What You Must Know Before NISM XV New Syllabus Starts

1 – Has the NISM Series XV Exam Changed?

Answer:
Yes, the NISM Series XV – Research Analyst Exam has changed.

What changed?

• Syllabus updated
• Exam pattern revised
• Case study–based questions added

My Take:
This is one of the most significant changes in NISM XV in recent years; therefore, planning is essential.

2 – From When Are the Changes Applicable?

Answer:
The new exam pattern is applicable from 20th January 2026.Before this date:

• Old pattern continues
• Lower case study exposure

My Take:
If you are prepared, appearing before 20th Jan 2026 is advisable.

3 – What are the Total Marks of the Exam?

Answer:
Total Exam Marks = 100

Break-up:

• MCQs: 80 Marks
• Case Studies: 20 Marks

My Take:
Case studies now play a crucial role in clearing the exam.

4 – How Many Questions Are There?

Answer:

• MCQs: 80 questions × 1 mark = 80 marks
• Case Studies:
• 5 case studies
• Each case = 4 questions
• Total = 20 questions = 20 marks

5 – Is There Negative Marking?

Answer:
Yes, 25% negative marking for every wrong answer.

My Take:
With case studies, guesswork can be risky. Concept clarity is mandatory.

6 – Has Technical Analysis Been Added?

Answer:
Yes, Technical Analysis has been newly added. Details:

• Chapter 15 – Technical Analysis
• Weightage: 15 Marks

My Take:
This is a significant addition. Many finance students are uncomfortable with technical analysis.

7 – What Is the Weightage of Financial & Valuation Chapters?

Answer:

• Chapter 8 – Company Analysis (Financial Analysis): 12 Marks
• Chapter 10 – Valuation Principles: 12 Marks

My Take:
These are core scoring chapters and should not be ignored.8 – Is the Commodities Chapter Included?

Answer: Yes

Details:

• Chapter 11 – Commodities
• Weightage: 5%

9 – What Is the Weightage of the Legal & Regulatory Chapter?

Answer: Chapter 14 – Legal & Regulatory Environment

• 10 Marks

My Take:
This chapter is directly linked to SEBI regulations and is very important.10 – Are Case Study Questions New?

Answer: Yes

Details:

• Case studies introduced with 20-mark weightage
• Based on real-life RA scenarios

My Take:
If you are not comfortable with analytical case-based questions, this can be challenging.

11 – Has SEBI Changed Eligibility for RA Registration?

Answer: Yes

As per the latest SEBI circular:

• Any graduate,
• No minimum experience required,
• Can apply for SEBI Research Analyst registration.

12 – What About Existing RA Certificate Holders?

Answer:
Series XV-B (Renewal Exam) was introduced in March 2025.

Includes:

• Online training
• Online assessment

(Video already covered – link in description)13 – Should I Give the Exam Now or After Jan 2026?