NISM-Series-XV: Research Analyst Certification Exam | NISM Series XV Mock Test : NISMExams.in

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NISM Series XV: Research Analyst Certification Mock Test


  • Master the NISM Series XV: Research Analyst Certification Exam effortlessly with our comprehensive package!
    1. 800+ Exam-Focused Questions: Gain confidence with a vast question bank covering all key topics.
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    3. Concise Short Notes: Quick revision materials designed for clarity and retention.
    4. 15-Days Access: Ample time to prepare and refine your understanding.
    5. 15 Test Attempts per Set: Practice extensively and track your progress.
    6. 16 Case Study-Based Questions: Sharpen your practical understanding with real-world scenarios.
    7. Affordable Pricing: Just Rs.599 (including GST) for comprehensive study resources.

Examination Overview – NISM Series XV: Research Analyst Certification


The NISM-Series-XV: Research Analyst Certification Examination has been revised and relaunched with effect from March 2025. This certification is mandated by SEBI under the SEBI (Research Analyst) Regulations, 2014, and is essential for all individuals functioning as research analysts or involved in preparing or publishing research reports or analysis.

The examination aims to establish a common minimum knowledge benchmark for:

  • Associated persons registered as research analysts under SEBI regulations
  • Employees or partners of entities acting as research analysts
  • Individuals aspiring to become research analysts in the financial services sector

By passing this exam, candidates meet the Regulation 7(2) requirement of the SEBI (Research Analysts) Regulations, 2014, ensuring they are qualified to carry out research responsibly and professionally. The certification is designed to improve the quality, accuracy, and ethical standards of research analysis in the Indian capital markets.


Examination Objectives


On successful completion of the NISM Research Analyst exam, the candidate is expected to:

  • Understand the fundamentals of Indian securities markets: Grasp key concepts, participants, instruments, and terminology used in equity and debt markets.
  • Learn the top-down and bottom-up approaches: Apply these frameworks to conduct effective fundamental research at macroeconomic, industry, and company levels.
  • Analyze macroeconomic and microeconomic indicators: Know the basic principles of economic analysis, including inflation, interest rates, GDP, fiscal and monetary policy, and how these impact market movements.
  • Master industry analysis: Identify key industry drivers, sectoral risks, and use public and proprietary sources of information for in-depth analysis.
  • Understand company analysis: Evaluate companies using qualitative (management quality, corporate governance) and quantitative (financial statements, ratios) parameters.
  • Gain expertise in risk, return, and valuation principles: Learn the relationship between risk and return, discounting methods, DCF, relative valuation techniques, and the implications of various corporate actions.
  • Identify key elements of a strong research report: Understand how to structure a report, present data clearly, justify opinions, and maintain transparency and regulatory compliance.

This certification ensures that registered research analysts are well-versed in industry best practices, ethical standards, and analytical techniques. Passing the NISM Series XV exam demonstrates your capability to work as a compliant and competent research analyst in India’s evolving capital market ecosystem.

Link to NISM

For more details, please visit the official website of NISM.

Assessment Structure

Component Details
Mode of Exam Online (Computer-Based Test)
Language Options English
Number of Questions 100
Question Format 92 MCQs + 2 case-based (each with 4 questions)
Total Marks 100
Passing Criteria 60%
Negative Marking Yes (25% of marks per question)
Exam Duration 2 Hours (120 minutes)
Exam Fee ₹1,500 (inclusive of GST) + gateway charges
Result Declaration Immediately after exam completion
Certificate Validity 3 Years from the date of passing
PAN Requirement Must be updated in profile
Exam Delivery Available at 150+ NISM centers across India

Syllabus Outline with Weightages

Unit No. Unit Name Weightage (%)
1Introduction to Research Analyst Profession3
2Introduction to Securities Market4
3Terminology in Equity and Debt Markets4
4Fundamentals of Research5
5Economic Analysis10
6Industry Analysis10
7Company Analysis – Business and Governance8
8Company Analysis – Financial Analysis16
9Corporate Actions5
10Valuation Principles16
11Fundamentals of Risk and Return5
12Qualities of a Good Research Report4
13Legal and Regulatory Environment10

What We Offer


Master the NISM Series XV: Research Analyst Certification Exam with confidence using our all-in-one preparation bundle:

  • 800+ Exam-Focused Questions
  • Engaging Video Lectures by Experts
  • Concise Short Notes
  • 15 Days Unlimited Access
  • 15 Test Attempts per Mock Set
  • 16 Case Study-Based Questions
  • Affordable Pricing – Just ₹599 (including GST)

Be exam-ready. Be SEBI-compliant. Be certified.

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Frequently Asked Questions - NISM Series XV: Research Analyst Certification


1. Where can I find a free mock test for the NISM Research Analyst exam?

While you might find some free NISM Research Analyst mock tests online, they typically offer a limited number of questions and rarely include case studies or detailed explanations. For an exam with negative marking and a 60% passing score, relying on basic free tests can be risky. To ensure you are fully prepared, nismexams.in offers a complete package with 800+ questions, including 16 case study-based scenarios, video lectures, and revision notes that cover the entire syllabus in depth.


2. Can I download a NISM Research Analyst mock test PDF?

Searching for a "NISM Research Analyst mock test PDF" often leads to outdated materials that don't reflect the revised 2025 syllabus or the correct exam pattern. A static PDF won't simulate the timed, computer-based test environment. A more effective solution is an interactive platform like nismexams.in, which provides an extensive, updated question bank and concise study notes, ensuring your preparation is aligned with the actual exam.


3. What is the exam pattern and passing score for the NISM Series XV exam?

The NISM Series XV exam is a 2-hour online test with 100 questions. The format includes 92 multiple-choice questions (MCQs) and 2 case studies with 4 questions each. A passing score of 60% is required, and there is a 25% negative marking for every incorrect answer, making accuracy extremely important.


4. What are the most important topics for the NISM Research Analyst (Series 15) exam?

Based on the official weightages, you should focus on these critical areas:
• Company Analysis – Financial Analysis (16%)
• Valuation Principles (16%)
• Economic Analysis (10%)
• Industry Analysis (10%)
• Legal and Regulatory Environment (10%)
The study materials at nismexams.in are structured to help you master these high-weightage topics to maximize your score.


5. Where can I find a NISM XV question bank or previous year's question papers?

NISM does not officially release its past question papers. Any so-called "previous year papers" found online are unreliable, memory-based collections. A far better approach is to practice with a professionally curated question bank. The mock tests at nismexams.in are based on the official examination objectives and are frequently updated to reflect current question patterns, providing a more dependable preparation resource than any unverified question paper.


6. What are the most important topics in the NISM Series 8 syllabus?

Case study questions are a critical part of the NISM Research Analyst exam, designed to test your practical application of knowledge. Reading theory alone is not enough. To master these, you need to practice with real-world scenarios. The comprehensive package at nismexams.in includes 16 case study-based questions that sharpen your analytical skills and prepare you for the practical challenges of the exam


7. How can I pass the NISM Research Analyst exam with a 15-day preparation plan

Passing in 15 days is ambitious but possible with a focused strategy. The all-in-one package from nismexams.in, which provides 15-day access, is ideal for this.
• Days 1-7: Watch the engaging video lectures to quickly cover all core concepts.
• Days 8-12: Attempt the 800+ mock questions and case studies to solidify your understanding.
• Days 13-15: Use the concise short notes for rapid revision and take full-length mock tests to get comfortable with the time limit and negative marking.



8. Is it difficult to pass the NISM Research Analyst exam due to negative marking?

Yes, the NISM Series XV exam can be challenging. The combination of a high passing score (60%) and a penalty of 25% for every wrong answer means that simply guessing is not a viable strategy. Success depends on accuracy and a deep understanding of the concepts. This is why practicing with a large and relevant question bank is essential. The mock tests at nismexams.in are specifically designed to help you build the confidence and precision needed to tackle the exam, allowing you to practice time management while being mindful of the negative marking.


9. What is the best way to practice for the case study questions on the NISM XV exam?

Case study questions require you to apply theoretical knowledge to practical, real-world scenarios, and they are a critical part of the exam. The best way to prepare is by working through as many relevant case studies as possible. While standard mock tests often neglect this format, the premium package at nismexams.in includes 16 specific case study-based questions. This targeted practice ensures you develop the analytical skills needed to confidently handle these complex questions and secure a passing score.


10. Are free mock tests enough to clear the NISM Research Analyst certification?

While free mock tests can provide a basic introduction, they are generally not sufficient for clearing a professional certification like the NISM Series XV exam. Free resources often lack depth, do not cover the full syllabus, and are not updated to reflect the latest exam patterns, including critical components like case studies and negative marking. For a SEBI-mandated certification, investing in a comprehensive and affordable preparation package like the one at nismexams.in is a more reliable path to success, saving you from the potential cost and time of a re-attempt.


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