Which NISM certificate do I need: Series XV, or X-A and X-B?
A Research Analyst takes NISM Series XV. An Investment Adviser (or advisor) takes Series X-A and X-B. Renewal uses XV-B for analysts and X-C for advisers.
Want this checked against your own position? We handle the documentation and the filing.
The exam depends on which registration you want. SEBI's circulars name a different set of NISM certificates for each track, and the two sets do not overlap except for one compliance officer exam.
| Track | Certificate | Name |
|---|---|---|
| Research Analyst | NISM-Series-XV | Research Analyst |
| Research Analyst, renewal | NISM-Series-XV-B | Research Analyst renewal |
| Investment Adviser | NISM-Series-X-A | Investment Adviser (Level 1) |
| Investment Adviser | NISM-Series-X-B | Investment Adviser (Level 2) |
| Investment Adviser, renewal | NISM-Series-X-C | Investment Adviser renewal |
| Compliance officer of a non-individual | NISM-Series-III-A | Securities Intermediaries Compliance (Non-Fund) |
Timing for a Research Analyst
SEBI's guidelines set XV for the point of registration and XV-B before the validity of the certification expires. People associated with research services had to obtain the relevant NISM certification within one year of 23 July 2025. Purely clerical or administrative staff with no client contact and no link to research are outside that requirement.
What we leave out
Certification is separate from the minimum qualification under regulation 7, which SEBI revised in December 2024. We do not publish the revised wording here because we have not read it off the amended regulations ourselves. We confirm what applies to your degree during scoping. The BSE application form has a final upload slot for NISM certificate proof.
- 1.SEBI circular SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2025/004 dated 8 January 2025, Guidelines for Research Analysts
- 2.SEBI circular SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/105 dated 23 July 2025, FAQs for Research Analysts
- 3.SEBI circular SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2025/003 dated 8 January 2025, Guidelines for Investment Advisers
We handle the documentation and filing: Research Analyst registration
Sources read on 28 October 2026. SEBI revises these requirements, so we re-confirm every figure against the current circular before it goes into an application.
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