If you want to work in securities research or eventually build a SEBI-registered Research Analyst business in India, the NISM Series XV Research Analyst Certification Examination is one of the most important professional milestones.
The exam is not simply a test of stock-market terminology. The revised 2026 curriculum covers securities-market basics, economics, industry analysis, company financial statements, valuation, risk and return, corporate actions, commodities, research-report quality, regulation, and technical analysis.
In other words, it tests whether a candidate understands the full research process, not just how to identify a stock idea. NISM revised the Series XV examination effective 20 January 2026.
This guide explains the current exam structure in plain language, shows how to prepare efficiently, and explains an important distinction: passing NISM Series XV gives you the certification, but it does not, by itself, make you a SEBI Registered Research Analyst.
Quick Answer
The current NISM Series XV exam is a 100-mark, 120-minute test. It contains 80 one-mark MCQs plus 5 caselets with 4 one-mark questions each. You need 60 marks to pass, and every wrong answer attracts a penalty equal to 25% of the marks assigned to that question.
NISM’s current FAQ lists the exam fee as ₹1,500, including GST. The certificate is valid for 3 years.
Subtopics Covered in This Guide
- What is the NISM Series XV Research Analyst Certification Examination?
- What changed in the revised exam from 20 January 2026?
- Who should take the NISM Research Analyst exam?
- Is NISM Series XV enough to become a SEBI Registered Research Analyst?
- NISM Series XV eligibility and registration process
- Exam fee, duration, questions, passing marks and negative marking
- Complete revised NISM Series XV syllabus
- Which syllabus areas deserve the most preparation time?
- How case-based questions work
- How negative marking changes your exam strategy
- 21-day and 7-day preparation plans
- Best way to use the official NISM workbook
- Mock test and revision strategy
- Exam-day checklist
- Certificate validity and PAN requirement
- How to renew the certificate through NISM Series XV-B
- NISM Series XV vs NISM Series XXV-A
- Common mistakes candidates make
- FAQs
What Is NISM Series XV Research Analyst Certification?
NISM Series XV is the Research Analyst Certification Examination conducted by the National Institute of Securities Markets (NISM).
NISM is a securities-market education institution established by SEBI, and its certification examinations are used across several regulated roles in India’s financial-services industry.
For the Research Analyst framework, Series XV sets a common minimum knowledge benchmark for people directly involved in preparing or publishing research reports or analysis.
SEBI’s Research Analysts Regulations link the relevant certification requirement to the Research Analyst registration framework.
Who is it primarily meant for?
- Individuals who intend to act as or register as Research Analysts, subject to the separate SEBI eligibility and registration requirements.
- Employees who perform core research work for a Research Analyst or Research Entity.
- Partners or other relevant persons directly involved in preparation or publication of research analysis.
- Finance professionals who want a structured understanding of equity research, valuation and securities analysis, even when their immediate goal is not independent registration.
What Changed in the NISM Series XV Exam in 2026?
NISM announced in December 2025 that the revised Series XV examination would replace the previous version from 20 January 2026.
For anyone appearing in 2026, the important point is simple: prepare from the current NISM workbook and the revised test objectives, not from an old coaching PDF or an older question bank.
The revised curriculum has a broad research orientation. It includes fundamental research, economic and industry analysis, company governance, financial analysis, corporate actions, valuation, commodities, risk-return concepts, research-report standards, the legal environment and technical analysis.
Avoid an easy mistake
If a study video, PDF or mock test is based on the pre-20 January 2026 workbook, use it only as supplementary practice. Your core preparation should follow the current NISM curriculum and official workbook.
NISM Series XV Exam Pattern 2026
| Particular | Current Series XV |
| Exam | NISM-Series-XV: Research Analyst Certification Examination |
| Revised exam effective | 20 January 2026 |
| Mode | NISM certification exam at available test centres |
| Standard MCQs | 80 questions × 1 mark = 80 marks |
| Case-based questions | 5 caselets × 4 questions × 1 mark = 20 marks |
| Total marks | 100 |
| Duration | 120 minutes |
| Passing marks | 60 marks / 60% |
| Negative marking | 25% of marks assigned to each wrong answer |
| Current exam fee | ₹1,500 inclusive of GST, as stated in NISM FAQ; payment-gateway charges may apply |
| Certificate validity | 3 years from date of examination |
| PAN requirement | PAN must be furnished/updated for passing certificate issuance |
How much does a wrong answer cost?
Because each question is worth 1 mark, a wrong response normally reduces the score by 0.25 mark. That means four wrong answers can effectively wipe out one correct answer.
This is why you shouldn’t approach Series XV like an exam where random guessing has no downside.
Who Can Take the NISM Research Analyst Exam?
NISM’s FAQ describes the examination as being for individuals employed as Research Analysts and partners of Research Analysts who are engaged in preparation or publication of research reports or analysis.
The examination is mandated for the categories specified under the applicable SEBI Research Analyst framework.
For practical career planning, however, distinguish between exam eligibility and SEBI registration eligibility. Passing the exam is one piece of the regulatory puzzle.
To become an independent SEBI Registered Research Analyst, you must separately meet the applicable qualification, registration, infrastructure, fee, deposit, and compliance conditions.
Important
Passing NISM Series XV does not give you a SEBI registration number or authorise you to start selling research recommendations to the public.
Use the certification as one required component of the broader SEBI Research Analyst registration process.
How to Register for the NISM Series XV Exam
NISM handles the registration process through its certification portal. The exact screen flow can change, but the process is straightforward.
- Create or log in to your profile on the NISM Certification Portal.
- Carefully complete your personal details and update your PAN information.
- Select NISM-Series-XV: Research Analyst Certification Examination.
- Choose an available test centre, examination date and time slot.
- Pay the applicable examination fee.
- Download or keep the enrolment/admit card details.
- Download the latest official NISM workbook and begin preparation from the revised 2026 syllabus.
Why should you add PAN before the exam?
NISM states that it issues a passing certificate only after the candidate furnishes or updates their PAN in their registration details.
If you didn’t provide PAN initially, you can upload it later through the candidate dashboard, but handling it correctly before the exam avoids an unnecessary post-exam step.
Complete Revised NISM Series XV Syllabus 2026
The official curriculum is organised into fifteen broad units. You do not need to memorise every subheading mechanically, but you should understand how the units connect.
A Research Analyst moves from understanding the market to understanding the economy and industry, to analysing a company, valuing it, assessing risk, and finally communicating the research within the regulatory framework.
| Unit | Topic | What You Should Understand |
| 1 | Introduction to Research Analyst Profession | Role, responsibilities, client/company interaction, qualities of an analyst |
| 2 | Introduction to Securities Market | Market structure, participants, products, transactions, demat/remat basics |
| 3 | Terminology in Equity and Debt Markets | Equity, debt, bonds and commodity-market terminology |
| 4 | Fundamentals of Research | Fundamental, technical, quantitative and behavioural approaches; top-down and bottom-up analysis |
| 5 | Economic Analysis | Micro/macro concepts, economic variables, cycles, information sources |
| 6 | Industry Analysis | Industry structure, life cycle, trends, KPIs, regulation, taxation and information sources |
| 7 | Company Analysis – Business and Governance | Business models, competitive advantage, management quality, governance, ESG and business risks |
| 8 | Company Analysis – Financial Analysis | Financial statements, cash flow, notes, audit report, ratios, DuPont, peer comparison |
| 9 | Corporate Actions | Dividend, rights, bonus, split, M&A, demerger, buyback, delisting and related actions |
| 10 | Valuation Principles | DCF, relative valuation, SOTP, CAPM, earnings/asset multiples and valuation judgement |
| 11 | Fundamental Analysis of Commodities | Supply-demand, global linkages, weather/inventory, policy, geopolitics and hedging |
| 12 | Fundamentals of Risk and Return | Return calculations, investment risks, beta, sensitivity, margin of safety, risk-adjusted return, biases |
| 13 | Qualities of a Good Research Report | Research-report structure, rating conventions and checklist approach |
| 14 | Legal and Regulatory Environment | Market regulation, RA code of conduct, conflicts/disclosures, ASM/GSM |
| 15 | Technical Analysis | Charts, Dow Theory, trends, patterns, support/resistance, trendlines and indicators |
Which Topics Need the Most Preparation?
NISM publishes the curriculum and test objectives, but candidates should not assume every chapter will require the same amount of study time.
The following preparation priority is a practical study recommendation, not an official NISM weightage table.
| Priority | Area | Why |
| High | Financial statement analysis | Many concepts and calculations; ratios, cash flow and accounting quality need practice. |
| High | Valuation | DCF and relative valuation require conceptual clarity and comfort with numbers. |
| High | Risk and return | Return, beta, and risk-adjusted measures can lead to calculation-based questions. |
| High | Legal & regulatory environment | Rules and disclosures are easy to confuse if you read them only once. |
| High | Fundamentals + economic + industry analysis | These chapters create the logic for case-based questions. |
| Medium | Corporate actions | Conceptual and calculation effects should be clear. |
| Medium | Technical analysis | Understand definitions, chart concepts, trends and indicators. |
| Medium | Commodities | Know supply-demand drivers, global linkages and hedging logic. |
| Foundation | Market basics and terminology | Usually easier once core securities-market concepts are familiar. |
| Foundation | Good research report / analyst profession | Important for professional understanding and regulatory context. |
Understanding the Case-Based Questions
Twenty of the 100 marks come from case-based questions. NISM structures this as five cases, each followed by four one-mark questions.
These questions test your ability to apply concepts rather than recognise definitions in isolation.
A caselet might present a business situation, financial information, an industry trend or a research scenario. The right approach is to identify what the question is actually testing before starting calculations.
- Read the question before over-analysing the case.
- Mark the facts that are directly relevant to the calculation or concept.
- Write down the formula before inserting numbers.
- Watch units: percentages, ₹ crore, per-share values, and annualised figures can cause avoidable mistakes.
- Do not infer facts that are not stated in the case.
How Negative Marking Should Change Your Strategy
Series XV has a 25% penalty on wrong answers. For a one-mark question, a wrong answer generally costs 0.25 marks, while an unanswered question earns no mark.
| Situation | Suggested Exam Approach |
| You know the answer confidently | Answer it immediately. |
| You can eliminate two or three options | Attempt it only after checking your reasoning. |
| You are choosing randomly among four options | Be cautious; repeated blind guesses can damage your score. |
| A calculation is taking too long | Mark it for review and protect time for easier questions. |
| You are already near the end with time remaining | Review flagged questions before changing answers you originally knew. |
How Difficult Is the NISM Series XV Exam?
The exam is manageable for a well-prepared candidate, but it is not a pure-memory certification.
The difficulty usually comes from breadth. A candidate may be comfortable with equity markets but weak in accounting, valuation, economics or regulation. Another may understand financial statements but lose marks on formulas or caselets.
The most effective preparation strategy is therefore balanced: first build concept coverage across the syllabus, then spend disproportionate revision time on financial analysis, valuation, risk-return calculations and the regulatory chapters.
Best Study Material for NISM Series XV
Use the official NISM workbook as the primary source. NISM states that a soft copy is available after enrolment and can also be downloaded through its study-material facility.
The official book matters because the examination is revised when regulations and market practices change.
Recommended source hierarchy
- Current official NISM Series XV workbook.
- Current NISM curriculum and test objectives.
- Chapter-end questions, worked examples and NISM mock-test resources.
- Your own condensed notes/formula sheet.
- Use third-party videos or mocks only as supplementary practice, after confirming they follow the 2026 syllabus.
21-Day NISM Series XV Preparation Plan
| Days | Coverage | Focus |
| Days 1–2 | Units 1–3 | Research profession, securities-market basics, equity/debt terminology |
| Days 3–4 | Unit 4 | Research approaches, E-I-C, behavioural and quantitative concepts |
| Days 5–6 | Units 5–6 | Economic and industry analysis |
| Days 7–8 | Unit 7 | Business models, competitive advantage, governance and ESG |
| Days 9–11 | Unit 8 | Financial statements, ratios, DuPont, audit report, peer comparison |
| Day 12 | Unit 9 | Corporate actions and their impact |
| Days 13–14 | Unit 10 | DCF, relative valuation, CAPM and SOTP |
| Day 15 | Unit 11 | Commodity analysis |
| Day 16 | Unit 12 | Risk-return calculations and behavioural biases |
| Day 17 | Unit 13 | Research-report quality and checklist |
| Day 18 | Unit 14 | Legal and regulatory environment |
| Day 19 | Unit 15 | Technical analysis |
| Day 20 | Full mock + error log | Attempt under 120-minute exam conditions |
| Day 21 | Final revision | Formula sheet, regulations, weak chapters, caselets |
If you have only 7 days
- Day 1: Market basics + research fundamentals + economics.
- Day 2: Industry + company/business/governance analysis.
- Day 3: Financial statement analysis.
- Day 4: Valuation + corporate actions.
- Day 5: Risk-return + commodities + technical analysis.
- Day 6: Regulatory environment + research reports + one full mock.
- Day 7: Two focused revision blocks: formulas/calculations and regulation/error log.
A Practical Preparation Method
Reading the workbook once from start to finish is not enough for most candidates. Use a three-layer method.
Layer 1 – Understand: Read the chapter to understand what the concept means and why an analyst uses it.
Layer 2 – Compress: Reduce each chapter to short notes: definitions, formulas, regulatory rules, common traps and two or three examples.
Layer 3 – Retrieve: Close the book and solve questions from memory. The exam rewards retrieval and application, not recognition while reading.
Create a formula sheet
Keep one or two pages for formulas and quantitative relationships. Your exact sheet will depend on the workbook, but it should normally include return calculations, risk measures, common ratios, DuPont relationships, valuation relationships and any other formula you repeatedly forget.
Maintain an error log
Classify every mock-test mistake: concept error, formula error, careless reading, calculation error, or regulatory-memory error. Your last two days should be driven by this error log rather than by rereading every chapter equally.
Time Management During the 120-Minute Exam
With 100 marks in 120 minutes, you have enough time if you avoid getting trapped by one calculation.
- First 55–65 minutes: clear straightforward MCQs.
- Next 35–40 minutes: complete calculations and caselets.
- Final 15–25 minutes: revisit flagged questions and check arithmetic/wording.
These are planning ranges, not NISM-prescribed timing rules. If you are naturally stronger in caselets, you may prefer a different order.
Exam-Day Checklist
- Carry/keep the identification documents required by the current NISM test-centre instructions.
- Reach the centre with enough buffer time.
- Confirm your NISM profile and PAN details before exam day.
- Do not rely on last-minute new material.
- Read negative-marking questions carefully before changing an answer.
- Use the final minutes to review flagged questions rather than randomly attempting everything.
When Do You Receive the Certificate?
NISM’s FAQ states that candidates who pass and have provided PAN generally receive the certificate within two weeks of appearing for the examination.
If you did not supply your PAN earlier, you can upload it through the candidate dashboard, after which the certificate can be processed without a separate certificate fee.
NISM Series XV Certificate Validity
The Series XV certificate is valid for three years from the examination date. If you are using the certification to satisfy a regulatory requirement, don’t wait until after expiry to consider renewal.
How to Renew NISM Series XV: Series XV-B
NISM offers Series XV-B as the renewal examination for the Research Analyst Certification. It is designed for candidates who already hold a valid Series XV certificate and whose certificate is due for renewal.
| Feature | Series XV-B Renewal |
| Who can enrol? | Existing valid Series XV certificate holders; NISM states the certificate should expire within the next 12 months. |
| Mode | Online / remotely proctored renewal process |
| Training | Approximately 2–3 hours of prescribed video content |
| Assessment | 50 one-mark MCQs |
| Duration | 60 minutes |
| Passing score | 50% / 25 marks |
| Negative marking | No |
| Current listed enrolment fee | ₹2,500 plus applicable taxes |
| Renewed validity | 3 years |
Renew before expiry
NISM states that an expired Series XV certificate cannot use the XV-B renewal route. If you rely on the certificate professionally, schedule renewal well before the validity end date.
NISM Series XV vs NISM Series XXV-A
This distinction became especially important in 2026. NISM introduced Series XXV-A for Persons Associated with Research Services who perform sales and other non-core services.
It is not a substitute for Series XV for someone doing core research work such as preparing or publishing research analysis.
| Feature | NISM Series XV | NISM Series XXV-A |
| Primary purpose | Core Research Analyst / research work knowledge benchmark | Sales and other non-core services associated with research services |
| Core research preparation/publication | Relevant certification route | Not intended as the core research certification |
| Exam structure | 100 marks; 80 MCQs + 20 case-based marks | 50 one-mark MCQs |
| Duration | 120 minutes | 60 minutes |
| Passing score | 60% | 50% |
| Negative marking | 25% of assigned marks on wrong answers | No negative marking |
| Mode | Test-centre based | Internet-based / remotely proctored |
| Validity | 3 years | 3 years |
Who should take which exam?
If your role involves performing the core research function, preparing research reports or analysis, Series XV is the relevant examination to examine first.
If your role is limited to sales and other non-core research-service functions, Series XXV-A may be the applicable certification under the 2026 framework.
Your employer/Research Analyst should map the actual job function to the regulatory requirement rather than choosing the easier examination.
Is Passing NISM Series XV Enough to Start a Research Analyst Business?
No. This is one of the most important points for new entrants. Series XV is a certification examination; SEBI Research Analyst registration is a separate regulatory process.
An applicant planning to operate independently needs to consider current qualification requirements, the SEBI/RAASB application, registration fees, client-linked deposits, compliance systems, disclosures, records, audit/reporting obligations, and the rules governing research services.
For that reason, this article should link internally to Finobizz’s dedicated guide on starting a SEBI-registered Research Analyst business in India.
Common Mistakes Candidates Make
| Mistake | Why It Matters |
| Using an old workbook | The Series XV syllabus was revised from 20 January 2026. |
| Memorising without practising | Valuation, ratios, returns and caselets require application. |
| Ignoring regulation until the final day | Regulatory details are easier to confuse than broad market concepts. |
| Blind guessing | Wrong answers attract negative marks. |
| Overstudying favourite topics | Being strong in stocks does not compensate for weak accounting, economics or regulation. |
| Skipping case practice | Case-based questions account for 20% of total marks. |
| Forgetting PAN | Certificate issuance requires furnishing/updating PAN. |
| Treating the certificate as SEBI registration | Certification and registration are different steps. |
FAQs on NISM Series XV Research Analyst Exam 2026
What is the passing score for NISM Series XV?
You need 60 marks out of 100 (60%).
Is there negative marking in NISM Series XV?
Yes. NISM states that 25% of a question’s marks are deducted for each wrong answer.
How many questions are there?
The exam has 80 standard one-mark MCQs and 5 caselets with 4 one-mark questions each, for a total of 100 marks.
What is the exam duration?
120 minutes.
What is the NISM Series XV exam fee in 2026?
NISM’s current FAQ lists the fee at ₹1,500, inclusive of GST. Payment-gateway charges may apply.
How long is the certificate valid?
Three years from the examination date.
Is PAN compulsory?
PAN is required to issue the passing certificate; candidates can update PAN through their NISM profile if they did not provide it initially.
Can I become SEBI Registered Research Analyst after passing only NISM XV?
No. You must separately satisfy SEBI’s current Research Analyst eligibility and registration requirements.
What is NISM XV-B?
It is the Research Analyst Certification Renewal Examination for eligible holders of a valid Series XV certificate.
What is NISM XXV-A?
It is a separate certification for Persons Associated with Research Services performing sales and other non-core functions.
Should I buy a paid course?
A paid course is optional. The official NISM workbook should remain your primary source; use third-party material only to supplement it.
How many days are enough for preparation?
It depends on your background. A disciplined 2–3 week plan is reasonable for many candidates, while candidates new to financial statements and valuation may need longer.
Final Takeaway
Treat NISM Series XV as a professional competency exam, not a shortcut certificate. The revised 2026 syllabus is broad because a good Research Analyst needs more than a view on whether a stock will go up or down.
The analyst must understand businesses, financial statements, valuation, risk, industries, regulation, and the discipline of writing defensible research.
Start with the official workbook, practise calculations and caselets, keep a regulatory revision sheet, and respect negative marking.
If your eventual goal is to build a research-analysis business, use the certificate as one step in the larger SEBI registration and compliance journey.
2026 UPDATE
NISM launched the revised Series XV Research Analyst Certification Examination from 20 January 2026. The current exam has 100 marks, a 120-minute duration, 60% passing marks, and 25% negative marking for wrong answers.