Research Analyst Certification Guide
Mandatory SEBI certification for all individuals who prepare, publish, or provide research reports and investment analysis on Indian securities.
- Issued by NISM · SEBI
- Fee: ₹1,500
- 2 Hours · 100 Marks
- 60% to Pass
- 0.25 Negative Marking
1. Overview and Background
What is NISM Series XV?
The legally required benchmark for all Research Analysts in India mandatory under SEBI (Research Analysts) Regulations, 2014.
Full Name
NISM-Series-XV: Research Analyst Certification Examination
Issuing Authority
National Institute of Securities Markets (NISM)
Legal Mandate
SEBI (Research Analysts) Regulations, 2014 Regulation 7(2)
Latest Revision
January 20, 2026 aligned with SEBI RA Amendment Regulations, 2025
Examination Fee
₹1,500/- (inclusive of all applicable GST)
Duration
2 Hours (120 Minutes)
Passing Score
60 out of 100 Marks (60%)
Negative Marking
0.25 marks deducted per wrong answer
Certificate Validity
3 Years from date of passing
Mode
Online at authorized NISM test centres across India
Legal Basis: All associated persons registered as Research Analysts under SEBI are required to pass this examination. This is the ONLY qualification recognized by SEBI for Research Analyst registration. No alternative certification is accepted. Note: NISM Series XV is NOT the same as the Investment Adviser certification SEBI IA registration requires separately clearing NISM Series 10A and 10B.
2. Eligibility, Registration & Structure
Who Can Appear & How to Register
Since the January 2026 revision, SEBI has widened eligibility — no specific finance degree is required anymore.
Any Graduate
Graduates from any stream Arts, Commerce, Science, Engineering, Law, or Management are eligible.
Students
Students still pursuing graduation who wish to learn about equity research may also register.
Working Professionals
Professionals from non-financial backgrounds who wish to transition to research roles.
Entrepreneurs
Business persons who intend to apply for SEBI Research Analyst registration.
RA Associates
Associates employed at Research Analyst entities registered with SEBI
No Age Restriction
Business persons who intend to apply for SEBI Research Analyst registration.
How to Register Step by Step
Visit www.nism.ac.in and create a new account using a valid email ID and mobile number.
Complete your profile personal details, educational qualifications, and employment information.
Select 'NISM Series XV Research Analyst Certification Examination' from the available exams list.
Choose your preferred Exam City, Test Centre, and a date range. Select an available time slot and click 'Enroll for the Examination'.
Accept terms and pay ₹1,500 (including GST) online via credit card, debit card, or net banking.
Download your Admit Card. Carry it along with a valid original photo ID (PAN, Aadhaar, Passport, or Driving License) arrive 30 minutes before exam.
PAN is mandatory: PAN must be furnished during registration. Passing Certificates are issued only to candidates who have provided their PAN details. Without PAN, you will not receive the official NISM Certificate even if you pass.
Examination Structure — Updated 2026
Exam Format MCQs + Case-Based Questions
The January 2026 revision introduced a new format with Case-Based Questions (CBQs) to test analytical skills, not just recall.
- Section A
Multiple Choice Questions
Question Type
MCQs
Number of Questions
80 Questions
Marks per Question
1 Mark each
Total Marks
80 Marks
- Section B
Case-Based Question Sets
Question Type
Case-Based (CBQ)
Number of Sets
5 Sets
Questions per Set
4 Questions × 1 Mark
Total Marks
20 Marks
3. Detailed Syllabus 15 Units
Complete Curriculum Unit by Unit
The 2026 revision updated several modules to reflect current market practices, SEBI regulatory changes, and growing importance of quantitative and technical skills.
Unit I
Foundations
Introduction to Research Analyst Profession
Role, responsibilities, types of research, research workflow, buy-side vs sell-side research.
Unit II
Market Structure
Indian Securities Markets
Equity, debt, derivatives, primary & secondary markets, market participants, stock exchanges, SEBI’s role.
Unit III
Macro Analysis
Economic & Macro Environment
GDP, inflation, interest rates, monetary and fiscal policy, business cycles, IIP, global macroeconomic factors.
Unit IV
Research Methods
Fundamental Research
Top-down vs bottom-up analysis, value investing, growth investing, research frameworks and methodologies.
Unit V
Market Structure
Industry Analysis
Industry lifecycle, cyclicality, competitive dynamics, Porter’s Five Forces, sector KPIs, regulatory aspects.
Unit VI
Qualitative Analysis
Company Analysis Business & Governance
Business models, pricing power, competitive advantages, SWOT analysis, management quality, corporate governance.
Unit VII
Financial Statements
Company Analysis Financial Analysis
Balance sheet, P&L, cash flows, audit reports, equity dilution, financial ratios, DuPont analysis.
Unit VIII
Valuation
Valuation Principles
DCF, PE, PB, EV/EBITDA, EV/Sales, dividend discount model, sum-of-the-parts, relative & asset-based valuation.
Unit IX
Corporate Actions
Corporate Actions
Dividends, buybacks, rights issues, stock splits, mergers and acquisitions, bonus shares impact on valuations.
Unit X
Risk Management
Risk and Return
Types of risk, beta, systematic vs unsystematic risk, CAPM, Sharpe ratio, portfolio risk concepts.
Unit XI
Fixed Income
Debt Markets
Bonds, debentures, credit ratings, yield, duration, yield curve, debt instruments and their analysis.
Unit XII
Derivatives
Derivatives & Alternative Investments
Options, futures, forwards, hedge funds, REITs, InvITs, ETFs relevance for research.
Unit XIII
Report Writing
Research Reports
Structure of a research report, rating conventions, checklist-based approach, initiating coverage vs update reports.
Unit XIV
High Weight
Legal & Regulatory Environment
SEBI (RA) Regulations 2014, Code of Conduct, conflict of interest, disclosure requirements, ASM and GSM mechanisms.
Unit XV
Technical Analysis
Technical Analysis
Dow Theory, chart patterns, support & resistance, trendlines, moving averages, oscillators, volume analysis.
Key Updates in the 2026 Revised Syllabus
Industries That Hire
- Increased emphasis on Case-Based Questions to test practical research-oriented thinking.
- Updated regulatory sections to reflect the SEBI (Research Analysts) Amendment Regulations, 2025.
- New sub-topics added in the Legal & Regulatory module, including investor grievance systems like SMART ODR.
- Greater coverage of ESG (Environmental, Social & Governance) factors and their role in company analysis.
- Expanded coverage of Debt Market instruments and fixed-income analysis.
- Broadened Technical Analysis section with inclusion of modern oscillators and indicators.
4. Career Opportunities & Post-Exam Process
Career Roles After NISM Series XV
Clearing NISM Series XV and obtaining SEBI RA registration opens wide career opportunities across India’s financial ecosystem.
Independent Research Analyst
Issue research reports, stock recommendations, and investment analysis directly to clients or on public platforms — a regulated activity under SEBI.
Equity Research Analyst at Brokerages
Work as part of in-house sell-side research teams at stock broking firms, preparing initiating coverage, sector, and result update reports.
Buy-Side Research Analyst
Employed by Mutual Funds, PMS, AIFs, family offices, or insurance companies to assist fund managers in stock selection.
Financial Content Creator
Create investment content, newsletters, reports, and analysis for subscription-based financial platforms, YouTube channels, or blogs legally, after obtaining RA registration.
Research Head / Chief Research Officer
Lead research teams at asset management companies, brokerages, or financial advisory firms.
Portfolio Manager
After gaining experience as an RA, many professionals apply for SEBI Portfolio Manager registration for discretionary or non-discretionary fund management.
Educator / Trainer
Employed by Mutual Funds, PMS, AIFs, family offices, or insurance companies to assist fund managers in stock selection.
SEBI RA Registration Process After Passing the Exam
Download your NISM Certificate from the portal (issued within 2 weeks of passing, subject to PAN verification).
Ensure educational qualification requirements are met a graduation degree in any stream now suffices (as per 2025 amendment).
Apply for SEBI RA Registration through the SEBI Intermediary Portal (https://siportal.sebi.gov.in).
Submit required documents: NISM certificate, educational proof, PAN, Aadhaar, bank details, address proof, two passport photos, and financial net worth documents.
Choose entity type: Individual, Firm/LLP, or Company. Pay the SEBI registration fee (varies by entity type).
Complete compliance requirements open a designated bank account, maintain fund segregation, appoint a compliance officer (if body corporate), and establish an investor grievance mechanism.
After SEBI approval, list your registration on SEBI's website and adhere to the Code of Conduct for Research Analysts at all times.
Certificate Renewal: The NISM Series XV certificate is valid for 3 years. To renew — either attend an approved NISM Continuing Professional Education (CPE) program, or re-appear for the examination. Operating as a SEBI RA with an expired NISM certificate is a regulatory violation.
5. Preparation Strategy & Tips
How to Prepare 6-Week Strategy
The exam requires structured preparation given the breadth of topics from financial analysis to macroeconomics, regulatory compliance, and technical analysis.
Phase 1 · Week 1–2
Foundation
- Download or purchase the official NISM workbook the primary and most reliable study material.
- Read Units I–IV thoroughly: research profession, market structure, macroeconomics, and fundamental research.
- Make short notes of key definitions, formulas, and regulatory references from each chapter.
Phase 2 · Week 3–4
Core Modules
- Focus on Units V–X: Industry Analysis, Company Analysis, Financial Analysis, Valuation, and Risk.
- Practice financial ratio calculations: ROE, ROCE, P/E, EV/EBITDA, Debt-to-Equity, Current Ratio, DuPont Analysis
- Attempt chapter-end questions in the NISM workbook after each unit.
Phase 3 · Week 5
Legal, Technical & Reports
- Study Unit XIV (Legal & Regulatory) very carefully SEBI regulations and compliance are heavily tested.
- Understand Technical Analysis: Dow Theory, candlestick charts, support/resistance, moving averages.
- Study Research Report writing standards, rating conventions, and research checklists (Unit XIII).
Phase 4 · Week 6
Revision & Mock Tests
- Appear for free mock tests on the NISM portal. Consider premium platforms offering 400–600 practice questions.
- Focus on case-based question practice read financial scenarios and practice answering analytical questions.
- Time your mock tests to build speed and accuracy within 2 hours.
Exam Day Tips
Reach the test centre at least 30 minutes before the scheduled time.
Carry both your printed Admit Card and an original government-issued photo ID (PAN, Aadhaar, Passport, or Driving License only).
Read each question carefully some MCQs include 'except', 'not', or 'incorrect' qualifiers that can easily mislead.
Attempt all MCQs you are confident about first. Return to uncertain ones later.
For case-based questions, read the scenario fully before attempting any question in that set.
Avoid blind guessing — with 0.25 negative marking, three wrong answers cancel one correct answer.
Common Mistakes to Avoid
Relying only on third-party notes without reading the official NISM workbook.
Skipping the Legal & Regulatory module it carries significant weightage.
Not practicing case-based scenarios the new 2026 format requires analytical reading under time pressure.
Ignoring Debt Market and Derivatives chapters, which have increased weight in the revised syllabus.
Forgetting to enter PAN at registration, which delays certificate issuance even after passing.
Important Resources
Official Links & Study Resources
Official NISM Website
www.nism.ac.in
NISM Certification Portal (Registration)
certifications.nism.ac.in
NISM Study Material Download
api.nism.ac.in/cmp/
NISM Helpdesk (Certificate Queries)
certification@nism.ac.in
SEBI Intermediary Portal (RA Registration)
siportal.sebi.gov.in
SEBI (Research Analysts) Regulations, 2014
www.sebi.gov.in
NISM Series XV represents a critical gatekeeping mechanism for India’s investment research ecosystem ensuring professionals who advise investors are equipped with the technical, analytical, ethical, and regulatory knowledge necessary to perform responsibly in the public interest.
NISM Series XV Research Analyst Guide · KompassIQ Club