Quick Read

The NISM Series XV Research Analyst exam is a 100-mark, 2-hour paper, and you need 60 marks to pass. Since the revised exam launched on 20 January 2026, it has 80 regular MCQs of 1 mark each and 5 case studies with 4 questions each. Case studies now carry 20 marks' weightage in the exam instead of the earlier 8. Every wrong answer costs a quarter of a mark. The syllabus now includes a Technical Analysis chapter worth 15 marks and a commodities chapter having a weightage of 5 marks. If you are a finance student or working professional planning to become a SEBI-registered research analyst, read on for the full syllabus, chapter-wise weightage, exam booking and how to handle the case studies.

NISM XV Exam at a Glance

You need 60 out of 100 in 2 hours, with 20 of those marks coming from the five case studies.

Plan your time so the case-study section gets as much attention as the MCQs, and leave blank any question you can’t reason through, so negative marking doesn’t eat into your score.

What Changed in the NISM 15 Exam in 2026

NISM revised the Series XV test objectives and workbook through its circular of 5 December 2025. The new version applies from 20 January 2026. The biggest practical change is the weight of case studies.

Under the earlier pattern, many students skipped the case studies. At just 8 marks, they had little effect on the result.

That approach no longer works. If you skip all five cases now, you must score 60 out of the remaining 80 marks, which means at least 75% accuracy on the MCQs.

Every wrong answer then pushes that requirement higher.

In practice, the case studies have gone from optional to essential. Prepare for them from day one instead of leaving them for the last week.

NISM XV Syllabus and Chapter-wise Weightage

The NISM 15 syllabus has 15 chapters. Four of them carry 49 of the 100 marks: Financial Analysis, Valuation, Legal and Regulatory Environment, and Technical Analysis.

Chapters to prioritise

• Chapter 15, Technical Analysis (15 marks): the single largest chapter. Students working from older study material often underestimate it.
• Chapters 8 and 10, Financial Analysis and Valuation (12 marks each): most numerical questions, including those in case studies, come from these two.
• Chapter 14, Legal and Regulatory Environment (10 marks): RA registration, client management, the Investor Charter, record keeping, cybersecurity, reporting, audit and compliance. Once you are a registered RA, this is the chapter you will use most in practice.
• Chapters 5 and 6, Economic and Industry Analysis (13 marks together): students regularly tell us these produce prominent questions.

NISM fixes the marks each chapter carries, but the questions change from paper to paper. Students tell us Technical Analysis questions come up regularly, but the concepts being tested vary each time.

That makes question-spotting risky. Your preparation needs to cover the whole chapter, not just a few familiar topics.

Start with Chapters 15, 8, 10 and 14. Together they carry 49 marks, almost half the paper, so getting them right gives you a strong base before you move on to the remaining chapters.

Numerical Questions and Case Studies

In my experience, expect around 20 numerical questions, including those inside the case studies.

Numerical cases mostly draw on Chapter 8 (ratios and financial statements), Chapter 10 (valuation) and Chapter 15 (technical indicators).

Practise ratio calculations until they feel routine, and keep your calculator technique sharp.

Case studies put you in the role of a research analyst. You get a situation, some data and a decision to make.

That design is deliberate. Once you are registered, clients may pay you a subscription and invest their own money based on your recommendations. The exam is checking whether you can apply what you know, not just recall definitions.

How Negative Marking Works in NISM XV

NISM deducts 25% of a question's marks for each wrong answer. On a 1-mark question, that is 0.25.

A wrong answer costs you more than a skipped one, but not by much.

If you get 99 right and leave one blank, you score 99. If you get 99 right and answer the last one wrong, you score 98.75.

Where this matters is when you can partly answer a question. If you can rule out two of the four options, you have a 50% chance of getting it right.

On average, an attempt like that adds marks rather than losing them. Attempt questions you can reason through, and avoid answering ones where you can’t eliminate any option.

How to Attempt the Paper

This is the approach I give my students. It is my own method, not a NISM rule.

• You know the answer: Attempt it.
• You can eliminate two options and reason through the rest: Attempt it. That is analysis, not guessing.
• You have no idea: Leave it. Blind guessing adds risk for very little benefit.

I ask students to treat the paper as roughly 20% easy, 60% moderate and 20% challenging.

In my classes, students usually attempt 16–17 of the 20 case-study questions and leave 3–4, which is normal.

Leaving 8–10 genuinely hard questions across the paper is fine, but don't become so cautious that you skip questions you could work out.

If one question rattles you, move on so it doesn't affect the next ten.

If you’d rather practise this with guidance, our NISM Series XV Research Analyst Program works through the full syllabus and its case studies.

Common Mistakes to Avoid

• Skipping Technical Analysis because older guides gave it little attention. It is now 15 marks.
• Treating case studies as optional. At 20 marks, they often decide the result.
• Assuming theory questions are easy. Legal, economic and industry questions are often precisely worded.
• Under-practising numericals from Chapters 8 and 10.
• Booking the exam before completing full-length mock tests.

The exam is not difficult, but it is demanding. Students who respect the weightage and practise under timed conditions are the ones who clear it.

NISM XV Exam Date 2026 and How to Book

There is no fixed NISM XV exam date. You register on NISM's certification portal (cert.nism.ac.in), then choose a test centre, date and time slot that suit you. NISM publishes its list of exam centres on its website. In cities like Mumbai, several centres run exams on most working days.

My advice is to prepare first and book later. Book only when you are consistently scoring well in full-length mocks, including the case-study section. There is no reason to put yourself under date pressure.

Who Needs the NISM XV Certification

Under Regulation 7(2) of the SEBI (Research Analysts) Regulations, 2014, the certification is required for:

• Individuals registered as research analysts
• Individuals employed as research analysts
• Partners of a research analyst who prepare or publish research reports or analysis

If you plan to register as an individual RA or work in a research firm, you need this certificate.

Certificate and Renewal

Your NISM Series XV certificate will be issued within two weeks of completing the examination. You will receive an email from NISM at your registered email address once the certificate is issued.

You can also check the status by logging into your account on the NISM website and navigating to My Enrollments → Completed.

The certificate is valid for three years from the date of the examination. To maintain your certification, you must pass the NISM Series XV-B (Renewal) Examination before the three-year validity period expires.

It is open only to candidates whose Series XV certificate is still valid, so plan your renewal before the certificate expires.

The renewal is lighter than the main exam:

• 50 questions in 1 hour
• No negative marking
• 50% needed to pass
• A short pre-recorded training module to complete before the exam

Clearing XV-B renews your certification for another 3 years.

Conclusion

The revised NISM Series XV exam is built to test how you think as a research analyst, not how much you can memorise. That shows most clearly in the case studies. Since 20 January 2026, they carry 20 marks instead of 8, so they now deserve the same attention as any major chapter.

Your preparation should follow the weightage. Technical Analysis, Financial Analysis, Valuation, and Legal and Regulatory Environment together account for 49 marks. Chapters 8, 10 and 15 also produce most of the numerical questions, which makes regular calculation practice essential.

Approach the exam paper itself with the same care. Every wrong answer costs 0.25 marks, while a question left blank costs nothing. So attempt what you know or can reason through, and let go of the ones where you would only be guessing.

Once your mock test scores are consistent, including on the case-study section, you are ready to book your slot. With the right priorities and steady practice, NISM 15 is challenging, but well within reach.