NISM Series XV Research Analyst Exam 2027: Complete Guide
31st Oct 2026
Saima Khan
Tags:
NISM-Series-XV
The NISM Series XV Research Analyst exam has 80 MCQs + 5 case lets. 100 marks, 2 hours, 60% to pass.
By {{AUTHOR_NAME}}Updated Workbook: Sept 2026
In this guide
Who needs the NISM Series XV Research Analyst exam?
NISM's Series XV is the certification SEBI requires for anyone who prepares or publishes research reports. It's often called the SEBI research analyst exam.
Individual RAs
Registered with SEBI as research analysts.
Principal officers
Of a company or firm RA.
Employed analysts
Research staff of an RA.
Partners
Partners doing research work.
Sales-only staff at an RA take NISM-Series-XXV-A instead.
NISM research analyst exam pattern 2026
As per the NISM workbook (Sept 2026), for exams from 30 Oct 2026.
| Questions | 80 MCQs + 5 case lets × 4 questions |
| Marks | 100 (1 mark each) |
| Duration | 2 hours |
| Pass mark | 60% |
| Negative marking | −0.25 per wrong answer |
| Fee | Rs 1,500 incl. GST + gateway charges |
| Tools | Excel / LibreOffice Calc on screen; own silent calculator allowed |
| Certificate | Valid 3 years; PAN required |
Negative marking in action
| Student | Right | Wrong | Score |
|---|---|---|---|
| B | 64 | 36 | 55 Fail |
| C | 63 | 8 | 61 Pass |
Fewer guesses beat more answers.
Before you book
- Enrolment valid 180 days
- Fee is non-refundable
- One reschedule, 4+ days before
NISM Series XV syllabus 2026: where the marks are
Official weightage, 15 chapters. Tap a heading to sort.
marks from just 4 chapters
Technical Analysis, Financial Analysis, Valuation and Legal & Regulatory. Start here.
How to register for NISM Series XV
-
Create your account
Sign up at cert.nism.ac.in with a personal email.
-
Complete your profile
Upload PAN, a passport-size photo and address proof.
-
Wait for approval
Activate by email OTP; NISM approves within 48 hours.
-
Enrol for Series XV
Select NISM-Series-XV. Enrolment closes 48 hours before the exam.
-
Pick centre and slot
Choose your city, test centre, date and time.
-
Pay and print admit card
Pay Rs 1,500 + gateway charges by card, net banking or UPI.
On exam day
Arrive 30 min early
Late entry may be refused.
Bring ID
Admit card + original photo ID.
Calculator OK
Silent, no connectivity.
No phones
Counts as unfair means.
Certificate and NISM XV renewal
Certificate in 10–15 days
Soft copy, no extra fee.
PAN is a must
No PAN, no certificate.
Valid 3 years
Renew before it expires.
| Renewal route | Format | When |
|---|---|---|
| XV-B exam | 50 MCQs, 60 min, 50% pass, no negative · Rs 2,500 | While certificate is valid |
| CPE programme | One day (about 6 hours) + test | Last 12 months |
| Re-take XV | Full exam | Last 12 months |
How to become a SEBI registered research analyst
- Graduate degree (or CFA Charter) + NISM Series XV
- Keep the certificate valid (Reg 7(2))
- Apply to SEBI: check sebi.gov.in for fees
30-day plan built on weightage
| Days | Study | Marks |
|---|---|---|
| 1–6 | Ch 1–6: basics, research, economy, industry | 23 |
| 7–11 | Ch 7–8: company analysis Excel | 18 |
| 12–17 | Ch 9, 10, 12: corporate actions, valuation, risk Excel | 24 |
| 18–21 | Ch 11, 13, 14: commodities, reports, regulation | 20 |
| 22–24 | Ch 15: technical analysis | 15 |
| 25–30 | Full mocks, error log, revision Mock | – |
Excel functions to practise
=NPV() =IRR() =RATE() =PV() =STDEV.S() =SLOPE()
NISM XV case study questions
- Read the 4 questions first, then the case
- About 5 minutes per case
- Skip a guess you can't narrow to 2 options
Try 10 free questions, with negative marking
+1 right, −0.25 wrong. Written by MyOnlinePrep.
Free mock test and study material PDF
NISM Series XV FAQs
What is the NISM Series XV exam pattern in 2026?
80 MCQs and 5 case lets of 4 questions each: 100 marks in 2 hours.
What are the NISM XV passing marks?
60 out of 100 (60%), after negative marking.
Is there negative marking in NISM Series XV?
Yes. Each wrong answer costs 0.25 marks. Blank answers cost nothing.
What is the NISM research analyst exam fee?
Rs 1,500 including GST, plus payment gateway charges. It is non-refundable.
How long is the NISM XV certificate valid?
3 years from the exam date. It is issued only if your PAN is on your NISM profile.
How do I renew NISM Series XV?
Take the XV-B renewal exam while your certificate is valid, attend the one-day CPE programme in the last 12 months, or pass Series XV again.
Can I use Excel or a calculator in the exam?
Yes. Excel or LibreOffice Calc is on the computer, and you may bring a silent calculator with no connectivity.
Which chapters carry the most marks?
Technical Analysis (15), Financial Analysis (12), Valuation (12) and Legal & Regulatory (10): 49 marks together.
Where can I get the NISM XV study material PDF?
The NISM workbook (Sept 2026 version) is free on NISM's study-material portal. MyOnlinePrep's exam guide PDF is free after login.
How do I become a SEBI registered research analyst?
You need a graduate degree (or CFA Charter) plus a relevant NISM certification such as Series XV, then apply to SEBI. Check sebi.gov.in for current fees.
Smart Preparation. Stronger Tomorrow.
Study material, Excel numericals, revision capsule and full mocks. Code COUPON5 = 5% off.
About the author
{{AUTHOR_NAME}}, {{AUTHOR_CREDENTIAL}}
{{AUTHOR_BIO}}
Source: NISM workbook (Sept 2026) and nism.ac.in. Not affiliated with NISM or SEBI.
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31st Oct 2026
Saima Khan
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