NISM Series XV: Syllabus, Exam & TipsNISM Series XV is the Research Analyst certification exam that SEBI-registered research analysts and their research staff must pass. The revised version, live since 20 January 2026, has 100 one-mark questions in two hours, a 60% pass mark with negative marking, and a certificate valid for three years.  Last updated: 21 October 2026 NISM Series XV, formally the NISM-Series-XV: Research Analyst Certification Examination, is the exam you must pass to meet the certification requirement in Regulation 7 of the SEBI (Research Analysts) Regulations, 2014. The current version, live since 20 January 2026, has 80 multiple choice questions and 5 case studies worth 100 marks in total. You have two hours, need 60% to pass, and lose a quarter mark for each wrong answer. Passing is one step towards registration. After that, a CRM for SEBI research analysts helps you run the compliance work the exam covers. This guide covers who needs the exam, the pattern, the chapter-wise syllabus and weightage, fees, validity, the Series XV-B renewal exam, and practical preparation advice. Exam details come from NISM's official pages as of October 2026. NISM revises its exams from time to time, so check nism.ac.in before you book. Who needs to pass NISM Series XV?Under Regulation 7 of the RA Regulations, the following people must hold a valid NISM certification at all times:
Sales staff have a lighter examBy a SEBI circular dated 11 March 2026, PARS who only do sales and other non-core work and do not work on research can take NISM-Series-XXV-A instead. Those who already held Series XV on that date switch to XXV-A only when their Series XV certificate expires. NISM PGP holdersIf you qualify through NISM's Post Graduate Program in the Securities Market (Research Analysis), you do not need the entry-level exam. You still need the renewal certification within three years of your registration date. Compliance officersAn independent CA, CS or CMA appointed as compliance officer of a firm registered as an RA must hold NISM-Series-XV, XV-B and III-A certifications. The exam is one part of eligibility. A graduate degree (or CFA Charter), the deposit and RAASB enlistment are the others, all covered in how to become a SEBI-registered research analyst. What is the NISM Series XV exam pattern?NISM launched a revised Series XV, with new test objectives and a new workbook, on 20 January 2026. The old version was available until 19 January 2026. The current pattern is below. Why negative marking changes your approachA wrong answer costs 0.25 marks, so wild guessing hurts. If you can rule out two options, an educated guess is usually still worth making. If you have no idea, leave it blank. Case studies count for a fifth of the paperThe 20 case-study marks test whether you can apply ratio analysis, valuation and regulation to a scenario. Learning definitions alone will not get you there. What is the NISM Series XV syllabus and chapter weightage?NISM's syllabus annexure for the revised exam lists 15 chapters with these weightages. They add up to 100, matching the exam's total marks. Four chapters carry nearly half the marksTechnical Analysis (15), Financial Analysis (12), Valuation Principles (12) and Legal and Regulatory Environment (10) make up 49 marks. Spend most of your study time here. Technical analysis now has the biggest weightIn the revised paper, Technical Analysis is the single largest chapter. Candidates from a purely fundamental background should start on it early. Commodities have their own chapterChapter 11 covers fundamental analysis of commodities. Many older study guides skip it, so use the current NISM workbook. What do the main chapters test?NISM's stated aims for the exam are knowledge of Indian securities markets and equity and debt terminology, top-down and bottom-up research, economic and industry analysis, qualitative and quantitative company analysis, risk, valuation and corporate actions, and what makes a good research report. Financial analysisReading the profit and loss account, balance sheet and cash flow statement, ratio analysis, and spotting quality-of-earnings issues. Expect calculations in the case studies. Valuation principlesDiscounted cash flow, relative valuation using multiples, and how corporate actions affect per-share figures. Practise the formulas until you can apply them quickly. Legal and regulatory environmentThe RA Regulations, disclosures, conflicts of interest, trading restrictions and investor protection. This chapter is also the one you will use every day as a registered RA. Qualities of a good research reportStructure, clarity, disclosures and objectivity. These are the same things SEBI expects in every research report you publish. How do you register and book the exam?
NISM states that a passing certificate is issued only once your PAN is furnished or updated, so add it before the exam. How long is NISM Series XV valid, and how do you renew it?The certificate is valid for three years from the exam date. The RA Regulations require you to get a fresh certification before the current one expires, so certification never lapses while you are registered. Do not let it expireNISM's FAQ says certificates past their validity cannot be renewed through Series XV-B. You would have to pass the full Series XV exam again, and you would be out of compliance in the meantime. CPE programmesNISM has also offered Continuing Professional Education programmes for research analysts as a way to revalidate a certificate. Check NISM's current CPE calendar and terms before you rely on this route. Diary the dateRecord the expiry date of every certified person in your firm and plan renewals a few months ahead. Your annual compliance audit will check certification. How should you prepare for NISM Series XV?Most candidates need a few weeks of steady study. Here is practical preparation advice, based on the exam pattern. Start with the official workbookQuestions follow NISM's test objectives and workbook for the revised exam. Use the 2026 edition, not an older PDF. Study in weightage orderCover Technical Analysis, Financial Analysis, Valuation and Regulation first, then economic, industry and commodity analysis, then the smaller chapters. Practise the numbersWork through ratios, growth rates, DCF and per-share adjustments for bonus issues, splits and rights issues by hand. The case studies reward speed with numbers. Learn the regulations as a practitionerRead the RA Regulations and the current master circular for disclosures, trading restrictions and fee rules. You will need them again for the SEBI research analyst regulations you follow after registration. Take timed mock testsPractise 100 marks in 120 minutes with negative marking. Aim for a comfortable margin above 60. Plan time on exam dayDo one quick pass through all the questions, answer the ones you are sure of, then come back to the case studies. Skip any question where you cannot narrow the choices. After you pass: turn the syllabus into practicePassing NISM Series XV covers certification. Registration, the deposit and RAASB enlistment come next, and then the daily work of disclosures, research reports and records. Finuro's CRM for SEBI research analysts helps you publish recommendations with disclaimers, keep research report PDFs, track every call's status and keep audit-ready records. Always check the current NISM and SEBI rules. This article is general information, not legal advice. Related Finuro features
Frequently asked questionsAnswers to common questions on this topic. Built for SEBI RAs and IAs Passed NISM XV? Set up your practiceUse Finuro to publish compliant recommendations, onboard clients with e-KYC and e-sign, and keep audit-ready records from your first client.  |
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