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 how inflation, interest rates, GDP, fiscal and monetary policy impact markets.
Master industry analysis: Identify industry drivers, sector risks, and reliable data sources for analysis.
Understand company analysis: Evaluate qualitative (management, governance) and quantitative (financial ratios) aspects.
Gain expertise in valuation principles: Understand DCF, relative valuation, risk-return, and corporate actions.
Identify strong research reports: Learn how to build structured, compliant, and data-driven reports.
For more details, please visit the official website of
NISM.
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 (4 questions each) |
| Total Marks | 100 |
| Passing Criteria | 60% |
| Negative Marking | Yes (25% per wrong answer) |
| Duration | 2 Hours |
| Exam Fee | ₹1,500 + gateway charges |
| Result Declaration | Immediately post exam |
| Certificate Validity | 3 Years |
| PAN Requirement | Must be updated in profile |
| Exam Delivery | 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 |
What We Offer
Master the NISM Series XV: Research Analyst Certification Exam with confidence using our all-in-one preparation bundle:
800+ Exam-Focused Questions: Comprehensive practice across all key topics.
Engaging Video Lectures by Experts: Easy-to-understand sessions for core concepts.
Concise Short Notes: Perfect for last-minute revision.
15 Days Unlimited Access: Study at your pace with full content access.
15 Test Attempts per Mock Set: Practice until you’re confident.
16 Case Study-Based Questions: Improve practical application skills.
Affordable Pricing: Just ₹599 (including GST) for everything.
Frequently Asked Questions – NISM Research Analyst Exam (Series XV)
While you might find some free NISM Research Analyst mock tests online, they typically offer a limited number of questions and rarely include case studies or detailed explanations. For an exam with negative marking and a 60% passing score, relying on basic free tests can be risky. To ensure you are fully prepared, nismexams.in offers a complete package with 800+ questions, including 16 case study-based scenarios, video lectures, and revision notes that cover the entire syllabus in depth.
Searching for a "NISM Research Analyst mock test PDF" often leads to outdated materials that don't reflect the revised 2025 syllabus or the correct exam pattern. A static PDF won't simulate the timed, computer-based test environment. A more effective solution is an interactive platform like nismexams.in, which provides an extensive, updated question bank and concise study notes, ensuring your preparation is aligned with the actual exam.
Based on the official weightages, you should focus on these critical areas:
Company Analysis – Financial Analysis (16%)
Valuation Principles (16%)
Economic Analysis (10%)
Industry Analysis (10%)
Legal and Regulatory Environment (10%)
The study materials at nismexams.in are structured to help you master these high-weightage topics to maximize your score.
Focus on high-weightage topics like Company & Financial Analysis, Valuation Principles, Economic and Industry Analysis, and Legal & Regulatory Environment. nismexams.in tailors content around these areas to maximize your score.
NISM does not officially release its past question papers. Any so-called "previous year papers" found online are unreliable, memory-based collections. A far better approach is to practice with a professionally curated question bank. The mock tests at nismexams.in are based on the official examination objectives and are frequently updated to reflect current question patterns, providing a more dependable preparation resource than any unverified question paper.
Case study questions are a critical part of the NISM Research Analyst exam, designed to test your practical application of knowledge. Reading theory alone is not enough. To master these, you need to practice with real-world scenarios. The comprehensive package at nismexams.in includes 16 case study-based questions that sharpen your analytical skills and prepare you for the practical challenges of the exam.
Passing in 15 days is ambitious but possible with a focused strategy. The all-in-one package from nismexams.in, which provides 15-day access, is ideal for this.
Days 1-7: Watch the engaging video lectures to quickly cover all core concepts.
Days 8-12: Attempt the 800+ mock questions and case studies to solidify your understanding.
Days 13-15: Use the concise short notes for rapid revision and take full-length mock tests to get comfortable with the time limit and negative marking.
Yes, the NISM Series XV exam can be challenging. The combination of a high passing score (60%) and a penalty of 25% for every wrong answer means that simply guessing is not a viable strategy. Success depends on accuracy and a deep understanding of the concepts. This is why practicing with a large and relevant question bank is essential. The mock tests at nismexams.in are specifically designed to help you build the confidence and precision needed to tackle the exam, allowing you to practice time management while being mindful of the negative marking.
Case study questions require you to apply theoretical knowledge to practical, real-world scenarios, and they are a critical part of the exam. The best way to prepare is by working through as many relevant case studies as possible. While standard mock tests often neglect this format, the premium package at nismexams.in includes 16 specific case study-based questions. This targeted practice ensures you develop the analytical skills needed to confidently handle these complex questions and secure a passing score.
While free mock tests can provide a basic introduction, they are generally not sufficient for clearing a professional certification like the NISM Series XV exam. Free resources often lack depth, do not cover the full syllabus, and are not updated to reflect the latest exam patterns, including critical components like case studies and negative marking. For a SEBI-mandated certification, investing in a comprehensive and affordable preparation package like the one at nismexams.in is a more reliable path to success, saving you from the potential cost and time of a re-attempt.
Be certified. Be compliant. Be a depository operations pro.
Enroll Now and Start Your Journey!
Start Preparing Now – Be Exam Ready!