Certification requirement for research support staff relaxed: lighter NISM module introduced for sales and non-core PARS with immediate effect. A lighter certification pathway requires PARS performing sales and other non-core services to pass the NISM Series-XXV-A examination, while PARS not in those roles must continue to clear the NISM Series-XV Research Analyst examination. PARS holding Series-XV as of the circular date need not take Series-XXV-A until their Series-XV validity expires. The circular is effective immediately and directs the Research Analyst Administration and Supervisory Body to amend bye-laws and disseminate the change.