NISM Exams

nism research analyst exam
nism research analyst exam

NISM Research Analyst Exam (NISM Series XV) – Process

Want to Become SEBI Registered?

 

If your goal is to work as a SEBI-registered Research Analyst and offer stock market research, equity recommendations, or detailed investment reports, the very first step is obtaining the NISM Research Analyst certification.

This certification, officially called the NISM Series XV Research Analyst Certification Examination, is the only qualification recognized by SEBI for Research Analyst (RA) registration.

Without this certificate, you cannot apply for RA Registration or operate under SEBI’s Research Analyst Regulations, 2014.

Many professionals confuse this with other NISM certifications, so let’s clear the air right away.

 

 

This guide explains everything you need to know about obtaining the NISM Research Analyst exam certification — from eligibility and syllabus to exam structure, preparation strategy, and post-exam steps for SEBI registration.

Start Your PMS Registration Now

What Is the NISM Research Analyst Exam?

The NISM Research Analyst exam is a mandatory certification regulated by SEBI under the Research Analyst Regulations, 2014.

It’s designed for individuals who wish to publish equity research reports, provide market opinions, or issue stock recommendations under SEBI’s supervision.

Officially called the NISM Series XV Research Analyst Certification Examination, this qualification is required for:

 

  • RA Registration with SEBI or BSE

     

  • Freelance equity research and analysis

     

  • Research positions at advisory or PMS firms

     

  • SEBI-compliant financial writing or report publishing

 

Candidates commonly refer to this certification as:

 

  • NISM XV

     

  • NISM Series 15

     

  • NISM Research Analyst Certification

     

  • NISM Research Analyst Exam

 

If you want to legally issue stock recommendations in India, clearing the NISM Research Analyst exam is compulsory.

NISM Research Analyst Eligibility Criteria

One of the most searched questions is:

What is NISM Research Analyst eligibility?

Here is the clear breakdown:

Educational Qualification

To apply for SEBI RA Registration after passing NISM XV, you must have:

  • Postgraduate degree/diploma in:

    • Finance

    • Commerce

    • Economics

    • Capital Markets

    • Banking

    • Business Management

OR

  • Graduate degree + 5 years of relevant market experience

Certification Requirement

Passing the NISM Series XV Research Analyst Certification Examination is mandatory.

Without clearing this certification, you cannot apply for SEBI Research Analyst registration.

Exam Structure of NISM Series XV (Research Analyst)

Here’s a detailed overview of the NISM Research Analyst exam format:

 

  • Mode: Online (at authorized test centers)
  • Questions: 100 Multiple Choice Questions
  • Duration: 2 hours
  • Passing Marks: 60%
  • Negative Marking: 0.25 per wrong answer
  • Language Options: English and Hindi
  • Validity: 3 years
  • Fee: Around ₹1,500

Important Note:

  • Total Questions: 100

     

  • Passing Marks: 60%

     

  • Negative Marking: Yes (0.25)

     

  • Certificate Validity: 3 Years

 

Tip: Before attempting the main exam, take several NISM XV mock tests. They help improve accuracy, time management, and understanding of question patterns.

Syllabus Coverage for NISM Series XV

The NISM Research Analyst certification focuses on both analytical and regulatory aspects of equity research.

Here’s what the NISM XV syllabus includes:

1. Introduction to Indian Securities Market & SEBI Regulations

  • Structure of Indian financial markets

     

  • Role of SEBI

     

  • SEBI Research Analyst Regulations, 2014

2. Research Process and Report Writing

  • Research framework

     

  • Data collection

     

  • Financial modeling

     

  • Drafting professional research reports

3. Macroeconomic and Industry Analysis

  • GDP analysis

     

  • Inflation trends

     

  • Interest rate cycles

     

  • Sector performance studies

4. Quantitative and Qualitative Research Methods

  • Statistical tools

     

  • Data interpretation

     

  • Business model evaluation

5. Financial Statement Interpretation

  • Income statement analysis

     

  • Balance sheet evaluation

     

  • Cash flow interpretation

6. Valuation and Ratio Analysis

  • PE Ratio

     

  • ROE

     

  • Debt-to-Equity

     

  • DCF valuation

     

  • Relative valuation methods

7. Company Valuation Techniques

  • Dividend Discount Model

     

  • Free Cash Flow Valuation

     

  • Comparable company analysis

8. Ethical and Compliance Guidelines under SEBI PMS Regulations

  • Code of conduct

     

  • Conflict of interest rules

     

  • Disclosure requirements

 

The syllabus is structured to make candidates industry-ready for research and Portfolio Manager Registration roles.

NISM Series XV vs NISM Series 10A & 10B — What’s the Difference?

One of the most common mistakes candidates make is confusing the Research Analyst certification with the Investment Adviser exams.

For SEBI Research Analyst (RA) Registration:
 You only need the NISM Research Analyst exam (NISM Series XV or NISM Series 15).

For SEBI Investment Adviser (IA) Registration:
 You must clear NISM Series 10A and NISM Series 10B.

Remember:

They are separate certifications under SEBI regulations

Step-by-Step Guide to Get NISM Research Analyst Certification

Step 1: Register on the NISM Portal

Visit the official NISM Certification Portal. Create your account and choose “NISM Series XV – Research Analyst”.

Step 2: Choose Your Exam Centre and Schedule

Select your preferred exam location and date.

Step 3: Prepare with Study Material and Mock Tests

Use official NISM study material and attempt multiple NISM XV mock tests.

Step 4: Appear for the Exam

Carry valid ID proof and manage your time carefully.

Step 5: Download Your Certificate

After passing the NISM Research Analyst exam, download your certificate. It remains valid for 3 years.

Career Opportunities After NISM Series XV Certification

Clearing the NISM Research Analyst exam opens up wide career opportunities:

 

  • Equity Research Analyst

     

  • Research Associate

     

  • Market Strategist

     

  • Financial Analyst

     

  • Portfolio Consultant

     

  • Research Head at advisory firms

     

  • Financial Content Writer

     

  • SEBI-compliant research publisher

 

Many professionals later move toward Portfolio Management Services (SEBI PMS).

Role of SEBI PMS and Portfolio Manager Registration

Under SEBI PMS Regulations, portfolio managers actively manage funds for clients.

To qualify for Portfolio Manager Registration:

 

  • Maintain ₹5 crore net worth

     

  • Have relevant financial experience

     

  • Follow SEBI compliance norms

 

This is an advanced career path after gaining experience as a NISM Research Analyst.

Role of Taxation Consultancy After NISM Certification

Passing the NISM Series XV Research Analyst Certification Examination is just the beginning.

The next step is completing SEBI RA Registration — which involves complex paperwork, declarations, and compliance checks.

This is where Taxation Consultancy provides crucial assistance.

They help with:

 

  • Drafting SEBI-compliant documents

     

  • Filing RA applications on the BSE portal

     

  • Preparing annexures and declarations

     

  • Replying to SEBI clarifications

     

  • Managing post – SEBI registration requirements

 

Whether you’re applying as an individual, partnership, LLP, or private limited company, a professional consultancy can simplify the registration process.

Importance of SEBI Orders and SMART ODR for Analysts

Once registered, analysts are bound by SEBI orders and must adhere to ethical conduct and investor grievance systems like SMART ODR.

Non-compliance may result in:

 

  • Monetary penalties

     

  • Registration suspension

     

  • License cancellation

 

Compliance is as important as clearing the NISM Research Analyst exam.

Advanced Preparation Strategy for NISM XV

here’s a structured preparation:

 

  1. Study official NISM workbook thoroughly

     

  2. Focus heavily on valuation models

     

  3. Revise financial ratios daily

     

  4. Attempt 10+ full-length mock tests

     

  5. Stay updated with SEBI circulars

     

  6. Practice time management

 

Consistency over 4–6 weeks ensures strong performance.

Final Conclusion

Becoming a SEBI registered Research Analyst is one of the most credible career paths in India’s financial ecosystem.

By clearing the NISM Research Analyst exam and obtaining the NISM Series XV Research Analyst Certification Examination, you gain:

 

  • Legal authority

     

  • Industry credibility

     

  • Professional recognition

     

  • Regulatory compliance

 

Once certified, complete your SEBI registration process with proper documentation support through Taxation Consultancy to ensure smooth approval.

 

If you aim to build a serious, compliant, and scalable career in equity research, the NISM Research Analyst certification is your first milestone.

 

Prepare smartly. Stay compliant. Build authority.

FAQ'S

The NISM Research Analyst exam, officially called the NISM Series XV Research Analyst Certification Examination, is a mandatory certification required by SEBI for Research Analyst registration.

Candidates must have a relevant postgraduate qualification or a graduate degree with 5 years of experience, along with clearing NISM XV.

Yes. NISM Series XV is mandatory for SEBI Research Analyst registration.

The passing score is 60%.

Yes, 0.25 marks per wrong answer.

The certificate is valid for 3 years.

Yes, both refer to the same certification.

Yes, but only after completing SEBI RA Registration.

₹1,500 approximately.

Typically 3–6 weeks with consistent study.