The NISM Series XV Research Analyst Certification is an important certification for professionals and individuals who want to understand research analysis, securities markets, company analysis, valuation, risk and return, and the regulatory framework applicable to research analysts in India.
The National Institute of Securities Markets (NISM) introduced a revised NISM-Series-XV: Research Analyst Certification Examination effective January 20, 2026. The revised examination is designed to establish a common minimum knowledge benchmark for people working as research analysts and other persons covered by the applicable regulatory requirements.
If you are planning to take the NISM Series XV exam, this guide covers the exam pattern, syllabus, eligibility-related information, fees, registration process, preparation strategy and important official resources.
NISM Series XV Research Analyst Certification 2026: Overview
| Particular | Details |
| Certification | NISM-Series-XV: Research Analyst Certification Examination |
| Conducting body | National Institute of Securities Markets (NISM) |
| Revised exam effective from | January 20, 2026 |
| Total marks | 100 |
| Duration | 2 hours |
| Passing score | 60% |
| Negative marking | 25% of marks assigned to the question |
| Questions | 80 MCQs + 5 case-based sets containing 4 questions each |
| Registration | NISM Certification Portal |
| Official website | NISM |
The current examination contains 80 multiple-choice questions carrying 1 mark each and five case-based questions, with four questions in each case, making a total of 100 marks. Candidates get two hours to complete the examination. The passing score is 60 marks, and 25% negative marking applies to wrong answers.
What Is NISM Series XV?
NISM Series XV is the Research Analyst Certification Examination. It focuses on the knowledge required for research analysis and India’s securities markets.
NISM states that the examination is relevant to associated persons registered as research analysts under the SEBI (Research Analysts) Regulations, 2014, as well as individuals employed as research analysts and partners of research analyst entities who are involved in preparing or publishing research reports or research analysis.
The certification should therefore be viewed as a professional knowledge and regulatory requirement rather than simply another finance course.
NISM Series XV Eligibility
Candidates should check the applicable SEBI and NISM requirements for their specific role before registering.
The certification examination is particularly relevant to persons associated with research analyst activities covered under the applicable regulatory framework. NISM’s official FAQ states that an associated person is required to pass the NISM-Series-XV examination to fulfil the requirement specified under Regulation 7(2) of the SEBI (Research Analysts) Regulations, 2014.
Because regulatory requirements can change, candidates should verify the latest requirements from NISM and SEBI before relying on older articles or preparation material.
NISM Series XV Syllabus 2026
The revised syllabus covers 15 major areas. It goes beyond basic stock-market terminology and includes detailed research and analytical concepts.
Important areas include:
- Introduction to the Research Analyst profession
- Securities market fundamentals
- Equity and debt market terminology
- Fundamentals of research
- Economic analysis
- Industry analysis
- Company analysis and governance
- Financial analysis
- Corporate actions
- Valuation principles
- Fundamental analysis of commodities
- Risk and return
- Research reports
- Legal and regulatory environment
- Technical analysis
Some sections carry considerably more weight than others. The official 2026 syllabus assigns 15 marks to Technical Analysis, while Financial Analysis and Valuation Principles carry 12 marks each. The Legal and Regulatory Environment carries 10 marks.
This makes it useful to study according to the official weightage instead of giving exactly the same amount of time to every chapter.
NISM Series XV Exam Pattern
The exam has a total of 100 marks and must be completed within two hours.
The question structure is:
| Question Type | Number | Marks |
| Multiple-choice questions | 80 | 80 |
| Case-based questions | 5 cases × 4 questions | 20 |
| Total | 100 questions | 100 |
A candidate needs at least 60 marks to pass. Wrong answers attract negative marking equal to 25% of the marks assigned to that question.
Because case-based questions are part of the revised pattern, preparation should not focus only on memorising definitions. Candidates should also understand how concepts are applied to practical research situations.
NISM Series XV Exam Fees
The NISM FAQ currently lists the examination fee as ₹1,500, inclusive of GST. Candidates should check the certification portal before payment because fees and applicable charges can be updated.
| Item | Current information |
| NISM Series XV exam fee | ₹1,500 |
| GST | Included |
| Payment gateway charges | May be extra |
| Exam duration | 2 hours |
| Passing score | 60 marks |
How to Register for NISM Series XV Exam
Candidates can register through the official NISM Certification Portal.
Step 1: Visit the NISM Certification Portal
Go to the official certification portal and create an account or log in if you already have one.
Step 2: Select the Research Analyst Examination
Choose NISM-Series-XV: Research Analyst Certification Examination from the available examinations.
Step 3: Select Exam Centre and Slot
After registration, candidates can select an available test centre, examination date and time slot.
Step 4: Complete Payment
Pay the applicable examination fee through the available payment options.
Step 5: Check Examination Details
Review your enrolment information and follow the instructions provided by NISM before appearing for the examination.
NISM specifically directs candidates to its certification portal for registration and slot selection.
How to Prepare for NISM Series XV
Start with the official NISM workbook and syllabus rather than relying entirely on third-party notes.
A practical preparation approach is:
- Read the syllabus and understand the chapter weightage.
- Study financial analysis and valuation carefully.
- Give adequate time to technical analysis because it carries significant weightage.
- Understand the legal and regulatory chapters instead of memorising isolated points.
- Practise calculations and application-based questions.
- Revise important formulas, concepts and market terminology.
- Attempt practice questions under a two-hour time limit.
- Review incorrect answers and identify weak topics before the exam.
Candidates should also remember that the exam includes negative marking, so accuracy matters along with speed.
Important Official Links and Resources
| Resource | Purpose |
| NISM Research Analyst Certification page | Exam information and updates |
| NISM Certification Portal | Registration and exam enrolment |
| NISM Series XV syllabus | Official syllabus and weightage |
| NISM Test Objectives | Detailed learning objectives |
| NISM FAQ | Registration, fee and examination information |
For the latest information, always verify details through the official NISM website before registering.
NISM Series XV Certification: Key Points
The revised NISM Series XV examination is effective from January 20, 2026, and candidates preparing for the current exam should use the revised syllabus rather than older Series XV material.
The exam is 100 marks, has a two-hour duration, requires 60 marks to pass, and includes 25% negative marking. The revised pattern also introduces a larger case-based component.
For serious preparation, the best starting point is the official NISM syllabus, test objectives and study material. Candidates should also check the NISM certification portal for the latest registration and examination information before making any payment.
