NISM AcademyNISM Series XV Research Analyst: exam pattern, syllabus and mock tests
Required for research analysts registered with SEBI. NISM Series XV covers how research is done and regulated: economic, industry and company analysis, financial statements, valuation, and the disclosure rules research analysts must follow. NISM revised it from 20 January 2026 with a new workbook and case-study questions.
NISM Series XV exam pattern at a glance
- Questions
- 80 + 5 case studies
- Duration
- 120 minutes
- Total marks
- 100
- Passing score
- 60% (60/100)
- Negative marking
- 25% per wrong answer
- Exam fee
- ₹1,500 + charges
- Certificate valid
- 3 years
80 one-mark questions plus 5 case studies of 4 questions each (20 marks). Fees and pattern are set by NISM and can change, so confirm on the official NISM Series XV page before you book.
Who should take NISM Series XV?
Research analysts and anyone who writes research reports or makes buy/sell recommendations under the SEBI (Research Analysts) Regulations.
Why you need it: Required to register as a research analyst with SEBI, and for people associated with research.
NISM Series XV syllabus: 15 chapters
- Introduction to Research Analyst Profession
- Introduction to Securities Market
- Terminology in Equity and Debt Markets
- Fundamentals of Research
- Economic Analysis
- Industry Analysis
- Company Analysis – Business and Governance
- Company Analysis – Financial Analysis
- Corporate Actions
- Valuation Principles
- Fundamental Analysis of Commodities
- Fundamentals of Risk and Return
- Qualities of a Good Research Report
- Legal and Regulatory Environment
- Technical Analysis
How to prepare for NISM Series XV
Expect ratio and valuation calculations, and 5 case studies in the revised paper. Give it 5 to 6 weeks and do a few numericals every day.
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Start the level checkNISM Series XV FAQs
What is NISM Series XV?
NISM Series XV is the Research Analyst Certification Examination conducted by the National Institute of Securities Markets. Required to register as a research analyst with SEBI, and for people associated with research.
How many questions are in NISM Series XV?
The exam has 80 one-mark questions plus 5 case studies of 4 questions each (20 marks), for a total of 100 marks. You get 120 minutes.
What is the passing score for NISM Series XV?
You need 60%, which is 60 out of 100 marks.
Is there negative marking in NISM Series XV?
Yes. 25% of a question’s marks are deducted for each wrong answer. Unattempted questions score zero.
How should I prepare for NISM Series XV?
Expect ratio and valuation calculations, and 5 case studies in the revised paper. Give it 5 to 6 weeks and do a few numericals every day.
How do I register for NISM Series XV?
Create an account on NISM’s certification portal, choose the exam, pick a test centre or remote-proctored slot, and pay the fee online. NISM Academy can’t register you; we link you to the official portal.
How long is the NISM Series XV certificate valid?
Three years from the date you pass.