Before you attempt a single question: NISM Series 25A is the certification for Persons Associated with Research Services (PARS) at SEBI-registered Research Analyst firms. It is not the Investment Adviser certification. Exam format: 50 MCQs | 60 minutes | 50% pass mark | Fully online, remotely proctored | Compliance deadline: July 23, 2026

One fact above carries more urgency than all the others: July 23, 2026. Non-compliant PARS staff cannot legally continue performing research services at an RA firm after that date. If you are reading this in May 2026, you have the time but not the luxury of starting next week.

Click Here to Enroll to into NISM 25A Program

Introduction

23rd July 2026 is marked as the deadline for those who work in association with the Research Analyst on data collection, data management, report formatting, client handling, client onboarding, etc. These activities come under non-core research services, but are the most important arm of any research firm. A few of you must be providing backend support, but many of you are in the sales and marketing team and facing clients directly. This is a real challenge. SEBI suggested in the June 2025 master circular the minimum qualification requirement for a person associated with a Research Analyst.

The certification exam was launched by NISM on 10th of February, 2026. This examination seeks to establish a common minimum knowledge benchmark for persons associated with research services, as defined under Regulation 2(ne) of the SEBI (Research Analysts) Regulations, 2014. We also suggest visiting any research analyst’s website to understand how they present their services online and the care they take while sharing information. Code of conduct, FAQ, Disclosures, Disclaimers, etc.

Fifty questions in sixty minutes sounds comfortable until you are on Question 34 and suddenly unsure whether the scenario in front of you describes a conflict of interest or a standard disclosure obligation. That confusion is not a knowledge gap. It is a practice gap.

This free mock test gives you 15 carefully written questions across three focused sessions - Regulatory Framework, Securities Markets and Research Services, and Ethics and Compliance. Each question mirrors the actual exam's topic distribution. Each explanation tells you not just the correct answer but the regulation or concept being tested, so you can revisit it precisely in the NISM e-learning course.

Work through all three sets timed. Record your raw score. Then use the scoring guide and re-study plan below to build an exact preparation path before you book your exam date.

Looking for more? Search "nism 25a sample questions" and "nism xxv-a mock test" on the NISM portal for additional official practice materials.

How to Use This Mock Test Effectively

The candidates who clear NISM 25A fastest share one consistent habit: they practised before they felt ready. Waiting until you feel confident to attempt a mock test is the most common preparation mistake. Set your timer before

Question 1: The real NISM Series 25A exam gives you 60 minutes for 50 questions - 72 seconds per question. For this 15-question set, allow 18 minutes in total.

Train your brain to commit and move on.

Never leave a question blank: There is zero negative marking in NISM Series 25A. An unattempted question scores nothing. An intelligent guess gives you a 25% chance of a correct mark. Make this a non-negotiable rule in every practice session so it is completely automatic on exam day. So yes, attempting the question even if you are not sure about it will not take out your negative marks so please go attempt all 50 questions with confidence.

Attempt the full set before reading a single explanation: The temptation to verify each answer immediately is real. Resist it entirely. Finish all questions, note your raw score, then read every explanation - especially for questions you guessed correctly. An accidental right answer is not knowledge. It is false confidence that costs you marks on the real paper.

Mock Test Set 1 - Regulatory Framework (5 Questions)

Topic coverage: SEBI (Research Analysts) Regulations 2014, the PARS definition, NISM 25A exam structure, registration prerequisites, compliance deadlines.

⏱ Set your timer for 6 minutes. Attempt all 5 questions before reading any answers.

A foreign investor has invested in a country's existing financial instruments. This is known as

• Foreign Financial Investment
• Foreign Direct Investment
• Foreign Portfolio Investment
• Foreign Alleged Investments.

_____regulates the money market segment of the securities market and is also the manager of the Indian Government's borrowing program.

• Ministry of Finance
• Commerce Ministry
• RBI
• SEBI

Which of the following is included in the fundamental analysis?

• Economic Analysis
• Industry Analysis
• Company Analysis
• All of the above

Inflation will lead to an increase in the economy's price level and the erosion of the purchasing power of money.

• True
• False

What are the negative effects of inflation?

Negative Effects Of Inflation

• Disproportionately Impacts Low-Income Households.
• Raises Cost Of Living.
• Raises Interest Rates.
• Hurts The Growth Of Stocks And Bonds.

Any changes in the Securities Transaction Tax will have an effect on which of the following industries?

• Pharma
• Defence supply
• Security manpower suppliers
• Stockbroking firms

Mock Test Set 2 - Securities Markets and Research Services (5 Questions)

Topic coverage: Primary and secondary markets, SEBI's mandate, research report definition, conflict of interest disclosure, mutual fund NAV, systematic versus unsystematic risk.

⏱ Continue your timer. Complete all 5 questions within the next 6 minutes.

Which statement about the P/E ratio is correct?

• High PE always means a cheap stock
• PE shows price per share only
• High PE can indicate growth expectations or overvaluation
• PE guarantees future returns

When is the threat of substitutes high?

• When the substitutes offer a better price
• When the substitutes offer better ease
• When the substitutes offer better quality
• All of the above

What is the primary role of PARS?

• To give buy/sell recommendations
• To explain research reports clearly
• To manage client portfolios
• To trade in the market

Which of the following is the best practice for handling a client objection?

• Stay factual and non-defensive
• Provide reasoning in the report with personal views
• only a
• only b
• both a and b
• neither a nor b

Stock A and Stock B always move in opposite directions. What is their correlation?

• +1
• O
• ~ -1
• 0.5

A portfolio refers to:

• Investment in only equity
• Investment in only debt
• A mix of different investments
• Only mutual funds

Mock Test Set 3 - Ethics and Compliance (5 Questions)

Topic coverage: KYC and AML obligations, insider trading under SEBI PIT Regulations 2015, conflict of interest identification, Research Analyst code of conduct, the purpose and scope of NISM Series 25A.

⏱ Final stretch - 5 questions in 6 minutes. No blanks. Remember: no negative marking.

Return represents:

• Risk taken
• Reward earned on investment
• Only loss
• Government tax

Explanation:

Return is the reward (profit or loss) from an investment.

Annualised return helps to:

• Calculate total profit
• Convert total return into yearly return
• Measure risk
• Calculate EPS

Explanation:

Annualised return expresses total return as a per-year rate.

An investor adds gold to an equity portfolio. When markets fall, gold prices rise. What is the benefit here?

• High beta
• Diversification benefit due to low correlation
• Increased volatility
• Reduced returns

Explanation:

Gold's low or negative correlation with equities provides diversification benefit.

Who can dictate prices if there is a large number of sellers with similar products/services?

• Consumers
• Sellers
• Producers
• None of the above

Explanation:

More sellers mean more supply of goods. Prices are determined by demand and supply. When supply is higher, prices come down, so buyers are at an advantage here.

The Non-Performing Assets (NPAs) are typically low when _

• Interest rates are low
• Interest rates are high
• Inflation is high. Bank rates are high

Explanation:

NPAs, or non-performing assets, are those assets on which the interest remained unpaid for a period of 90 days. These non-performing assets negatively affect the functioning of the banks.

When interest rates are low, the EMI burden is relatively lower for the borrower, and therefore, the NPA rate comes down.

(Because EMIs become more affordable)

How to Score Your Practice Test

Add up your correct answers from all three sets. Each correct answer is 1 mark. There is no negative marking - a blank and a wrong answer both score zero, which means every blank was a wasted opportunity.

The passing mark in the real NISM Series 25A exam is 25 out of 50 (50%). On this 15-question test, your minimum safe score is 8. Your recommended comfort score before booking your actual exam date is 12 or above.

What to Do If You Score Below 50% on This Test

Scoring below 8 on this practice test is not a reason to panic - it is the most precise information you have right now. It tells you exactly what to fix, which is far more useful than general anxiety about the exam.

Most candidates who do not clear NISM 25A on their first attempt could have passed with targeted preparation in the two weeks leading up to the exam. Here is that preparation.

1. Step 1 - Pinpoint your weak set by section score. Each set maps to a specific cluster of topics. A weak Set 1 means your gap is in the SEBI RA Regulations 2014 and basic exam facts. A weak set of 2 points to securities market fundamentals. A weak Set 3 means ethics and compliance concepts need focused revision. Fix the right thing, not everything.
2. Step 2 - Follow this five-day targeted re-study plan.

Three factors account for the majority of low scores on NISM 25A. The first is consuming the e-learning course passively - playing it in the background while working means almost zero retention, and the exam is derived directly from this content.

The second is confusing NISM 25A with NISM X-A - studying Investment Adviser material (100 questions, 60% pass mark, IA Regulations 2013) instead of PARS material (50 questions, 50% pass mark, RA Regulations 2014) is the most damaging mistake a candidate can make. The third is skipping or rushing the mandatory e-learning module, which is both a registration prerequisite and the primary study source for the exam.

Click Here to Enroll to into NISM 25A Program

Fix these three, and your second attempt will look very different from your first.

Tips from Toppers

How to Clear NISM 25A on Your First Attempt

The NISM Series 25A exam has been live since early 2026. The PARS professionals who cleared it fastest - many scoring 38 to 44 out of 50 - shared one consistent observation: the exam rewards depth over breadth. You do not need to know everything. You need to know the SEBI RA Regulations 2014 and the fundamentals of the securities market precisely, under time pressure.

The e-learning course is your only official textbook:

As of May 2026, NISM has not published a PDF workbook for Series 25A. The mandatory e-learning course on the NISM portal is your primary and authoritative study source.

Watch all modules once with full attention, then go back and re-watch only the sessions that correspond to your weak sets.

Know the July 23, 2026 deadline cold