There are no items in your cart
Add More
Add More
| Item Details | Price | ||
|---|---|---|---|
The NISM XV Research Analyst exam now has 5 case studies of 4 questions each, worth 20 marks out of 100. This pattern has applied since 20 January 2026, and the other 80 marks come from one-mark MCQs. A wrong answer costs 0.25 marks, while a question you leave blank costs nothing. So clearing NISM 15 depends on knowing when to answer as much as knowing the syllabus. Most numerical case studies come from Financial Analysis, Valuation and Technical Analysis. In this guide, Prof. Sheetal Kunder shares how she teaches students to read a case, when to attempt or skip a question, and why Chapter 14 matters long after the exam.
When I appeared for the NISM XV exam in 2016, it was a 100-mark paper with 25% negative marking and no case studies at all.
NISM later added two case studies worth 4 marks each, but since they carried only 8 marks, many candidates chose to skip them and focus on the 92 marks of regular MCQs.
That approach no longer works. Since 20 January 2026, the paper includes 5 case studies of 4 questions each, which means 20 marks now depend on how well you can apply what you have learnt.
If you skip them, you need 60 out of the remaining 80 MCQ marks to pass, and with negative marking on every wrong answer, that leaves very little room for error.
In other words, case studies have moved from being optional to being essential for clearing the exam.
Yes, very much. In my experience, numericals still make up around 20 questions in the paper, and the only real difference is that many of them now appear within the case studies instead of as standalone MCQs.
Most numerical case studies come from three chapters:
Chapter 8, Company Analysis: Financial Analysis: Ratios, profitability and reading financial statements
Chapter 10, Valuation Principles: P/E, discounting and valuation models
Chapter 15, Technical Analysis: Indicators, moving averages and chart reading
The addition of a 15-mark Technical Analysis chapter and a 5-mark commodities chapter also shows that NISM now expects a Research Analyst to understand traders as well as long-term investors.
So keep practising your calculations, but practise them the way the exam presents them:
Solve complete cases, not isolated questions: In a case study, each answer usually builds on the previous one, so a single early mistake can cost you all four marks.
Read the full case before you start: Note the key figures first, so you don't have to search for them while calculating.
Double-check your first calculation: Since every later answer depends on it, a quick recheck here saves the most marks.
A Research Analyst's work goes beyond recalling formulas. In practice, you have to:
Study the economy, industry and company together
Analyse the financials and read the charts
Assess the risks and explain a reasoned opinion to your client
Imagine a client invests ₹25 lakh on your recommendation, money that may be their life savings or their child's education fund.
Knowing what a P/E ratio means won't be enough; you must judge whether the valuation makes sense, what the risks are and what evidence supports your call.
That is exactly what a case study tests. It puts you in the analyst's chair with real data and asks for a sound conclusion, because NISM wants to see whether you can think like a Research Analyst, not how much you have memorised.
NISM deducts 25% of a question's marks for each wrong answer, so a wrong answer on a 1-mark question costs 0.25.
| Outcome | Marks |
|---|---|
| Correct answer | +1 |
| Wrong answer | −0.25 |
| Not attempted | 0 |
Take a simple example. If you answer 99 questions correctly and leave one blank, you score 99, but if you attempt all 100 and get one wrong, your score comes down to 98.75.
One wrong answer costs only a quarter mark, but every careless guess chips away at your score, and over a full paper those small losses can matter.
In my classes, students from MBA, CA, CS, CFA and engineering backgrounds who clear the exam in their first attempt are usually the ones who understand this calculation well.
This is the rule I give my students. It is my own approach, not a NISM rule.
| Situation | What to do |
|---|---|
| You know the answer | Attempt it |
| You can eliminate two options and reason between the rest | Attempt it; that is analysis, not guessing |
| You have no idea at all | Leave it and move on |
The middle row is where most marks are won or lost, because even when you don't remember the answer straight away, you can often rule out two options with what you've studied and pick the better of the two that remain.
That isn't guessing but reasoning, and it's exactly what the exam is designed to reward.
From my teaching experience, I look at any professional exam paper as roughly 20% easy, 60% moderate and 20% challenging. This is a way of thinking, not a NISM formula.
Easy questions: Are your scoring area, so answer them carefully and don't lose marks to haste.
Moderate questions: Test conceptual clarity and application, which is where steady preparation pays off.
Challenging questions: Are not all out of reach. If you have practised calculations, solved case studies and revised properly, some of them will be solvable.
Go in to maximise correct answers and minimise avoidable mistakes, not to score 100.
If a question unsettles you, leave it and move on, because the next few questions may be ones you know well, and you can always come back to it later if time allows.
Remember that your goal is to cross 60 with a comfortable margin, not to answer every single question.
Chapter 14, Legal and Regulatory Environment, carries 10 marks, but I always tell my students not to treat it as just another theory chapter to finish before the exam. This is the chapter you will use every day once you become a SEBI-registered Research Analyst, because it explains your role, your responsibilities and what you can and cannot do, both before and after registration.
The chapter covers areas such as:
RA registration, qualification and certification requirements
client management and the Investor Charter
record maintenance and cybersecurity
periodic reporting, the annual audit and other compliance duties
Even if you appoint a compliance officer or outsource this work, you should still understand these requirements yourself. You may not handle every task personally, but knowing what needs to be done and when helps you stay in control and make sure nothing important is missed.
Since Chapter 14 questions are often precisely worded, it helps to practise them under exam conditions.
Our NISM XV Research Analyst Mock Test lets you do that with case studies and negative marking included, so you can spot your weak areas well before the real exam.
Practise full cases, not single questions: Case questions build on each other, so one early error carries through all four.
Read the whole case once before answering: Note the key figures first, then solve in order.
Mix fundamental and technical cases: Expect cases from Chapters 8, 10 and 15.
Score your mocks with negative marking: Use +1, −0.25 and 0, so your practice score matches the real exam.
Book only when you are ready: If you are preparing with mock tests, aim to score above 90% consistently before you book your slot.
When you feel ready to test yourself under real exam conditions, try our NISM XV Research Analyst Mock Test, which follows the 2026 pattern with case studies and negative marking.
The revised NISM XV exam is designed to test how well you can apply concepts, not how much you can recall.
With 5 case studies now worth 20 marks, and many numericals from Chapters 8, 10 and 15 built into them, the case-study section can easily decide your result, so it deserves serious practice from the start.
On exam day, keep your approach simple: attempt the questions you know, attempt the ones you can reason through, and leave the ones where you would only be guessing.
Give Chapter 14 the attention it deserves too, because it will guide your work long after the exam is over.
I don't believe the NISM Research Analyst exam is very difficult, but it is certainly challenging. Since you can choose your own exam date, prepare thoroughly first and book your slot only when your mock test scores are consistently strong.
Related Reads
Sources
Prof. Sheetal Kunder
SEBI® Research Analyst. Registration No. INH000013800 M.Com, M.Phil, B.Ed, PGDFM, Teaching Diploma (in Accounting & Finance) from Cambridge International Examination, UK. Various NISM Certification Holders. Ex-BSE Institute Faculty. 18 years of extensive experience in Accounting & Finance. Faculty Development Programs and Management Development Programs at the PAN India level to create awareness about the emerging trends in the Indian Capital Market, and counsel hundreds of students in career choices in the finance area
Five case studies, each with 4 one-mark questions, for 20 marks in total. This pattern applies from 20 January 2026.
You can, but it is risky. Without them, you need 60 of the remaining 80 MCQ marks, after negative marking.
25% of the question's marks, which is 0.25 on a 1-mark question. Unattempted questions carry no penalty.
Not blindly. Attempt a question if you know it or can eliminate two options and reason between the rest; leave it if you have no idea.
Numerical cases mostly come from Chapter 8 (Financial Analysis), Chapter 10 (Valuation Principles) and Chapter 15 (Technical Analysis).
Yes. It carries 10 marks and covers the registration and compliance rules you will follow as a SEBI-registered Research Analyst.
There is no fixed exam date. Book your slot only when you consistently score well in full-length mocks, including the case-study section.
Launch your Graphy