If I hire sales or support staff, which NISM exam do they need?
In force
It depends what they do.
Someone in sales or another non-core role now takes the lighter paper, NISM Series XXV-A for Persons Associated with Research Services. That relaxation came in on 11 March 2026.
Everyone else associated with research services still takes NISM Series XV.
If a staff member already holds Series XV, they only move to Series XXV-A once their Series XV certificate expires.
This changes nothing about your own certification. You still need Series XV yourself.
What SEBI says, word for word
Circular, ¶4.1“PARS, who perform sales and other non-core services, shall obtain certification from NISM by passing the "NISM Series-XXV-A: Persons Associated with Research Services (Sales and Other Non-Core Services) Certification Examination"”Source: SEBI Circular No. HO/38/12/(5)2026-MIRSD-POD/I/6703/2026, dated March 11, 2026 Open document ↗
More on Registration & Deposit
- What deposit do I need to maintain with RAASB?
- What qualification and NISM certification do I need?
- Do all my employees who work as analysts need their own SEBI registration?
- What are the SEBI registration and renewal fees?
- Can I be registered as both an Investment Adviser and a Research Analyst?
- What happens to my registration if I die, sell the practice, or change its structure?
- How do I surrender my registration, and what survives it?
- If my address, email or circumstances change, must I tell SEBI?