NISM Series XV (Research Analyst) Exam is Changing:
What You Need to Know
for 2026

Thu Dec 18, 2025

If you are planning to become a certified Research Analyst, significant changes are coming. National Institute of Securities Markets (NISM) has announced a revised version of the Series XV:

Research Analyst Certification Examination, set to launch on January 20, 2026.

At Prof. Sheetal Kunder Academy, we are already ahead of the curve. We are currently updating our comprehensive question bank and course modules to ensure you are fully prepared for these shifts.

Why the Change? The 2025 SEBI Regulatory Shift

The update isn't just about new questions; it’s about aligning with the SEBI (Research Analysts) Amendment Regulations, 2025.

a) Open Doors for All Graduates: SEBI has removed the strict requirement for specific finance or commerce degrees.

b) Whether you come from an Arts, Engineering, or Law background, this NISM XV certificate is now your primary tool to validate your domain knowledge.

c) Elevated Standards: The exam now focuses more on greater analytical skills and current market trends, moving beyond simple compliance to proper expertise validation.

Renewal Exam (XV-B): For existing holders, a separate renewal exam (Series XV-B) was introduced in March 2025 and includes online training and assessment.

A Look at the Updated Syllabus, Weightages

Understanding where to focus your energy is key to passing on the first attempt. Based on the latest syllabus outline, here is how the 100 marks are distributed:

Core Fundamentals

Industry Analysis: 8 Marks

Fundamentals of Risk and Return: 7 Marks

Company Analysis (Business & Governance): 6 Marks

Economic Analysis: 5 Marks

Corporate Actions: 5 Marks

Chapters 1 through 4 cover the basics (Introduction and Terminology) and carry a combined weightage of 10 marks.

New Assessment Structure: Prepare for Case Studies

The exam remains a 2-hour, 100-mark test, but the format requires a more tactical approach.

Multiple Choice Questions (MCQs): 80 questions (1 mark each).

Case-based Questions: 5 cases, each featuring four questions (20 marks total).

Passing Score: 60\% (60 out of 100 marks).

Negative Marking: There is a penalty of 25\% (-0.25 marks) for every wrong answer.

Note: The case study pattern has seen significant updates. These questions test your ability to apply theoretical knowledge to real-world market scenarios.

How Prof. Sheetal Kunder Academy is Preparing You

We know that the updated case study patterns can be daunting. Here is our plan to get you "Exam Ready":

1. Curriculum Update: We are currently incorporating all SEBI 2025 regulatory changes into our modules.

2. New Question Bank: We are designing fresh practice sets that mirror the new case-based format.

3. Timeline: It will take us 10 to 15 days to integrate these changes into our portal fully.

Should you wait or take the exam now?

If you are prepared and want to sit for the exam under the current format, you can still register and take it before January 20, 2026. However, if you plan to give the exam after that date, you must prepare using the updated materials.

Stay tuned to our blog for more updates!

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

NISM Series XV (Research Analyst) Exam is Changing: What You Need to Knowfor 2026

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NISM Series XV (Research Analyst) Exam is Changing:
What You Need to Know
for 2026