NISM Series XV Research Analyst (RA / NISM RA): Mock Tests & Exam Prep
NISM Series XV (Research Analyst) is a SEBI-recognised certification exam in investment advisory. The exam has 100 marks over 120 minutes, needs 60/100 to pass (negative marking of 0.25), and stays valid for 3 years.
SEBI-mandated certification for securities research professionals
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Total Marks
Duration
Pass Mark
Your Readiness
Series XV · NISM
About This Certification
NISM Series XV Research Analyst Certification provides knowledge of fundamental and technical analysis required for SEBI Research Analyst registration. Mandatory for persons issuing investment research reports.
Quick Facts
- RegulatorSEBI
- Conducted byNISM
- Validity3 Years
- Negative Marking0.25%
- Fee₹1500 + GST
What You Get
1000+ Questions
Exam-pattern practice with full-length timed mocks and negative marking.
AI Smart Notes
Concise chapter summaries generated from the NISM workbook.
Key Concepts
Key concepts, one card at a time, for every formula and definition.
Doubt Forum
Get answers from mentors and past exam-takers.
Which of the following correctly calculates Net Asset Value?
Click an option to check your answer, no login required.
3 Steps to Pass Series XV
Diagnostic Quiz
15 questions to baseline your current knowledge across all topics.
Personalized Plan
A day-by-day path built around your weak topics, not a generic schedule.
Mock & Improve
Sit full mocks and watch your Readiness Score climb in real time.
Know exactly when you're ready.
Our AI tracks your mock scores, topic mastery, and study consistency to predict your Series XV pass probability in real time.
Concepts 92%
Regs 54%
Exam Syllabus & Topic Weightage
savings01. Introduction to Research Analyst Profession
What a research analyst actually does, the responsibilities that come with the role, how to deal with companies and clients, and the qualities the job demands.
~1% weightage
storefront02. Introduction to Securities Market
What securities are, the products traded, how the market is structured, who the participants are, kinds of transactions, and dematerialisation.
~2% weightage
gavel03. Terminology in Equity and Debt Markets
The working vocabulary of the equity, debt and commodity markets, plus the main types of bonds and their features.
~2% weightage
receipt_long04. Fundamentals of Research
What investing is, and the four approaches to research: technical, fundamental, quantitative and behavioural. Also covers commodity research and how commodity moves feed into equity.
~5% weightage
savings05. Economic Analysis
Micro and macro principles, the macroeconomic variables that move markets, secular, cyclical and seasonal trends, and where to source economic data.
~5% weightage
storefront06. Industry Analysis
Defining an industry, cyclicality, market sizing, value migration and the business life cycle, the competitive landscape, key drivers and KPIs, regulation and taxation.
~8% weightage
gavel07. Company Analysis: Business and Governance
Business models, pricing power, competitive advantage, SWOT, quality of management and governance, business risk, credit ratings and the ESG framework.
~6% weightage
receipt_long08. Company Analysis: Financial Analysis
Reading the balance sheet, profit and loss, cash flow statement and notes to accounts, judging accounting quality from the audit report, then ratio analysis, DuPont, forecasting and peer comparison.
~12% weightage
savings09. Corporate Actions
Dividends, rights and bonus issues, splits and consolidations, mergers and acquisitions, demergers, schemes of arrangement, loan restructuring, buybacks, delisting and share swaps.
~5% weightage
storefront10. Valuation Principles
Price versus value, discounted cash flow, relative valuation on earnings and on assets, trading and transaction multiples, sum of the parts, and valuing new age businesses.
~12% weightage
gavel11. Fundamental Analysis of Commodities
New in the 2026 syllabus. Supply and demand dynamics, major producers and consumers, the dollar index, crop and inventory data, government policy and geopolitics, and hedging.
~5% weightage
receipt_long12. Fundamentals of Risk and Return
Return calculations, the types of investment risk and how to measure them, beta, sensitivity analysis, margin of safety, risk adjusted returns, behavioural biases and liquidity.
~7% weightage
savings13. Qualities of a Good Research Report
What separates a good research report from a weak one, rating conventions, and a checklist to test your own reports against.
~5% weightage
storefront14. Legal and Regulatory Environment
The regulatory framework, the main securities regulations, the code of conduct for research analysts, conflict of interest and disclosure, GSM and ASM surveillance, the SEBI investor charter, and the cybersecurity framework.
~10% weightage
gavel15. Technical Analysis
New in the 2026 syllabus, and now the highest weighted chapter. Chart types, Dow Theory, market trends, reversal and consolidation patterns, support and resistance, trendlines and channels, and the main indicators.
~15% weightage
Free Resources
NISM Series XV Research Analyst Mock Tests
Sit free, full-length NISM Series XV (RA / NISM RA) mock tests that mirror the real exam: 100 marks over 120 minutes, 0.25 negative marking. Each attempt is auto-scored against the 60% pass mark with instant solutions, so you know exactly when you are ready.
NISM Series XVStudy Material & Notes
Chapter-wise Research Analyst study material and revision notes built from the official SEBI syllabus, with 1000+ practice questions and previous-year style MCQs to lock in every high-weightage topic.
NISM Series XV Syllabus 2025-26
- Introduction to Research Analyst Profession1%
- Introduction to Securities Market2%
- Terminology in Equity and Debt Markets2%
- Fundamentals of Research5%
- Economic Analysis5%
- Industry Analysis8%
- Company Analysis: Business and Governance6%
- Company Analysis: Financial Analysis12%
- Corporate Actions5%
- Valuation Principles12%
- Fundamental Analysis of Commodities5%
- Fundamentals of Risk and Return7%
- Qualities of a Good Research Report5%
- Legal and Regulatory Environment10%
- Technical Analysis15%
Frequently Asked Questions
Who needs NISM Series XV?
All persons registered as Research Analysts with SEBI, or employed by a SEBI-registered RA entity, must hold NISM Series XV.
What is the passing score?
60 out of 100 marks.
How hard is NISM Series XV?
It is considered one of the harder NISM exams, with a pass rate of around 68%. The February 2026 syllabus makes it harder still: Technical Analysis and commodities research are new, and Technical Analysis alone now carries 15 of the 100 marks.
What changed in the 2026 NISM Series XV exam?
NISM revised the workbook to version February 2026, which applies to exams taken on or after 30 March 2026. The syllabus grew from 13 units to 15 chapters, adding Fundamental Analysis of Commodities and Technical Analysis. The paper is now 80 multiple choice questions plus 5 case studies of 4 questions each, for 100 marks in 2 hours, with 0.25 negative marking and a 60% pass mark.
How we prepare you for Research Analyst
Series XV is one of the few NISM papers that penalises a wrong answer, so a blank can genuinely beat a guess. Here is the machinery underneath the claim: six things the product does, in the order you'll meet them.
A diagnostic, before a single lesson
Fifteen questions map what you already know against the syllabus.
Most people waste their first fortnight re-reading chapters they'd already pass. The diagnostic exists so your plan starts at the gaps, not at page one.
Chapters broken into five-minute cards
The syllabus is re-cut into sessions that fit a commute, not an evening.
A 600-page workbook asks you to find an hour you don't have. Bite-sized cards ask for the ten minutes you already lose to a queue - which is why the habit survives past week two.
Practice that follows your mistakes
The engine weights questions toward the topics you keep getting wrong.
A static question bank serves everyone the same 1,200 questions in the same order. Adaptive weighting means your revision time lands where it actually moves the score.
A worked solution on every question
Not just the right option - the reasoning, and the trap you fell for.
Knowing you picked C and the answer was B teaches you nothing. Every question carries the working, so a wrong answer is the most useful thing that happens in a session.
Mocks that punish a guess, exactly as Series XV does
120 minutes, 100 marks, and −25% for every wrong answer.
On a paper with negative marking, knowing when *not* to answer is a skill worth marks. Our mocks score with the real penalty and flag the questions where a blank would have beaten the guess you made.
One number: your Preparedness Score
Whether you'd pass today - and which chapters are holding it down.
Every other method leaves you guessing at the only question that matters before you pay the exam fee. The score is the answer, and it moves as you do.
Why people leave the alternatives
You have four other options, and each one genuinely beats us at something. Here is the whole picture - including the rows where they win.
| Dimension | PrepCleverSeries XV | Coaching centreClassroom batch | YouTube & PDFsFree material | Other prep appsTypical case | BooksSelf-study |
|---|---|---|---|---|---|
| What it costs to start | Free forever core - no card | ₹30,000–50,000 upfront | Free | Freemium; the real bank is paywalled | ₹500–1,500 per workbook |
| When you can study | Five-minute sessions, any time | Fixed batch timings, fixed venue | Any time | Any time | Any time |
| Does it know your weak areas? | Adaptive - weights toward what you miss | One pace for the whole batch | Nothing is tracked | Usually a static bank in fixed order | Nothing is tracked |
| Why was my answer wrong? | Worked solution on every question | Strong - if you can get the teacher's time | The comments section | Often an answer key only | Answer key at the back |
| Does it train you for −25% marking? | Mocks score with the real penalty and flag costly guesses | Mentioned in class, rarely drilled | Not simulated at all | Usually scored as if every answer were free | Explained in the preface, never practised |
| Am I ready to book the exam? | Preparedness Score, updated per session | A mock rank, and instinct | No signal at all | Your raw score on the last test | No signal at all |
| Is the syllabus current? | Tracked against SEBI workbook updates | Depends entirely on the centre | Often years out of date | Varies; rarely dated on the page | Whatever the last reprint said |
| How many NISM series? | All 26 | The one or two that fill a batch | Patchy - the popular ones | Usually the popular ones | One book per series |
Rival columns describe the typical case, not every provider. A good coaching teacher will out-explain any app on the day you can actually reach them.
Rather judge it yourself? Take a free test or read a worked solution before you decide.
Ready to pass Series XV?
Start your personalized prep today, 1000+ practice questions, free to start.
scheduleLimited-time price, ends midnight tonight