Research Services (Sales)
Sales personnel of research analysts and proxy advisors — communication, ethics, and SEBI research analyst regulations.
Exam Pattern & Marking
Detailed Syllabus
5 chapters · 100 total marks
| # | Chapter | Marks | Practice Qs |
|---|---|---|---|
| 1 | XXVA Introduction to Research Analyst Framework | 22 | 28 |
| 2 | XXVA Sales and Distribution of Research Services | 22 | 27 |
| 3 | XXVA Regulatory Compliance for Non-Core Research Personnel | 20 | 25 |
| 4 | XXVA Code of Conduct and Ethical Standards | 18 | 22 |
| 5 | XXVA Investor Protection Measures | 18 | 23 |
| Total | 100 | 125 |
Marks per chapter reflect the official NISM syllabus weightage. Practice question counts show the bank size in our app — use them to gauge depth of preparation needed per chapter.
Key Knowledge Areas
Overview
Series XXV-A is the certification for sales personnel — relationship managers, salespersons, and client-facing staff — at SEBI-registered Research Analysts (RAs) and Proxy Advisors. Lighter than XV (Research Analyst) but covers similar regulatory ground.
At a glance: 100 questions · 2 hours · 60% pass mark · 0.25 negative marking · ₹1,500 + GST.
Who should take XXV-A
- RMs / sales staff at sell-side research firms
- Institutional sales at brokers’ research desks
- Sales reps at proxy advisory firms (SES, IIAS, InGovern)
- Client-facing staff who relay research to clients
Key Knowledge Areas
The research process at a glance
Even sales staff need to understand the analyst workflow:
- Sector / company selection
- Fundamental analysis
- Valuation (DCF, multiples)
- Recommendation (Buy / Hold / Sell)
- Target price + horizon
- Disclosure
Sales ethics
Salespeople must accurately represent research conclusions. They cannot embellish, cherry-pick favourable points, or downplay risks. Misrepresenting research is a serious SEBI violation.
Key prohibitions:
- No “off-the-record” recommendations
- No selective disclosure to favoured clients
- No personal trading on basis of UPSI from analysts
- No quid-pro-quo with corporates being researched
Conflict of interest
A research firm has many conflicts:
- Investment banking relationships with covered companies
- Proprietary trading positions
- Analyst’s own holdings
- Research-management compensation linkages
Salespeople must disclose all material conflicts when relaying research.
Code of conduct
Per SEBI RA Regulations 2014:
- Maintain confidentiality of UPSI
- Avoid any trading window violations
- Disclose all relevant conflicts
- No misleading statements
Selling research
Sales staff distribute research to clients via emails, calls, meetings, conferences. They must maintain logs, observe trading windows, and ensure simultaneous disclosure (research released to all clients at the same time).
Proxy advisory specifics
Proxy advisors (SES, IIAS, InGovern) issue voting recommendations to institutional investors. Sales staff at these firms have specific obligations around methodology disclosure and recommendation rationale.
Exam Tips
Tip 1: SEBI RA Regulations 2014 carry the heaviest weight. Know capital adequacy, disclosure requirements, code of conduct.
Tip 2: Conflict-of-interest scenarios — IB-research firewalls, analyst holdings, compensation links — are exam-favourites.
Tip 3: Distinction between research and investment advice (legally and operationally) appears regularly.
Tip 4: Recent SEBI enforcement against RA / proxy advisors gives practical context. Read recent SEBI orders.
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