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NISM-Series-XXV-B: Persons Associated with Investment Advice (Sales and Other Non-Core Services) Certification Examination
NISM-Series-XXV-B: Persons Associated with Investment Advice (Sales and Other Non-Core Services) Certification Examination is an internet-based, remotely proctored certification exam launched by NISM w.e.f. June 1, 2026 for persons associated with investment advice (under Regulation 2(r) of the SEBI (Investment Advisers) Regulations, 2013) who perform sales and other non-core services: 50 multiple-choice questions worth 1 mark each, 60 minutes, passing at 50% (25 marks), no negative marking, fee INR 1,500, certificate valid 3 years.
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Questions50 multiple-choice questions, each carrying 1 mark (50 marks total)
Testing time60 minutes (1 hour)
ScoringPassing criteria is 50% (25 out of 50 marks); no negative marking
Exam feeINR 1,500 examination fee
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Exam overview
What to know before choosing your prep
- Who runs it
- NISM
- Category
- Securities Licensing
- Current version
- NISM-Series-XXV-B (launch edition, effective June 1, 2026; communiqué NISM/Certification/ NISM-Series-XXV-B/2026/01 dated May 18, 2026)
- Where it applies
- IN — national
- Exam languages
- English
- Score scale
- 0–50 marks (1 mark per question; passing 25)
- Testing provider
- NISM (administered through NISM's certification portal)
- Format
- Internet-based exam delivered in a remotely proctored environment (unlike NISM's test-centre-based examinations)
- Availability
- Available with effect from June 1, 2026; taken online after enrolling through NISM's certification portal (remote-proctored, not test-centre based)
- Credential validity
- Certificate valid for 3 years from the date of the examination; renewable by re-passing the exam before expiry
- Remote testing
- Available
Exam structure
One internet-based, remotely proctored assessment test of 50 single-mark multiple-choice questions covering: personal financial planning, financial markets, and investor protection; securities markets, investment fundamentals, risk-return, compounding, asset allocation, and portfolio rebalancing; financial asset classes (equity, debt, derivatives) and financial products (mutual funds, PMS, AIF, SIF, retirement and insurance products); client profiling, advisory-based sales approach, communication, negotiation, and relationship management; and professionalism, ethics, fiduciary responsibility, and regulatory compliance in investment advisory activities
Where rules vary
India-specific certification: the exam sets a minimum knowledge benchmark for 'persons associated with investment advice, defined under Regulation 2(r) of the SEBI (Investment Advisers) Regulations, 2013', an Indian regulation; it was developed by NISM (established by SEBI) and is delivered nationwide in India.
Eligibility
None published beyond completing the freely available course content (study material is on NISM's YouTube channel) and furnishing an Income Tax Permanent Account Number (PAN) to be issued the passing certificate