Research Analyst Certification Examination

NISM-Series-XV: Research Analyst Certification Examination

Launch of revised NISM-Series-XV: Research Analyst Certification Examination with effect from January 20, 2026.

The examination seeks to create a common minimum knowledge benchmark 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.

An associated person shall be required to pass the NISM-Series-XV: Research Analyst Certification Examination to fulfill the requirements specified under Regulation 7(2) of the SEBI (Research Analysts) Regulations, 2014.

The certification aims to enhance the quality of services provided by research analyst in the financial services industry.

Examination Objectives:

On successful completion of the examination, the candidate should:

• Know the basics of Indian Securities Markets and different terminologies used in equity and debt markets
• Know about the top down and bottom up approach to fundamental research
• Know the basic principles for micro and macro-economic analysis, the sources of different information for analysis, and the various macroeconomic variables affecting the analysis.
• Know the key industry drivers and sources of information for industry analysis.
• Understand about the Qualitative and Quantitative dimensions with regards to Company Analysis.
• Know about the Fundamentals of Risk and Return, Valuation Principles, and the philosophy of various Corporate Actions.
• Understand the qualities of a good research report.

Assessment Structure

The examination consists of 80 multiple choice questions of 1-mark each and 5 case-based questions (each case having 4 questions of 1-mark each), adding to a total of 100 marks. The assessment structure is as follows:

The examination should be completed in 2 hours.
The passing score for the examination is 60 marks (i.e., 60%).
There shall be negative marking of 25% of the marks assigned to the question for each wrong answer.

Test Details

Name of Module: NISM-Series-XV: Research Analyst Certification Examination

⁺: Inclusive of Service Tax. Payment Gateway Charges extra.

*: Negative marking – 25% of the marks assigned to the question

# Passing Certificate will be issued only to those candidates who have furnished/ updated their Income Tax Permanent Account Number (PAN) in their registration details.