NISM Series XV: Research Analyst Certification – Exam Overview
The NISM Series XV: Research Analyst Certification Examination, relaunched in March 2025, is a mandatory certification under the SEBI (Research Analyst) Regulations, 2014. This exam is critical for individuals working as research analysts, preparing or publishing research reports, or aspiring to enter the financial services sector as a research analyst.
The certification establishes a standardized knowledge benchmark for:
- SEBI-registered research analysts
- Employees or partners of research analyst entities
- Aspiring research analysts seeking to excel in the financial industry
Passing this exam fulfills Regulation 7(2) of the SEBI regulations, ensuring candidates are equipped to conduct responsible, professional, and ethical research. It enhances the quality and credibility of research analysis in India’s capital markets. Prepare effectively with NISM Series XV mock tests at nismmocktests.in.
Examination Objectives
Upon passing the NISM Series XV Research Analyst Certification, candidates will:
- Master Indian securities markets: Understand key concepts, market participants, and equity/debt market instruments.
- Apply research frameworks: Use top-down and bottom-up approaches for macroeconomic, industry, and company-level analysis.
- Analyze economic indicators: Evaluate the impact of inflation, interest rates, GDP, and fiscal/monetary policies on markets.
- Conduct industry analysis: Identify sector drivers, risks, and reliable data sources.
- Perform company analysis: Assess qualitative factors (management, governance) and quantitative metrics (financial ratios).
- Understand valuation techniques: Learn DCF, relative valuation, risk-return analysis, and corporate actions.
- Create high-quality research reports: Develop structured, compliant, and data-driven reports.
For more details, visit the official NISM website. Boost your preparation with mock tests at nismmocktests.in.
Assessment Structure
| Component | Details |
|---|---|
| Mode of Exam | Online (Computer-Based Test) |
| Language | English |
| Number of Questions | 100 (92 MCQs + 2 case-based with 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 | Immediate post-exam |
| Certificate Validity | 3 Years |
| PAN Requirement | Must be updated in candidate profile |
| Exam Delivery | 150+ NISM centers across India |
Practice with NISM Series XV mock tests at nismmocktests.in to ace the exam with confidence!
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 & 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 |
FAQs for NISM Series XV: Research Analyst Certification
The NISM Series XV is a mandatory certification under SEBI (Research Analyst) Regulations, 2014, for individuals working as research analysts or preparing research reports. It ensures a minimum knowledge standard for analyzing securities markets. Prepare with mock tests at nismmocktests.in.
This exam is for SEBI-registered research analysts, employees or partners of research analyst entities, and aspiring financial analysts. It’s ideal for those aiming to excel in research roles in India’s capital markets.
The syllabus covers securities markets, economic and industry analysis, company analysis (business, governance, financials), valuation principles, corporate actions, risk-return fundamentals, and regulatory requirements. Check the full syllabus at nismmocktests.in for mock test preparation.
The exam is a 2-hour, online test with 100 questions (92 MCQs + 2 case-based with 4 questions each). It has a 60% passing mark, 25% negative marking, and costs ₹1,500. Practice with mock tests at nismmocktests.in.
Study the syllabus, focus on valuation and financial analysis (32% weightage), and practice regularly. Use NISM Series XV mock tests at nismmocktests.in to simulate the exam and boost confidence.
Yes, there’s a 25% negative marking for incorrect answers. Familiarize yourself with the exam format using mock tests at nismmocktests.in to minimize mistakes.
The certification is valid for 3 years. You must renew it by retaking the exam or completing NISM’s CPE program. Stay prepared with mock tests at nismmocktests.in.
The exam is conducted at over 150 NISM test centers across India. Register via the NISM website and practice with mock tests at nismmocktests.in to ace it.
Passing fulfills SEBI’s Regulation 7(2), enhances your credibility as a research analyst, and opens career opportunities in financial services. Test your skills with mock tests at nismmocktests.in.
Results are declared immediately after the exam. Ensure you’re ready with NISM Series XV mock tests at nismmocktests.in to pass on your first attempt.