NISM Series XV: Research Analyst examination

Economy, industry and company analysis, valuation, and the writing of a research report. The paper includes case-based questions.

Examination facts

Source: the page of this examination on nism.ac.in. Fees and rules are revised from time to time; the page is the authority.

Who takes it

Series XV is the certification examination associated with the role of research analyst: people who prepare or publish research reports and recommendations on securities, and those who work with them. Registration as a research analyst is governed by SEBI's regulations, which set qualification, certification and other conditions and which have been amended more than once. The examination is one of those conditions, not the whole of them. Read the current regulations on SEBI's website before planning a career or a business around this certificate. Students of finance also take the paper as a structured course in equity research.

Chapter outline

These are the chapter titles of the curriculum on NISM's page for this examination, as read on 12 November 2026. The test objectives on the same page say what is expected from each chapter, and the workbook is the text. Check the page for the current edition.

1. Introduction to Research Analyst Profession
2. Introduction to Securities Market
3. Terminology in Equity and Debt Markets
4. Fundamentals of Research
5. Economic Analysis
6. Industry Analysis
7. Company Analysis (two chapters: see NISM's curriculum for their exact titles)
8. Corporate Actions
9. Valuation Principles
10. Fundamental analysis of commodities
11. Fundamentals of Risk and Return
12. Qualities of a good Research Report
13. Legal and Regulatory Environment
14. Technical Analysis

How to prepare for this paper

NISM's page describes the paper as 80 multiple choice questions of one mark and 5 case-based questions, each case having 4 questions of one mark: 100 marks in two hours, a pass mark of 60, and negative marking of 25% of the marks of a question for each wrong answer.

• Know the financial statements. Company analysis rests on reading a balance sheet, a profit and loss account and a cash flow statement, and on ratios drawn from them: margins, return on equity, debt to equity, interest cover.
• Know the valuation measures and when each misleads: price to earnings, price to book, enterprise value to EBITDA, dividend yield, discounted cash flow. See the formula sheet.
• Think in the top-down order: economy, then industry, then company. Many questions test which factor belongs to which level.
• Practise cases. A case gives a short description with figures and asks four questions. Read the questions first, then the case. Leave time: twenty marks sit in five cases.
• Read the regulatory chapter from the current workbook. The research analyst regulations change; this site does not state their figures.
• Mind the penalty. See negative marking.

Practice questions

We have written 25 questions of our own for this examination, each with an explanation. Read all 25 with answers Take them as a test

After passing

The certificate validity shown is three years, and NISM's site lists a separate renewal examination for research analysts (Series XV-B). Check the module's FAQ and SEBI's current requirements for how certification is kept up to date.

Questions candidates ask

Other examinations

Guides

An independent practice site. NISM is the National Institute of Securities Markets. This site is not connected with, approved by or paid by NISM or SEBI, and uses none of their logos. The questions are our own; none is taken from NISM's question bank, workbooks or mock tests, and a score here does not predict a result. Examination facts were read on nism.ac.in on 12 November 2026 and can change: check the page of your module on nism.ac.in before you pay or prepare. Nothing here is investment advice.