Under SEBI (Research Analysts) Regulations, 2014, Persons Associated with Research Services (PARS) are required to obtain certification from the National Institute of Securities Markets (NISM). Previously, PARS had to pass the NISM Series-XV Research Analyst Certification Examination. Now, a lighter certification module has been introduced for individuals engaged in sales, relationship management, or other non-core services that involve client interaction but not research activities. Such personnel must now pass the NISM Series-XXV-A certification examination.