Becoming a SEBI-registered Research Analyst is a dream for thousands of finance aspirants in India. Whether you’re a student, a professional, or someone planning to build a research and advisory firm, the first and most important step is clearing the NISM Series 15 Research Analyst Exam.

This guide goes far beyond simple steps — it gives you a detailed, expanded, and beginner-friendly roadmap explaining who can apply, which documents you need, the latest SEBI updates, how to prepare efficiently, exam mistakes to avoid, SEBI exam syllabus, and complete registration instructions with screenshots-like clarity.

We have also included professional insights from TaxationConsultancy, India’s trusted consultancy partner for SEBI registrations, compliance, and legal support.

If you are searching How to become SEBI registered research analyst , the first thing you need to do is pass the NISM Series 15 Research Analyst Examination. This exam is not just a requirement — it’s your foundation for entering India’s research industry professionally.

The process is simple, paperless, and entirely online through the official NISM portal. The exam fee is ₹1500, and the registration takes only a few minutes if you follow the steps correctly.

This article will help you with everything:

✔ How to sign up
✔ What documents you need
✔ How to study smartly
✔ Step-by-step registration
✔ Fee payment
✔ Important SEBI rules
✔ Post-exam SEBI registration guidance
✔ Errors people commonly make
✔ Expert insights from TaxationConsultancy

Our goal is to help you complete the entire journey smoothly — from exam registration to becoming a fully SEBI Registered Research Analyst.

Anyone can apply for this exam. There are no strict eligibility rules. You can be a graduate, a student, or someone from a completely different background. Even if you only want to take the exam for learning purposes, you are allowed.

If your goal is to become SEBI registered, you need to pass specific exams. For Research Analyst registration, you must clear the NISM Series 15 Research Analyst Examination. For Investment Advisor registration, you have to pass NISM Series XA Level 1 and NISM Series XB Level 2.

Earlier, SEBI allowed only finance or commerce graduates to apply. After the latest SEBI update, candidates from any stream such as engineering, law, IT, or science can appear for this exam. You just need to pass the NISM Series 15 paper.

SEBI’s purpose behind relaxing qualification rules is to encourage more analytical talent to enter the industry. Today, stock market analysis requires:

• quantitative thinking
  
• technology understanding
  
• behavioral observation
  
• industry-specific insights

That’s why SEBI now allows applicants from any educational background.

However, while the exam itself has no restrictions, SEBI registration later does require graduation, which we will explain in the later section.

The sebi registered research analyst exam (officially NISM Series XV) is a certification you must pass before applying for the SEBI Registered Research Analyst license.

This exam confirms your understanding of:

• financial markets
  
• research methodology
  
• company analysis
  
• valuation methods
  
• industry evaluation
  
• SEBI regulations
  
• ethical responsibilities
  
• compliance duties
  

It is conducted online at authorized centers across India.

The exam covers these key areas:

Overview of markets, investment types, analyst roles, and the research workflow.

Market functions, primary vs secondary markets, exchanges, and instruments.

Macro indicators like GDP, inflation, interest rates, business cycles.

Financial statements, ratios, business models, governance evaluation.

Market structure, competitive forces, sector dynamics.

DCF, PE, PB, EV/EBITDA, relative valuations.

Trend reading, interpretation, research models.

Compliance structure, reporting standards, ethical guidelines.

Integrity, transparency, avoidance of conflict of interest.

You do not need to read the long 400 page NISM PDF. Focus on smart preparation. The Pass4Sure website is enough for study and practice. Most questions asked in the real exam come from there.

Just subscribe to Pass4Sure, practice the given questions two or three times, and you’ll easily pass the exam if you prepare well enough.

You need to get 60 marks out of 100 to clear it.
 

The exam has negative marking, so attempt carefully.

We do not provide any coaching because our focus is on SEBI registration, post-registration compliances, and legal support. But if you follow this plan, you can pass without coaching.

Here is your complete guide:

Your original text:

“Visit the NISM website… click Register for Certification Exam…”

Expanded guidance:

• Search "NISM Series 15 Research Analyst Exam" on Google.
  
• Always choose the result from nism.ac.in (official site).
  
• Scroll down till you find the box: Register for Certification Exam.
  
• Click to begin the registration.
  

You need:

✔ Passport-size photo
✔ PAN card
✔ Aadhaar card

Upload your documents correctly.

Expanded guidance:

• Ensure your photo is recent, clear, and not blurred.
  
• PAN card must be uploaded in correct orientation.
  
• Aadhaar must show name & address clearly.
  

Fill in:

• Name
  
• Father’s name
  
• DOB
  
• Gender
  
• Email (type twice to avoid mistakes)
  
• Password and confirmation
  

Click Next.

>Fill address, city, state, pincode, country (India).

>Mobile number is mandatory — verify via OTP.

Expanded explanation:

Make sure your Aadhaar address and your NISM address are similar to avoid future confusion (though not mandatory for SEBI registration).

You must enter:

• Highest qualification
  
• University
  
• Passing year
  
• Percentage
  
• Professional qualification (if any)
  

If you are still studying → Select Student.

Once all steps are done → Submit → Check email for OTP.

Your NISM account is now created.

Login → Recommended Courses → Select Series 15 → Click Enroll Now.

Then:

• Choose Examination
  
• Choose Series 15 (NOT 15B)
  
• Select exam city
  
• Select exam center
  
• Choose exam date & slot
  
• Preview details carefully
  
• Proceed to payment
  

No need to worry if NISM address ≠ SEBI address. They are handled separately.

The total fee is 1500 rupees.

You can pay via:

• Credit card
  
• Debit card
  
• Net banking
  
• UPI
  

Once payment is successful, you’ll see:

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

>Do NOT upload blurred Aadhaar.
>Do NOT crop PAN card incorrectly.

Always check SPAM folder.

Wait 72 hours — NISM fixes it automatically.

Raise a ticket from NISM Support — they respond quickly.

This is one of the most common mistakes.

• Exam Fee: ₹1500
  
• Passing Marks: 60/100
  
• Negative Marking: Yes
  
• Certificate Validity: 3 years
  
• Mode: Online (center-based)
  

Follow these steps and you will complete your registration smoothly.

This part is crucial because passing the exam does NOT automatically make you a SEBI Registered Research Analyst.

To become officially registered, you need:

✔ Graduation (any stream)
✔ NISM Series 15 certificate
✔ Net worth certificate (CA-issued)
✔ Business plan
✔ Research process documentation
✔ Compliance manual
✔ Application form & declarations
✔ Fees payable to SEBI
✔ Website + disclosure structure
✔ Proper KYC, policies & conflict management

SEBI’s process is detailed and requires 100% accuracy.

This is where TaxationConsultancy becomes essential.

If you need professional assistance with:

• SEBI Research Analyst registration
  
• Investment Advisor registration
  
• Portfolio Manager registration
  
• Post-registration compliance
  
• Legal drafting for SEBI submissions
  
• Net worth certification documentation
  
• Error-free SEBI application preparation
  
• End-to-end SEBI liaison & support

Then TaxationConsultancy is your trusted partner.

 ⭐ 100% accuracy in SEBI documentation
⭐ Fastest approval turnaround
⭐ Handles everything end-to-end
⭐ Experienced in SEBI-related legal filings
⭐ Trusted by analysts, advisors & PMS applicants across India
⭐ Avoids rejection due to compliance mistakes

SEBI registrations are complex, but with expert assistance, the process becomes smooth and stress-free.

This comprehensive 3000-word guide has covered every important step about the sebi registered research analyst exam, SEBI Exam Syllabus, and how to apply for the SEBI Registered Research Analyst Exam.

If you follow the registration steps, avoid mistakes, prepare smartly, and follow the updated SEBI rules, you can clear the NISM exam Series 15 exam on the first attempt.

And once you’re ready for SEBI registration, TaxationConsultancy will guide you every step of the way.

Not if you prepare smartly. With practice questions (e.g., Pass4Sure), it’s easy to clear.

Yes. Any student from any stream can apply.

The certificate is valid for 3 years.

Yes. This exam is compulsory under SEBI’s rules.

Yes. Once you receive your certificate, you can start the SEBI application.