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A few years ago I thought oversized clothing was just another temporary trend.

Now most of my wardrobe is oversized tees and relaxed-fit pants.

Funny how some trends look strange until you actually wear them.

For me it was oversized fits.

What trend changed your mind?

After going through the complete NISM Series 25A syllabus, I noticed a mistake many candidates make.

Most people study all six chapters equally.

The exam does not work that way.

Chapter 2: SEBI Research Analyst Regulations 2014 and Chapter 3: Research Report Standards & Disclosures together can contribute around 50 to 60% of the paper. If your preparation time is limited, these should be your top priority.

Chapter 1: Securities Markets in India

Weightage: 20 to 25%

Focus on:

• SEBI, RBI, IRDAI and PFRDA roles
• NSE and BSE basics
• IPO process
• T+1 settlement cycle
• NSDL and CDSL
• Mutual funds and ETFs

Chapter 2: SEBI Research Analyst Regulations 2014

Weightage: 30 to 35%

Focus on:

• Research Analyst vs PARS
• Registration requirements
• Code of conduct
• Prohibited activities
• Conflict of interest disclosures
• Compliance obligations

This is easily the most important chapter in the syllabus.

Chapter 3: Research Report Standards & Disclosures

Weightage: 20 to 25%

Focus on:

• Research report components
• Analyst certifications
• Front-running restrictions
• Personal trading rules
• Fair disclosure requirements
• Coverage initiation and discontinuation

Front-running questions appear regularly in mock tests and previous exam discussions.

Chapter 4: Financial Statement Analysis

Weightage: 10 to 15%

Focus on:

• P&L, Balance Sheet and Cash Flow Statement
• ROE, ROCE, P/E and P/B ratios
• Liquidity and leverage ratios
• Financial red flags

Know the formulas well.

Chapter 5: Valuation & Investment Analysis

Weightage: 10 to 15%

Focus on:

• DCF basics
• P/E, EV/EBITDA and P/B valuation
• Buy, Hold and Sell ratings
• Fundamental analysis concepts

Mostly conceptual rather than calculation heavy.

Chapter 6: Ethics, Compliance & Investor Protection

Weightage: 5 to 10%

Focus on:

• Insider trading
• UPSI
• Investor protection
• Ethics scenarios
• SCORES complaint mechanism

My biggest takeaway is simple.

If you are strong in Chapters 1, 2 and 3, you are already covering most of the exam.

For those who recently cleared NISM 25A, which chapter had the most questions in your paper?