Examination Overview – NISM Series XV: Research Analyst Certification
The NISM-Series-XV: Research Analyst Certification Examination has been revised and relaunched with effect from March 2025. This certification is mandated by SEBI under the SEBI (Research Analyst) Regulations, 2014, and is essential for all individuals functioning as research analysts or involved in preparing or publishing research reports or analysis.
The examination aims to establish a common minimum knowledge benchmark for:
- Associated persons registered as research analysts under SEBI regulations
- Employees or partners of entities acting as research analysts
- Individuals aspiring to become research analysts in the financial services sector
By passing this exam, candidates meet the Regulation 7(2) requirement of the SEBI (Research Analysts) Regulations, 2014, ensuring they are qualified to carry out research responsibly and professionally.
The certification is designed to improve the quality, accuracy, and ethical standards of research analysis in the Indian capital markets.
Examination Objectives
On successful completion of the NISM Research Analyst exam, the candidate is expected to:
- Understand the fundamentals of Indian securities markets: Grasp key concepts, participants, instruments, and terminology used in equity and debt markets.
- Learn the top-down and bottom-up approaches: Apply these frameworks to conduct effective fundamental research at macroeconomic, industry, and company levels.
- Analyze macroeconomic and microeconomic indicators: Know the basic principles of economic analysis, including inflation, interest rates, GDP, fiscal and monetary policy, and how these impact market movements.
- Master industry analysis: Identify key industry drivers, sectoral risks, and use public and proprietary sources of information for in-depth analysis.
- Understand company analysis: Evaluate companies using qualitative (management quality, corporate governance) and quantitative (financial statements, ratios) parameters.
- Gain expertise in risk, return, and valuation principles: Learn the relationship between risk and return, discounting methods, DCF, relative valuation techniques, and the implications of various corporate actions.
- Identify key elements of a strong research report: Understand how to structure a report, present data clearly, justify opinions, and maintain transparency and regulatory compliance.
This certification ensures that registered research analysts are well-versed in industry best practices, ethical standards, and analytical techniques. Passing the NISM Series XV exam demonstrates your capability to work as a compliant and competent research analyst in India’s evolving capital market ecosystem.
Assessment Structure
| Component |
Details |
| Mode of Exam |
Online (Computer-Based Test) |
| Language Options |
English |
| Number of Questions |
100 |
| Question Format |
92 MCQs + 2 case-based (each with 4 questions) |
| Total Marks |
100 |
| Passing Criteria |
60% |
| Negative Marking |
Yes (25% of marks per question) |
| Exam Duration |
2 Hours (120 minutes) |
| Exam Fee |
₹1,500 (inclusive of GST) + gateway charges |
| Result Declaration |
Immediately after exam completion |
| Certificate Validity |
3 Years from the date of passing |
| PAN Requirement |
Must be updated in profile |
| Exam Delivery |
Available at 150+ NISM centers across India |
Syllabus Outline with Weightages
| Unit No. |
Unit Name |
Weightage (%) |
| 1 | Introduction to Research Analyst Profession | 3 |
| 2 | Introduction to Securities Market | 4 |
| 3 | Terminology in Equity and Debt Markets | 4 |
| 4 | Fundamentals of Research | 5 |
| 5 | Economic Analysis | 10 |
| 6 | Industry Analysis | 10 |
| 7 | Company Analysis – Business and Governance | 8 |
| 8 | Company Analysis – Financial Analysis | 16 |
| 9 | Corporate Actions | 5 |
| 10 | Valuation Principles | 16 |
| 11 | Fundamentals of Risk and Return | 5 |
| 12 | Qualities of a Good Research Report | 4 |
| 13 | Legal and Regulatory Environment | 10 |
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