NISM Series XV: Research Analyst (RA) Certification
NISM Series XV (Research Analyst) is the SEBI-mandated certification for anyone who issues research reports or makes buy/sell recommendations on securities. It is a compulsory qualification under the SEBI (Research Analysts) Regulations, 2014, for registering as a Research Analyst.
The exam is 100 marks over 120 minutes, needs 60/100 to pass, carries negative marking of 0.25 per wrong answer, and stays valid for 3 years.
scheduleLimited-time price, ends midnight tonight
NISM Series XV at a glance
- Full nameNISM Series XV: Research Analyst
- Conducted byNISM
- RegulatorSEBI
- Questions100
- Duration120 min
- Pass mark60/100 (60%)
- Negative marking0.25
- Validity3 years
- DifficultyHard
Who needs NISM Series XV?
- check_circleAnyone registering with SEBI as a Research Analyst (individual or entity)
- check_circleEmployees of a registered RA who prepare or publish research reports
- check_circleAnalysts issuing buy/sell/hold recommendations on listed securities
- check_circleFinfluencers and newsletter authors making securities recommendations to the public
- check_circleEquity research associates at broking houses, AMCs and investment banks
Where it takes you
- trending_upSEBI-registered Research Analyst running an independent research practice
- trending_upEquity Research Associate at a broking house or investment bank
- trending_upBuy-side analyst at an AMC, PMS or AIF
- trending_upCredit or sector analyst at a rating agency
NISM Series XV syllabus
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.
Introduction to Securities Market
What securities are, the products traded, how the market is structured, who the participants are, kinds of transactions, and dematerialisation.
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.
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.
Economic Analysis
Micro and macro principles, the macroeconomic variables that move markets, secular, cyclical and seasonal trends, and where to source economic data.
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.
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.
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.
Corporate Actions
Dividends, rights and bonus issues, splits and consolidations, mergers and acquisitions, demergers, schemes of arrangement, loan restructuring, buybacks, delisting and share swaps.
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.
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.
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.
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.
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.
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.
How to register for NISM Series XV
- 1
Create an NISM account
Register at certifications.nism.ac.in with your PAN, email and mobile number.
- 2
Complete KYC
Upload PAN and address proof. Verification is usually same-day.
- 3
Select the Series XV module
Choose "Series XV: Research Analyst" from the certification list and pay the registration fee online.
- 4
Book your test-centre slot
Pick a date and NISM test centre. Metro centres typically have slots within a week.
- 5
Take the exam
100 questions in 120 minutes, computer-based. Your result appears immediately on submission.
Fees and slot availability are set by NISM and can change: confirm current details on certifications.nism.ac.in.
NISM Series XV guides
The syllabus, exam pattern and everything else about Research Analyst, each on its own page.
NISM Series XV: frequently asked questions
What is NISM Series XV?expand_more
NISM Series XV is the Research Analyst Certification Examination conducted by the National Institute of Securities Markets. It certifies knowledge of fundamental and technical analysis, valuation and the SEBI (Research Analysts) Regulations, 2014, and is mandatory for SEBI Research Analyst registration.
Who needs the NISM Series XV certification?expand_more
Every individual registered as a Research Analyst with SEBI, every partner and employee of a registered RA entity who is involved in preparing research reports, and anyone publicly issuing securities recommendations - including finfluencers - must hold a valid Series XV certificate.
What are the eligibility requirements for SEBI RA registration?expand_more
Beyond passing NISM Series XV, SEBI requires a professional qualification or postgraduate degree in finance, accountancy, business management, commerce, economics, capital markets or banking - or a graduate degree with 5 years of relevant experience. The NISM certification alone does not make you a registered RA; it is one of several conditions.
How do I register for the NISM Series XV exam?expand_more
Register at certifications.nism.ac.in, complete your KYC and PAN details, choose the Series XV module, pay the fee online and book a test-centre slot. The exam is computer-based and results are shown immediately on submission.
How difficult is NISM Series XV?expand_more
It is one of the harder NISM modules. The pass mark is 60%, there is negative marking of 0.25 per wrong answer, and the syllabus spans valuation maths, financial statement analysis and technical analysis. Most candidates need six to eight weeks of preparation.
How long is NISM Series XV valid?expand_more
The certification is valid for 3 years from the date of passing. Renewal requires either passing the exam again or completing the CPE programme before expiry.
Ready to start preparing?
1000+ practice questions and full-length mock tests for NISM Series XV, with a solution for every question, ₹199 for full premium.
scheduleLimited-time price, ends midnight tonight