How to Apply for NISM Exam | Guide for NISM Series 15

 In case you need to pursue a career in the Indian securities market or intend to find yourself registered as a Research Analyst or Investment Advisor by SEBI, then the initial step is to pass the NISM exam. Here in this blog we will give you the full guide on how to apply to the NISM examination with particular reference to the NISM Series 15 Research Analyst Certification, including all the details on the eligibility to the registration and preparation.

The following guide is presented to you by Taxation Consultancy, your reliable partner in the registration of SEBI, as well as the post-registration compliance, legal assistance, and advisory services.

The National Institute of Securities Markets (NISM), established by SEBI, offers certifications designed to promote knowledge and skills required for participants in the financial markets. Every certification is tied to a specific regulatory requirement.

The NISM Series 15 – Research Analyst Certification is one of the most critical exams for individuals aiming to register as a SEBI Research Analyst. This exam evaluates your understanding of research analysis, securities markets, investment strategies, and regulatory requirements.

Before we dive into how to apply for NISM exam, it’s important to understand why this certification is so valuable:

• It is mandatory for SEBI registered Research Analysts.
  
• Enhances professional credibility and market knowledge.
  
• Helps individuals build careers in equity research, financial advisory, or wealth management.
  
• NISM certifications are recognized across the Indian financial ecosystem and required by many employers.
  
  

One of the most common questions we get is: Who can apply for NISM exam? The answer is simple.

• Whether you are a 12th-pass student, a graduate, or a working professional from any field, you can apply for this exam.
  
• There is no education-specific requirement to appear for the exam itself.
  
• If your goal is to register with SEBI as a Research Analyst, you must hold a graduation degree and pass NISM Series 15
  
• For Investment Advisors, you must pass both NISM Series X-A (Level 1) and Series X-B (Level 2).
  

Latest SEBI Update: Earlier, only finance or commerce graduates were allowed to register with SEBI. But now, thanks to a recent amendment, individuals from any background (engineering, law, science, arts) can become SEBI registered analysts provided they pass the required exams.

• Exam Name: NISM Series 15 – Research Analyst Exam
  
• Exam Fee: ₹1500
  
• Mode of Exam: Online (Computer-based at authorized centers)
  
• Certificate Validity: 3 Years
  
• Passing Marks: Minimum 60% (60 marks out of 100)
  
• Negative Marking: Yes
  
• Certificate Type: SEBI-approved Certification
  
• Number of Attempts: Unlimited (fee applicable for each attempt)

This is a common concern. There are no restrictions on the number of attempts for NISM exams. You can take the exam as many times as you need until you pass. However, the fee of ₹1500 applies for each attempt.

Before we jump into the NISM registration process, let’s talk about preparation.

You do not need to read the entire official study material from beginning to end. Many candidates waste time going through the full 400-page PDF.

Instead, use:

• Pass4Sure – The most recommended source based on feedback from our clients
  
• Mock tests and question banks – Most questions in the exam are based on past papers or mocks
  
• Quick revision notes – Focus on core concepts related to research analysis, capital markets, ethics, and regulations

Tip: Don’t memorize unnecessarily. Practice in a simulated environment like mock tests. This also prepares you for negative marking.

Here is the complete registration process for the NISM Series 15 Research Analyst certification exam:

• Search on Google: “NISM Series 15 Research Analyst Exam”
  
• Click the official link from NISM
  
• Review the exam structure and click on “Register for Certification Exam”

• Click on “Create New Account”
  
• Enter your email address and confirm it
  
• Choose a secure password and register

⚠️ Note: The NISM system takes up to 72 hours to activate your account due to document verification. You may also face issues receiving OTPs, so check your spam folder.

You'll need:

• A recent photograph (passport-size, clear background)
  
• PAN card
  
• Aadhaar Card (or any government-approved address proof)

• PAN number should be entered in uppercase
  
• Photos must be clear, otherwise registration can be delayed

This includes:

• Name (as per PAN)
  
• Date of birth
  
• Father’s name
  
• Alternate email
  
• Gender

Click Next after verifying details.

• Full address (Line 1, 2, and 3)
  
• City, State, PIN code
  
• Mobile number (OTP required)
  
• Telephone is optional

• For graduation or diploma — enter your degree title, institute name, passing year, marks, etc.
  
• For professional details, if not applicable, select Others
  
• For work experience or occupation, if none — select Not Employed or Student
  
  

You’ll now see:

• Your uploaded photo
  
• PAN and Aadhaar
  
• Personal and education details
  

Tick the terms and conditions box, enter CAPTCHA and click Submit.

🔔 If your OTP isn’t received on email, check Spam folder.

Your NISM account is now verified, and you’re ready to apply for the exam.

1. Log in to the NISM portal
   
2. Look for Series 15: Research Analyst under Recommended Courses
   
3. Click → Enroll Now
   
4. Choose Examination
   
5. Select your exam (make sure it is NISM Series 15, not 15B)
   
6. Select your City, Exam Center, Date, and Time Slot
   
7. Proceed to Payment

• Exam fee is ₹1500 (minimum charge)
  
• Only online payment options are available
  
  • UPI
    
  • Credit/Debit Card
    
  • Net banking

After payment → You’ll receive confirmation:

🎉 “You are enrolled for the NISM Series 15 Research Analyst Certification Exam.”

This happens during document verification. Wait for NISM’s response.

Check your spam folder or try again after some time.

You can retry or switch to another payment mode. If it persists, contact NISM support.

Here’s a quick recap:

• 📝 Registration Fee: ₹1500
  
• 📊 Passing Marks: 60%
  
• ⚠️ Negative Marking: Yes
  
• 🎓 Certificate Validity: 3 Years
  
• 🧾 Attempt Limit: None, but charged every time
  
• 🖥 Exam Mode: Online at authorized test centers

If you're searching how to become sebi registered research analyst, Investment Advisor, or Portfolio Manager, or you need advice or support in post-registration compliance, SEBI legal cases, or regulatory audits, Taxation Consultancy is your trusted partner.

• Expertise in SEBI matter handling
  
• Dedicated legal support for both registered and unregistered entities
  
• Transparent process and timely guidance
  
• Highly-rated customer support and advisory

There is no limit on attempts. However, the fee applies for each attempt.

The certificate is valid for 3 years from the date of passing.

Yes, SEBI now allows graduates from any background to apply.

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📧 Email: taxationconsultancy997@gmail.com

Don’t worry — we’ve got your SEBI compliance, registration, and legal matters covered!