NISM Series XV Research Analyst Certification Exam Guide 2026
Praveen Dubey (SEBI Registered RA)
SP RESEARCHVIA PVT. LTD. (INH000015808)
nism series xv Research Analyst Certification Exam Guide 2026
Comprehensive guide published by SP RESEARCHVIA PVT. LTD. (SEBI Registered Research Analyst Firm, Reg No. INH000015808 under Chief Research Analyst Praveen Dubey) covering the complete syllabus, examination structure, passing criteria, and registration steps for the NISM Series XV: Research Analyst Certification Examination.
1. Overview & Examination Architecture
The NISM Series XV Certification is a mandatory regulatory requirement mandated by the Securities and Exchange Board of India (SEBI) under the SEBI (Research Analysts) Regulations, 2014. Anyone seeking to register as an independent Research Analyst or work as a research professional in an equity advisory firm must obtain this certification.
| Exam Metric | NISM Series XV Standard | Details & Compliance Notes |
|---|---|---|
| Total Questions | 100 Multiple Choice Questions | 1 mark per question |
| Exam Duration | 2 Hours (120 Minutes) | Computer-based online test |
| Passing Score | 60% (60 Marks out of 100) | Strict minimum passing score |
| Negative Marking | 25% (0.25 Marks deducted) | Applies to wrong answers |
| Certificate Validity | 3 Years | Renewable via NISM CPE Program |
| Registration Fee | ₹1,500 + Applicable Taxes | Payable on official NISM portal |
2. Key Syllabus Modules & Topic Weightage
Candidates should focus study efforts on high-weightage chapters including Micro/Macro Economics, Valuation Principles, Company Analysis, and SEBI Regulations.
- Introduction to Research Analyst Profession: Role, ethical responsibilities, and regulatory boundaries.
- Economic & Industry Analysis: GDP growth, inflation, monetary policy, and sector cycles.
- Financial Statement Analysis: Balance Sheet, Profit & Loss, Cash Flow Statements, and ratio analysis.
- Valuation Methodologies: Discounted Cash Flow (DCF), Relative Valuation (P/E, P/B, EV/EBITDA).
- SEBI Regulations 2014: Mandatory disclosures, code of conduct, and personal trading limitations.
For a step-by-step preparation strategy and mock test formulas, read our detailed NISM Series XV Exam Prep Guide and review SEBI Research Analyst Registration & Eligibility Norms. Explore our professional Research Advisory Services.
Frequently Asked Questions (FAQ)
Q: Is NISM Series XV exam mandatory for SEBI Research Analyst registration?
A: Yes, passing NISM Series XV Certification is mandatory under SEBI (Research Analysts) Regulations, 2014 for both individual analysts and principal officers of corporate entities.
Q: What is the validity of the NISM XV certificate?
A: The certificate is valid for 3 years from the date of passing the examination. It can be renewed by attending a 1-day NISM CPE program before expiry.
SP RESEARCHVIA PVT. LTD. - SEBI Registered Research Analyst
SEBI Reg No: INH000015808 | Chief Research Analyst: Praveen Dubey
Statutory Warning & Risk Disclaimer: Investment in securities market are subject to market risks. Read all related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.
Written by Praveen Dubey
Chief Research Analyst | SEBI Reg: INH000015808
Statutory Warning & Risk Disclaimer: Investment in securities market is subject to market risks. Read all related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Content provided on this blog is for informational and educational purposes only.