NISM Series XV: Research Analyst Certification Examination  

Communiqué/Press Release

NISM/Certification/ NISM Series XV: Research Analyst Certification Examination/2025/dated December 05, 2025.

This is with reference to NISM/Certification/Series-XV: Research Analyst/2015/01 dated February 16, 2015, specifying that NISM-Series-XV: Research Analyst Certification Examination as the requisite standard for all associated persons registered as research analyst under SEBI (Research Analyst) Regulations, 2014, individuals employed as research analyst and partners of a research analyst, engaged in preparation and/or publication of research report or research analysis. The examination is being offered to the candidates since March 2, 2015 and has been revised periodically.

Considering changing dynamics of the research analyst domain, NISM has updated the NISM-Series-XV: Research Analyst Certification Examination. The revised NISM-Series-XV: Research Analyst Certification Examination will be launched with effect from January 20, 2026.

The NISM-Series-XV: Research Analyst Certification Examination with its current content (as per the existing test objective and workbook) will be available to the candidates till January 19, 2026 and will be replaced by the revised examination (as per the revised test objectives and workbook) from January 20, 2026.

Details of the revised examination can be downloaded from the website of NISM.

Details of the revised NISM-Series-XV: Research Analyst Certification Examination are given in Annexure-I and Annexure-II of this communiqué/press release.

The text of these Annexure and the registration details are available at www.nism.ac.in.

-Sd-

Yogita Jadhav

Registrar

 National Institute of Securities Markets

Enclosures: Annexure I and Annexure II