NISM-Series-XV: Research Analyst Certification Exam | NISM Series XV Mock Test : NISMExams.in

India’s Most Trusted NISM Mock Test Portal for Passing NISM Exams

NISM Series XV: Research Analyst Certification Mock Test


  • Master the NISM Series XV: Research Analyst Certification Exam effortlessly with our comprehensive package!
    1. 800+ Exam-Focused Questions: Gain confidence with a vast question bank covering all key topics.
    2. Engaging Video Lectures: Learn complex concepts effortlessly with expert-led sessions.
    3. Concise Short Notes: Quick revision materials designed for clarity and retention.
    4. 15-Days Access: Ample time to prepare and refine your understanding.
    5. 15 Test Attempts per Set: Practice extensively and track your progress.
    6. 16 Case Study-Based Questions: Sharpen your practical understanding with real-world scenarios.
    7. Affordable Pricing: Just Rs.599 (including GST) for comprehensive study resources.

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 (%)
1Introduction to Research Analyst Profession3
2Introduction to Securities Market4
3Terminology in Equity and Debt Markets4
4Fundamentals of Research5
5Economic Analysis10
6Industry Analysis10
7Company Analysis – Business and Governance8
8Company Analysis – Financial Analysis16
9Corporate Actions5
10Valuation Principles16
11Fundamentals of Risk and Return5
12Qualities of a Good Research Report4
13Legal and Regulatory Environment10

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
  • Engaging Video Lectures by Experts
  • Concise Short Notes
  • 15 Days Unlimited Access
  • 15 Test Attempts per Mock Set
  • 16 Case Study-Based Questions
  • Affordable Pricing – Just ₹599 (including GST)

Be exam-ready. Be SEBI-compliant. Be certified.

Enroll Now for ₹599 – Start Your Preparation

Proven Success Rate: 98%

Feedback Form





Captcha: