NISM Certification for Your Team: Who Needs Series-XV vs XXV-A
Sending your whole team to sit the full Research Analyst exam is not always necessary. SEBI clarified which roles can use a lighter certification instead.
Note: Role classification for certification purposes is a compliance judgment call in edge cases. Confirm your specific team structure against SEBI's circulars or with your compliance auditor before deciding who sits which exam.
This is a narrower, team-composition question, distinct from the guide to the Series-XV exam itself, which covers what the RA's own gating exam involves. This post is about everyone else on the team.
The July 2025 rule, and the March 2026 clarification
SEBI's July 23, 2025 circular required all persons associated with research services to obtain relevant NISM certification within one year of the circular date. Read literally, that could mean every employee at a research desk needs the full Series-XV exam, the same one the RA sits to register at all. In March 2026, SEBI clarified that is not the requirement: persons associated with research services who are not directly engaged in research activities can instead comply through NISM Series-XXV-A, a lighter certification.
Who needs which, by role
Why this matters for a growing team
For a solo RA, this distinction barely matters. For a firm hiring its first client servicing or operations hire, it changes the cost and timeline of onboarding meaningfully: the full Series-XV exam is a heavier lift than Series-XXV-A, and requiring it of a role that does not need it is time and money spent on the wrong certification. Get the classification right before you schedule anyone's exam, not after.
FAQ
Does every employee at an RA firm need the NISM Series-XV certification?
No. Series-XV (or its renewal/CPE path) is required for the Research Analyst and anyone directly engaged in research activity. SEBI clarified in March 2026 that persons associated with research services who are not directly engaged in research, back-office, client servicing, or operations roles, can instead hold NISM Series-XXV-A.
What counts as "directly engaged in research activity"?
Anyone who drafts, reviews, or signs off on research content, sets a recommendation, target price, or rating, or otherwise materially shapes what goes out to clients. A person who only handles scheduling, billing, or platform administration is not directly engaged in research activity in this sense.
What is NISM Series-XXV-A?
A lighter-weight NISM certification aimed at persons associated with research or advisory services in a supporting capacity, rather than the full Research Analyst examination (Series-XV) required of the RA and research staff themselves.
Does the July 2025 circular deadline still apply to team members?
SEBI's July 23, 2025 circular required all persons associated with research services to obtain relevant NISM certification within one year. The March 2026 clarification did not remove that requirement, it clarified which certification satisfies it depending on the role, Series-XV for research roles, Series-XXV-A for non-research associated persons.