The best way to prepare for the NISM Series XV Research Analyst exam is to practise real questions. Below are 15 important NISM XV questions with answers and explanations across the most-tested topics. Try to answer each before reading the explanation — active recall is what makes concepts stick.
Valuation & ratios
1. A company's P/E is 20 and its EPS is ₹15. What is the market price per share? Answer: ₹300. Price = P/E × EPS = 20 × ₹15 = ₹300. Hook: P/E tells you the price paid per rupee of earnings, so multiply it back to get price.
2. What does CAGR measure? Answer: The compounded annual growth rate over a period. CAGR = (End Value / Begin Value)^(1/years) − 1. It smooths growth over time and ignores the timing of interim cash flows.
3. A higher P/B ratio generally indicates: Answer: The market values the company at a premium to its book value. It often reflects strong return on equity or growth expectations.
4. Which valuation method discounts future free cash flows to present value? Answer: Discounted Cash Flow (DCF). DCF estimates intrinsic value independent of current market sentiment.
Financial statement analysis
5. Which financial statement shows a company's financial position at a point in time? Answer: The balance sheet. The P&L and cash-flow statements cover a period; the balance sheet is a snapshot.
6. Return on Equity (ROE) is calculated as: Answer: Net profit / Shareholders' equity. ROE measures how efficiently a company generates profit from shareholders' funds.
7. A rising inventory-to-sales ratio may signal: Answer: Slowing sales or overstocking. It is a red flag for earnings quality.
SEBI regulations & code of conduct
8. Under the Code of Conduct, a research analyst must not trade in a recommended security within how many days before publishing a report? Answer: 30 days before (and 5 days after) publication. This prevents front-running.
9. The chairman of the Remuneration/Nomination Committee should be: Answer: An independent director. SEBI requires independence for these committees.
10. The SEBI (Research Analysts) Regulations came into force in which year? Answer: 2014. They govern registration, conduct and disclosures for research analysts.
Technical analysis
11. The Efficient Market Hypothesis states that: Answer: Share prices reflect all available information. Under EMH, you cannot consistently beat the market using known information.
12. A 'support level' in technical analysis is: Answer: A price level where buying interest tends to halt a decline. Resistance is the opposite — where selling tends to cap a rise.
13. A 'golden cross' occurs when: Answer: A short-term moving average crosses above a long-term moving average. It is considered a bullish signal.
Corporate actions
14. A bonus issue: Answer: Increases the number of shares without changing total shareholder wealth. The price adjusts proportionately.
15. Under the Companies Act, a 'Scheme of Arrangement' is: Answer: A court (NCLT)-monitored compromise/arrangement between a company and its creditors or members. It can be initiated by the company, its creditors or members.
Practise the full bank
These 15 questions are a small taste. The real exam draws from a wide syllabus, so you need breadth of practice.
On ScoreSetu you get 620 NISM Series XV practice questions — every one with a detailed explanation and most with a memory hook — organised by topic, plus full-length timed mock exams that replicate the 100-question, 2-hour, 60%-to-pass format.
Practise consistently, review every explanation, and track your weak topics. That is how you turn sample questions into a confident first-attempt pass on the NISM Research Analyst exam.