NISM - Series-XV: Research Analyst

The examination seeks to create a common minimum knowledge benchmark for all associated persons registered as research analysts under SEBI (Research Analyst)Regulations, 2014, individuals employed as research analysts and partners of a research analyst, engaged in the preparation and/or publication of research reports or research analyses. An associated person shall be required to pass the NISM-Series-XV: Research Analyst Certification Examination to fulfill the requirements specified under Regulation 7(2) of the SEBI (Research Analysts) Regulations, 2014. This certification aims to enhance the quality of services provided by research analysts in the financial services industry.

Examination Objectives

On successful completion of the examination, the candidate should:

  1. Know the basics of Indian securities markets and different terminologies used in equity and debt markets.
  2. Know about the top-down and bottom-up approaches to fundamental research.
  3. Know the basic principles for micro and macro-economic analysis, the sources of different information for analysis, and the various macroeconomic variables affecting the analysis.
  4. Know the key industry drivers and sources of information for industry analysis.
  5. Understand the qualitative and quantitative dimensions with regard to company analysis.
  6. Know about the fundamentals of risk and return, valuation principles, and the philosophy of various corporate actions.
  7. Understand the qualities of a good research report.
Assessment Structure
Type of Questions Number of Questions Marks per Question Total Marks
Multiple Choice 92 1 92
Case-based 8 1 8
Total 100 N/A 100
Exam Details
Exam Duration Passing Score Negative Marking
2 Hours or 120 Mins 60 marks (60%) 25% of marks assigned to each wrong answer

How to register and take the examination

To find out more and register for the examination please visit

Syllabus Outline with Weightages

Chapter No.Chapter NameWeightage
Chapter 1Introduction to Research Analyst Profession3
Chapter 2Introduction to Securities Market4
Chapter 3Terminology in Equity and Debt Markets4
Chapter 4Fundamentals of Research5
Chapter 5Economic Analysis10
Chapter 6Industry Analysis10
Chapter 7Company Analysis – Business and Governance8
Chapter 8Company Analysis – Financial Analysis16
Chapter 9Corporate Actions5
Chapter 10Valuation Principles16
Chapter 11Fundamentals of Risk and Return5
Chapter 12Qualities of a Good Research Report4
Chapter 13Legal and Regulatory Environment10

Notes & Mock Tests