The exam is run by NISM, the National Institute of Securities Markets. Under a SEBI regulation of 2007 on certifying market professionals, NISM sets a minimum knowledge level for people who work in the securities markets.
This exam is Series XV: Research Analyst. It is required for people who prepare or publish research reports:
Research analysts registered with SEBI and their associated persons
People employed as research analysts
Partners of a research analyst firm
The legal hookRegulation 7(2) of the SEBI (Research Analysts) Regulations, 2014 says associated persons must pass this exam. That is why it exists. You will study these regulations in Chapter 14.
A driving licence test. It does not make you a great driver. It proves you know the rules and the basics, so others can trust you on the road.
What passing gives you
A certificate, valid for 3 years.
The certificate is issued only if your PAN is in your NISM registration details. Add it when you register.
Passing does not by itself register you with SEBI as a research analyst. Registration is a separate process.
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What does the paper look like?
It is a computer-based test. There are two kinds of questions.
The paper at a glance100 questions, 1 mark each
100
marks, 100 questions
120
minutes
60
marks to pass (60%)
−0.25
for each wrong answer
80 standalone MCQs
5 cases
A case study is a short story about a person or company, followed by 4 questions. 5 cases × 4 questions = 20 marks.
This pattern started on 20 January 2026, when the syllabus was revised. Technical analysis and commodities were added. Our workbook is the February 2026 version. It applies to exams taken on or after 30 March 2026.
Time
120 minutes for 100 questions is about 72 seconds a question. Case questions take longer, because you must read the story first.
A suggested time planThis is our suggestion, not an NISM rule. Do the 80 MCQs first, in about 70 minutes. Then the 5 cases, about 7 minutes each. Keep the last 15 minutes to return to questions you marked for review.
A cricket innings of 100 balls. Take the easy singles first. Do not spend five overs on one difficult bowler.
3
How is it marked?
Right
+1
Wrong
−0.25
Skipped
0
So 4 wrong answers wipe out 1 right answer. Your net score is: right answers minus a quarter of wrong answers.
Score calculatorMove the sliders. Skipped questions fill the rest of the 100.
15skipped
5marks lost to penalty
60net score
0short of 60
Getting 60 questions right is not enough if you also got some wrong. 65 right and 20 wrong gives exactly 60. 62 right and 38 wrong gives only 52.5.
Should you guess?
Each question has 4 options. The table shows what a guess earns you on average.
What a guess is worthAverage marks gained per question
You can rule out
Chance of being right
Working
Average gain
Nothing
1 in 4
0.25 × 1 minus 0.75 × 0.25
+0.06
1 option
1 in 3
0.33 × 1 minus 0.67 × 0.25
+0.17
2 options
1 in 2
0.5 × 1 minus 0.5 × 0.25
+0.38
The rule we will useA blind guess is barely better than a skip. If you can cross out even one option, answer. Skip only when you have no idea at all.
4
What is on the syllabus?
The book has 15 chapters. They are not worth the same. The marks below are the official weights from the workbook.
Marks per chapterOut of 100. Longest bar is 15 marks.
1Introduction to Research Analyst Profession1
2Introduction to Securities Market2
3Terminology in Equity and Debt Markets2
4Fundamentals of Research5
5Economic Analysis5
6Industry Analysis8
7Company Analysis: Business and Governance6
8Company Analysis: Financial Analysis12
9Corporate Actions5
10Valuation Principles12
11Fundamental Analysis of Commodities5
12Fundamentals of Risk and Return7
13Qualities of a Good Research Report5
14Legal and Regulatory Environment10
15Technical Analysis15
Four chapters, 8, 10, 14 and 15, carry 49 marks together. Chapters 1 to 3 carry only 5. We still read in order, because the early chapters teach the words the later ones use.
Five blocks of threeThe marks grow as the book goes on
Chapters 1 to 3
Foundations
5 marks
Who an analyst is, how markets work, basic terms
Chapters 4 to 6
How research works
18 marks
Approaches, the economy, industries
Chapters 7 to 9
The company
23 marks
Business quality, financial statements, corporate actions
Chapters 10 to 12
Numbers and value
24 marks
Valuation, commodities, risk and return
Chapters 13 to 15
Report, rules, charts
30 marks
Writing reports, regulation, technical analysis
Pages are not marks
Some chapters are long but carry few marks. Others are short and carry many. The chart shows marks per 10 pages of the book. A longer bar means each page you read is worth more in the exam.
Marks per 10 pagesPage counts from the workbook contents page, so they are approximate
1Introduction to Research Analyst Profession7 pages, 1 mark1.4
2Introduction to Securities Market33 pages, 2 marks0.6
3Terminology in Equity and Debt Markets23 pages, 2 marks0.9
4Fundamentals of Research12 pages, 5 marks4.2
5Economic Analysis15 pages, 5 marks3.3
6Industry Analysis25 pages, 8 marks3.2
7Company Analysis: Business and Governance15 pages, 6 marks4.0
Key laws: SCRA 1956, SEBI Act 1992, insider trading, unfair trade practices, RA Regulations 2014, IBC
Code of conduct for analysts
Conflicts of interest and disclosures
Exchange surveillance: ASM and GSM
Book pages 255 to 294.
15 Technical Analysis 15 marks
What technical analysis is. Types of charts
Dow Theory and market trends
Reversal and consolidation patterns
Support, resistance, trendlines and channels
Technical indicators
Book pages 295 to 327.
The workbook itself warns: the exam is largely based on the book, but NISM does not promise every question will come from it. The sample questions in the book are for reference only; the real exam may be harder.
5
What about numericals?
The test centre computers have either Microsoft Excel or LibreOffice Calc. You will not know which one in advance. The workbook advises being comfortable with both.
Numericals will come mostly from:
Chapter 8: financial ratios and DuPont analysis
Chapter 10: DCF, P/E, EV/EBITDA and other valuation measures
Chapter 12: returns, risk, beta, Sharpe and Treynor ratios
Chapter 3: bond yields, in a small way
Practise on a spreadsheetWhen we reach these chapters, do the practice questions in a spreadsheet, not on a calculator. Typing formulas quickly is part of the skill the exam tests.
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How do I book the exam?
Register and book on NISM's certification portal: cert.nism.ac.in (linked from www.nism.ac.in).
Add your PAN to your profile, or the certificate will not be issued.
NISM publishes a list of test centres and dates every month. The October 2026 list has about 230 centres across India.
Most centres offer two afternoon slots: 13:30 to 15:30 and 15:30 to 17:30. A few offer other times. Each centre runs on certain dates only, so check your city in the latest month's list.
Helpdesk, as printed on the centre list: certification@nism.ac.in, phone +91 8080806476.
When to bookBook once you have finished a first pass of the book and taken a full mock test. Each centre runs only on some dates, so look at the list early.
7
How does this group work?
We read the workbook one chapter per meeting, in order. That is 15 meetings after today. For each chapter there is one web page with three tabs.
One chapter, one weekWhat to do before and during each meeting
Learn
Read the notes before the meeting. Yellow marks are key terms. Red boxes are exam traps.
Flashcards
Mark each card "Got it" or "Again". Come back to the "Again" pile.
Quiz
Take it in exam mode. Press "Copy result for the group" and paste it in the group chat.
Meet
We spend the meeting on the questions most people missed.
The notes are shorter and simpler than the book, but they follow the book, not the news. Where current rules differ from the book, the exam marks against the book, so we do too.
Your flashcard and quiz progress is saved only in your own browser, on your own device. Nothing is collected or shared unless you paste your result yourself.
Every diagram is also saved as a picture, for sharing in the group chat.
Once more chapters are done, we will add a full mock test: 80 MCQs and 5 case sets, timed at 2 hours.
Try it now: open the Quiz tab at the top of this page. It has questions on everything we covered today.
Things people get wrong about this exam
Thinking 60 right answers means a pass. Wrong answers pull the score down: 60 right and 8 wrong is only 58.
Skipping every doubtful question. If you can rule out one option, guessing pays on average.
Guessing wildly on questions you know nothing about. It barely helps and adds risk.
Giving every chapter equal time. Chapters 8, 10, 14 and 15 are nearly half the paper.
Judging a chapter by its length. Chapter 2 is 33 pages for 2 marks; Chapter 13 is 8 pages for 5 marks.
Ignoring the 20 case questions. They are one fifth of the paper and take longer to read.
Practising numericals only on a calculator. The centre gives you Excel or LibreOffice Calc.
Studying from an older workbook. Use the February 2026 version; the pattern and syllabus changed in 2026.
Forgetting to add your PAN. No PAN, no certificate.
For the group discussion
When does each of us plan to take the exam? Does 15 meetings fit that date?
Which chapters look hardest from the topic list? Which do we already know from work or study?
Who is comfortable with Excel formulas? Should we add a short spreadsheet session before Chapter 8?
What meeting day, time and length works for everyone?
How will we keep each other on track between meetings?
Answer
Tap the card to flip. On a keyboard: space flips, right arrow = got it, left arrow = again.
Test yourself
Scoring works like the real exam: +1 for a right answer, minus 0.25 for a wrong one, 0 for a skip. Skipping is allowed.