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NISM Certifications · Paper XV

NISM-Series-XV Research Analyst Exam: Format, Marking and Preparation

NISM-Series-XV is the computer-based certification exam for research analysts. The revised exam from 20 January 2026 has 80 one-mark MCQs and 5 case-based questions of 4 one-mark questions each, 100 marks, 2 hours. Pass mark is 60%. Wrong answers cost 25% of the question's marks. Prepare chapter by chapter, weighted by marks.

NISM-Series-XV tests whether you can do the work of a research analyst and follow the rules that govern it. You need to know how the securities market works, how to analyse the economy, an industry and a company, how to value a security, and how to read a chart. You also need the SEBI rules on research analysts and the qualities of a good research report.

The revised exam from 20 January 2026 has 80 MCQs of 1 mark and 5 case-based questions, each with 4 questions of 1 mark. That makes 100 marks in 2 hours. You must score 60% to pass. Negative marking is 25% of the marks assigned to a question, so each wrong answer costs 0.25 marks here.

Chapter weightages (in marks) are uneven. Technical Analysis carries 15. Financial Analysis and Valuation Principles carry 12 each. Legal and Regulatory Environment carries 10 and Industry Analysis carries 8. Risk and Return carries 7, Company Analysis - Business and Governance carries 6, and Fundamentals of Research, Economic Analysis, Corporate Actions, Fundamental Analysis of Commodities and Qualities of a Good Research Report carry 5 each. The remaining three chapters carry 1 or 2 marks each. Students who do well treat the calculation chapters as a base and revise the regulatory rules until they are exact. Students who struggle usually skip the numbers or rely on general market knowledge.

NISM-Series-XV: Research Analyst: chapters and topics

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 (NISM XV)

Technical Analysis

How to prepare NISM-Series-XV: Research Analyst

Plan for several weeks of steady study. Start with the high-mark chapters, because they give the best return on your time. Practise questions from the first week, not only at the end.

  1. Read the full chapter list once and note each chapter's marks. Mark Technical Analysis, Financial Analysis, Valuation Principles, Legal and Regulatory Environment and Industry Analysis as priority.
  2. Start with the 1-2 mark chapters (profession, securities market, terminology). They are short, and the terms they define are used in every later chapter.
  3. Study Financial Analysis and Valuation Principles together. Learn each ratio and valuation formula in plain text, then solve at least five numerical problems per formula. Write down what each ratio tells you, not just how to compute it.
  4. Learn Technical Analysis by drawing. Sketch chart patterns, trend lines, support and resistance, and write what each indicator signals. Practise reading them, since questions ask you to interpret.
  5. Study the Legal and Regulatory Environment chapter from the workbook, line by line. Make a list of registration conditions, time limits, disclosure duties and prohibited conduct, and revise it often. Do not rely on memory of general rules.
  6. Cover Economic Analysis, Industry Analysis, Company Analysis - Business and Governance, Corporate Actions, Commodities, Risk and Return and Fundamentals of Research. For each, write a short summary of the key frameworks and terms.
  7. Do the case-based questions as a separate drill. Read the case, underline the data, then answer the four questions. Cases reward careful reading and calculation.
  8. In the last two weeks, take full 100-question mock tests in 2 hours. Review every wrong answer, tag the chapter, and revise that chapter before the next mock.

Time management in the exam

  • You have 2 hours for 100 questions of 1 mark each (80 MCQs plus 5 cases of 4 questions), about 1 minute 12 seconds per question. Use this as a guide, not a rule.
  • Answer the 80 MCQs first. Most are direct, so finish them quickly and bank the time for the cases.
  • Give the case-based questions a fixed block of time. Read the case once for the facts, then answer all four questions from it.
  • Do calculation questions after the easy ones in each section. Skip any that need more than about two minutes and flag them.
  • Wrong answers cost 0.25 marks. If you can remove two options, an informed guess is reasonable. If you have no idea, leave it flagged and decide at the end.
  • Keep the last 10 to 15 minutes to revisit flagged questions and check that no answer was left blank by mistake.

Mistakes that cost marks in NISM-Series-XV: Research Analyst

  • Spreading study time equally across all chapters

    Fix: Plan by marks. Spend more time on Technical Analysis, Financial Analysis, Valuation Principles and Legal and Regulatory Environment, and less on the 1-2 mark chapters.

  • Skipping numerical practice

    Fix: Solve problems on ratios and valuation by hand until the steps are automatic. Questions test whether you can compute and interpret under time pressure.

  • Treating the regulatory chapter as general knowledge

    Fix: Learn the workbook's exact conditions, timelines and duties. Options in this chapter are often close, and one wrong detail makes an option a trap.

  • Memorising chart patterns without understanding them

    Fix: Know what each pattern or indicator shows about buyers and sellers, and what signal it gives. Practise on real charts.

  • Rushing through the case-based questions

    Fix: Read the case once carefully and note the figures. Check every calculation, because four questions depend on the same facts.

  • Guessing on every unknown question

    Fix: Guess only when you can eliminate options. Track your guess accuracy in mock tests and set your own rule for when to leave a question.

NISM-Series-XV: Research Analyst: frequently asked questions

What is the format of the NISM-Series-XV Research Analyst exam?

The revised exam from 20 January 2026 has 80 MCQs of 1 mark and 5 case-based questions with 4 questions of 1 mark each. It carries 100 marks and lasts 2 hours. It is a computer-based test.

What is the passing score and is there negative marking?

You need 60% to pass. Negative marking is 25% of the marks assigned to a question, so a wrong 1-mark answer costs 0.25 marks.

Which chapters carry the most marks?

Technical Analysis carries 15 marks. Financial Analysis and Valuation Principles carry 12 each. Legal and Regulatory Environment carries 10 and Industry Analysis carries 8. Start your revision with these.

How long is the NISM certificate valid?

The certificate is valid for 3 years from the date of the examination. You book your own test centre, date and time slot.