NISM Series XV Research Analyst Exam: Complete Guide (2026)

The NISM Series XV Research Analyst certification is the mandatory SEBI certification for anyone who wants to work as a research analyst in India. If you publish research reports, give buy/sell recommendations, or work for a research entity, SEBI requires you to clear the NISM Series XV exam. This complete 2026 guide walks you through the exam pattern, syllabus, passing marks, fees, registration process and a study plan that actually works.

Who needs the NISM Series XV Research Analyst certification?

Under the SEBI (Research Analysts) Regulations, 2014, the following individuals must hold a valid NISM Series XV certificate:

• Individual research analysts who issue research reports or recommendations.
• Principals and employees of a research entity engaged in preparing or publishing research.
• Anyone seeking SEBI registration as a Research Analyst (RA).

In short, if your job involves analysing securities and producing research that reaches investors, the NISM Research Analyst exam is non-negotiable.

NISM Series XV exam pattern

Understanding the exam pattern is the first step to clearing it. Here is the structure of the NISM Series XV Research Analyst exam:

The exam is made up of 80 standalone multiple-choice questions plus 5 case studies, each with 4 questions — 100 questions for 100 marks in total. The case studies test whether you can apply concepts — not just memorise them — so they reward practice.

NISM Series XV syllabus

The NISM XV syllabus spans 15 chapters (revised workbook, February 2026), covering the entire research process from understanding the economy to writing the final research report. Here is the official chapter list with its exam weightage (marks out of 100):

1. Introduction to Research Analyst Profession — the role, responsibilities and qualities of a research analyst. (1 mark)
2. Introduction to Securities Market — market structure, participants, instruments and dematerialisation. (2 marks)
3. Terminology in Equity and Debt Markets — key terms across equity, debt and commodity markets, and types of bonds. (2 marks)
4. Fundamentals of Research — investing, and the fundamental, technical, quantitative and behavioural approaches. (5 marks)
5. Economic Analysis — GDP, inflation, interest rates and other macroeconomic variables. (5 marks)
6. Industry Analysis — industry cyclicality, life cycle, key drivers, KPIs and the regulatory environment. (8 marks)
7. Company Analysis – Business and Governance — business models, pricing power, SWOT, management quality and ESG. (6 marks)
8. Company Analysis – Financial Analysis — P&L, balance sheet, cash flows, financial ratios and DuPont analysis. (12 marks — high weightage)
9. Corporate Actions — dividends, rights, bonus, splits, buybacks and their impact. (5 marks)
10. Valuation Principles — DCF, relative valuation, P/E, P/B, EV/EBITDA. (12 marks — high weightage)
11. Fundamental Analysis of Commodities — demand-supply dynamics, cycles and commodity-specific drivers. (5 marks)
12. Fundamentals of Risk and Return — risk measures, return concepts and portfolio basics. (7 marks)
13. Qualities of a Good Research Report — structure, disclosures and best practices in report writing. (5 marks)
14. Legal and Regulatory Environment — SEBI (Research Analysts) Regulations, 2014 and the Code of Conduct. (10 marks)
15. Technical Analysis — charts, trends, support/resistance, indicators and patterns. (15 marks — the single highest-weighted chapter)

Because the syllabus is wide, practising NISM XV questions topic by topic is far more effective than reading the workbook end to end.

NISM Series XV passing marks and negative marking

You need 60 out of 100 marks to pass. The catch is the 25% negative marking — every wrong answer costs you 0.25 marks. This means blind guessing hurts you. The smart strategy is:

• Answer every question you are confident about first.
• For questions where you can eliminate two options, an educated guess is usually worth it.
• Skip only the questions where you have no idea and cannot eliminate any option.

In practice, candidates who consistently score 70%+ in mock tests comfortably clear the real exam, because mocks build the buffer you need against negative marking.

NISM Series XV exam fees and registration

Registering for the NISM Research Analyst exam is straightforward:

1. Create an account on the official NISM certification portal (certifications.nism.ac.in).
2. Select Series XV – Research Analyst from the list of certifications.
3. Choose your test centre, date and time slot.
4. Pay the exam fee of approximately ₹1,500 + taxes.
5. Download your admit card and carry a valid photo ID on exam day.

The exam is conducted in a computer-based format at NISM-authorised test centres across India.

How to prepare for the NISM Series XV exam

Here is a study plan that has helped thousands of candidates pass the NISM XV Research Analyst exam on the first attempt:

Step 1 — Understand the blueprint

Skim the official workbook once to understand the weight of each chapter. Valuation, financial analysis and the regulatory framework carry significant weight.

Step 2 — Practise topic by topic

Instead of re-reading, practise NISM XV questions for one topic at a time. Active recall — answering questions and reading the explanation — cements concepts far better than passive reading.

Step 3 — Take full-length mock exams

Sit at least 4–5 NISM Series XV mock tests under timed, exam-like conditions. This trains your time management and exposes weak areas.

Step 4 — Revise weak topics

Use your mock-test analytics to find topics where you score below 60% and focus your last week of revision there.

On ScoreSetu you get 620 real-feel NISM XV practice questions — each with a detailed explanation — plus full-length timed mock exams and a progress dashboard that shows exactly which topics to revise.

Common mistakes to avoid

• Only reading the workbook. The exam tests application; you must practise questions.
• Ignoring negative marking. Practise deciding when to skip.
• Skipping case studies. There are 5 of them and they're very scoring once you practise them.
• Cramming the regulations the night before. SEBI regulations and the Code of Conduct need spaced revision.

Final word

The NISM Series XV Research Analyst certification is very clearable with the right preparation. Focus on understanding concepts, practise extensively, and simulate the real exam with mocks. Start with free practice questions today and build toward your first-attempt pass.