency, Development and Tools

  • 20% of exam
  • Workflow and Tools Privacy Check Task Triage Learning Loop

Quick Facts

  • Exam NISM Series XXV-A
  • Role Research-service sales; non-core PARS
  • Assessment 50 MCQs; one mark each
  • Time 60 minutes
  • Pass 25/50 marks; 50%
  • Penalty No negative marking
  • Certificate Valid three years
  • Largest session Client skills: 15/50 marks
  • Blueprint January 2026 Annexure I

XXV-A vs Series XV PR

XXV-A

  • Sales and non-core
  • Client-contact research services
  • Not directly research-facing

Series XV

  • Research-facing PARS
  • Direct research involvement
  • Different certification route
  • Classify actual duties first

Role Boundary PR

  • XXV-A scope Sales and other non-core PARS
  • Client contact Within research-service role
  • Research author Analyst owns research conclusions
  • Sales support Explain approved research faithfully
  • View revision Route to analyst process
  • Series XV Research-facing PARS route
  • Existing XV Non-core XV valid 2026-03-11: until expiry
  • Unclear duties Confirm with compliance

Market Map PR

  • SEBI Indian securities regulator
  • Exchange Organized trading venue
  • Equity Ownership claim
  • Debt Issuer borrowing claim
  • Derivative Value linked to underlying
  • Issuer Raises capital
  • Intermediary Connects market participants

Source Check RE

  • SUDS: source, unit, date, scope
  • Source: provenance Unit: scale Date: freshness Scope: comparison

Data and Context RE

  • Source Identify publisher and provenance
  • As-of date Check timeliness
  • Unit Confirm scale and currency
  • Period Match comparison windows
  • GDP Output indicator
  • Inflation Price-level change
  • Interest rate Borrowing-cost signal
  • Trend Context, not certain forecast

Research Terms RE

  • Estimate Projection, not result
  • Assumption Condition behind projection
  • Target price Analyst estimate, not promise
  • Time horizon Period for stated view
  • Benchmark Comparison reference
  • Revision Use current approved version
  • Unfamiliar term Clarify before paraphrasing

Systematic vs Unsystematic Risk RI

Systematic

  • Market-wide shocks
  • Persists with diversification
  • Economic exposure

Unsystematic

  • Issuer-specific shocks
  • Diversification may reduce
  • Company exposure
  • Diversification has limits

Risk Map RI

  • Systematic risk Market-wide exposure
  • Unsystematic risk Issuer-specific exposure
  • Diversification May reduce issuer-specific risk
  • Volatility Magnitude of price movement
  • Liquidity risk Difficulty transacting promptly
  • Credit risk Issuer repayment uncertainty
  • Concentration Large single-exposure dependence

Past Return vs Forecast RI

Historical

  • Observed period
  • Backward-looking
  • No future assurance

Expected

  • Estimate
  • Assumption-dependent
  • Uncertain outcome
  • Neither guarantees future returns

Return Language RI

  • Historical return Past observation
  • Expected return Forward-looking estimate
  • Total return Price change plus income
  • Nominal return Before inflation adjustment
  • Real return Inflation-adjusted return
  • Risk disclosure Relay material limitations
  • Upside claim Pair with relevant risk

Complaint Path ET

  • RACE: record, acknowledge, channel, escalate
  • Record exact issue Acknowledge receipt Channel formally Escalate appropriately

Report Opinion vs Sales Explanation ET

Report opinion

  • Analyst-approved view
  • Caveats and disclosures
  • Version controlled

Sales explanation

  • Faithful summary
  • No altered conclusion
  • Route fresh analysis
  • Explain; never rewrite research

Conduct Incident Response ET

  • Potential conflict noticed → Disclose and escalate ( Follow firm controls )
  • Client data misdirected → Contain and report ( Use privacy process )
  • Unpublished information received → Restrict sharing ( Escalate promptly )
  • KYC incomplete → Follow verification process ( No informal bypass )
  • Communication went off-channel → Preserve factual record ( Return to approved channel )

Report Integrity ET

  • Approved report Use authorized current version
  • Research summary Preserve context and caveats
  • Opinion Attribute to analyst/report
  • Disclosure Keep visible with claim
  • Conflict Disclose; follow firm controls
  • Unpublished research Do not circulate prematurely
  • Client data Share through authorized channels
  • Material nonpublic information Protect; escalate potential misuse

Risky Request ET

  • PAUSE before promises or disclosures
  • Provenance Approval Uncertainty Scope Escalation

Published vs Unpublished Research ET

Published

  • Approved for distribution
  • Disclosures included
  • Check current version

Unpublished

  • Restricted draft
  • Protect confidentiality
  • Do not preview
  • Approval controls distribution

Conduct Controls ET

  • RA framework SEBI research analyst rules
  • KYC Follow applicable verification process
  • MITC Explain applicable key terms
  • Consent record Use approved documentation
  • Call notes Record material client exchanges
  • Complaint record Preserve exact concern
  • Escalation Use firm complaint process
  • Personal promise Never replace firm terms

Client Reply CL

  • CLEAR: clarify, listen, explain, archive, route
  • Clarify concern Listen first Explain approved facts Archive material exchange Route beyond scope

Objection vs Complaint CL

Objection

  • Concern or clarification
  • Explain approved facts
  • Record useful context

Complaint

  • Expressed grievance
  • Formal firm process
  • Preserve exact record
  • Route grievances formally

Research Request Routing CL

  • Published report requested → Share approved current version ( Keep disclosures attached )
  • Meaning unclear → Clarify report wording ( Do not invent conclusion )
  • Fresh target requested → Route to analyst ( No self-issued target )
  • Personal recommendation requested → Check service scope ( Escalate to authorized staff )
  • Unpublished draft requested → Decline circulation ( Protect confidential research )

Client Conversation CL

  • Open question Clarify actual concern
  • Active listening Restate before responding
  • Plain language Explain without changing substance
  • Published view Name source and date
  • Limitations Mention assumptions and risks
  • Unknown answer Verify or route upward
  • Follow-up Document agreed next action
  • Written recap Use approved channels

Confidence vs Guarantee CL

Evidence-based view

  • Source and assumptions
  • Known uncertainty
  • Relevant risks

Guarantee

  • Certain result claim
  • Misstates uncertainty
  • Do not promise
  • Communicate uncertainty clearly

Client Concern Picker CL

  • Simple term confusion → Explain approved definition ( Confirm understanding )
  • Market volatility worry → Acknowledge and verify facts ( Avoid return promises )
  • Report appears stale → Check authorized revision ( Name report date )
  • Material disagreement → Document exact issue ( Route to analyst )
  • Formal grievance raised → Use complaint process ( Preserve communication record )

Objections and Crisis CL

  • Return demand No guaranteed performance claim
  • Price shock Acknowledge; cite verified facts
  • Stale report Seek current approved update
  • Contradiction Escalate; avoid improvisation
  • Urgent issue Triage by impact and deadline
  • Dispute Record then route formally
  • Emotional client De-escalate without promising outcome

Bias and Trust CL

  • Overconfidence Test certainty against evidence
  • Loss aversion Separate emotion from facts
  • Recency bias Compare broader relevant period
  • Confirmation bias Surface contrary evidence
  • Trust Consistency plus accurate follow-up
  • Referral Respect privacy and permissions
  • Boundaries Service without unsuitable promises

Daily Workflow Picker EF

  • Multiple client requests → Triage impact and urgency ( Record queue )
  • Question exceeds role → Route authorized expert ( Track response )
  • Tool needs client data → Check approved access ( Use minimum necessary )
  • Report version uncertain → Verify before sending ( Retain source date )
  • Knowledge gap recurring → Schedule focused learning ( Check official updates )

Workflow and Tools EF

  • Task triage Urgency plus client impact
  • Call calendar Reserve research-support time
  • Version control Confirm latest approved report
  • CRM record Capture factual interaction
  • Access control Least necessary client data
  • Unapproved tool Do not upload private data
  • Skill gap Log and practice weak area
  • Regulatory change Check current official notice

Common Traps

Role is task-based

  • Non-core client contact: XXV-A ≠ Research-facing PARS: Series XV

Existing XV transition

  • Non-core XV on 2026-03-11: until expiry ≠ Non-core staff: XXV-A after expiry

Passing mark vs pass rate

  • 25/50 is candidate threshold ≠ Population pass rate unpublished

No negative marking

  • Wrong answers have no deduction ≠ Accuracy still determines passing

Risk reduction vs elimination

  • Diversification may reduce issuer risk ≠ Market-wide risk remains

Client explanation vs authorship

  • Sales explains approved research ≠ Analyst owns research conclusions

Concern vs grievance

  • Clarification gets accurate answer ≠ Complaint enters formal process

Estimate vs certainty

  • Target depends on assumptions ≠ No guaranteed outcome

Last Minute

  • 1. Profession: 5 marks; research: 5 marks
  • 2. Risk: 7 marks; ethics: 8 marks
  • 3. Clients: 15 marks; efficiency: 10 marks
  • 4. 50 MCQs; 60 minutes; pass 25
  • 5. No negative marking; answer every item
  • 6. XXV-A serves non-core research staff
  • 7. Series XV serves research-facing PARS
  • 8. Communicate current approved report faithfully
  • 9. Keep assumptions, disclosures and risks attached
  • 10. Never guarantee a target return
  • 11. Record complaints; use formal escalation
  • 12. Protect unpublished research and client data
  • 13. Check source, date, unit and scope

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