Exam and Question Bank Details

NISM Series XV: Research Analyst Exam and Question Bank Details

The NISM Series XV: Research Analyst Certification Exam is an important exam conducted by the National Institute of Securities Market (NISM). It is a mandatory certification for anyone who wants to work as a SEBI-registered Research Analyst in India. Passing this exam is essential for individuals involved in equity research, investment analysis, stock recommendations, and advisory roles.

This exam is valuable not just for regulatory compliance, but also for building strong career prospects in investment banking, asset management, wealth advisory, equity research, and broking firms. Even students and professionals aiming to understand financial statement analysis, valuation, and investment recommendations will find it highly beneficial.

Exam Details

• Mode: Online at NISM Exam Centers
• Type of Questions: Multiple Choice Questions (MCQs)
• No. of Questions: 100
• Marks: 100 (1 mark per question)
• Passing Marks: 60% (i.e., 60 marks)
• Duration: 120 minutes
• Negative Marking: 25% for each wrong answer

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Background of the Exam

The SEBI (Research Analysts) Regulations, 2014 made it mandatory for anyone working as a Research Analyst or providing research reports/recommendations to pass the NISM Research Analyst Exam.

Earlier, many brokers and advisors gave research calls without formal qualifications. To protect investors and improve quality, SEBI introduced this mandatory certification.

Who Should Take this Exam?

• Individuals/companies applying for SEBI Research Analyst Registration.
• Equity/commodity/currency research professionals.
• Employees of stock broking firms, investment advisory firms, PMS, and AMCs involved in preparing or reviewing research reports.
• Wealth managers, investment advisors, and consultants who provide recommendations.
• Students of finance, CFA/CA aspirants, MBA (Finance) who want to build careers in equity research or investment banking.

In short, anyone who wants to legally issue investment research or recommendations in India must clear this exam.

Objectives of the Examination

• Understand the role of research analysts in financial markets.
• Conduct economic, industry, and company analysis.
• Interpret and analyze financial statements.
• Apply valuation methodologies like P/E, EV/EBITDA, and DCF.
• Understand fundamental analysis vs technical analysis.
• Follow ethical and regulatory guidelines while preparing and publishing research reports.
• Provide objective, compliant, and investor-friendly recommendations.

Study Material for Research Analyst Exam

The official NISM Research Analyst Workbook is available for free download on the NISM website.

You can also buy a hard copy online or in bookstores.

However, the workbook is theory-heavy. To simplify, Finsafar’s Question Bank & Mock Tests provide practical explanations and exam-focused practice.

Registration & Enrollment Procedure

• Register on the NISM Certification Portal with details (PAN, Name, DOB, etc.).
• Activate your account using the link received on email.
• Login → Go to Enrolment → Enroll for Examination.
• Select NISM Series XV: Research Analyst Exam.
• Choose City, Exam Center, Date & Time Slot.
• Make payment online.
• Download Admit Card.
• Carry Admit Card + Valid ID (PAN/Aadhar/Passport/Driving License) on exam day.

Syllabus at a Glance (Research Analyst)

• Role & Functions of Research Analysts
• Basics of Securities Market
• Economy, Industry, and Company Analysis
• Financial Statement Analysis & Ratios
• Valuation Methods (DCF, Multiples, etc.)
• Regulatory Environment (SEBI Regulations 2014)
• Ethical Principles & Code of Conduct

Preparation Strategy

• Go through the NISM Research Analyst workbook at least once.
• Dedicate 2–3 hours daily for 2 weeks to cover all topics.
• Pay attention to financial statements, ratios, valuation numericals.
• Revise regulatory & ethics portion thoroughly (high weightage in exam).
• Practice Finsafar Mock Tests to evaluate readiness.

👉 Tip: In the exam, attempt at least 75–80 questions confidently. Regulatory and ethics questions are usually straightforward scoring areas.

Exam Day Instructions

• Carry Admit Card + Original ID proof (PAN/Aadhar/Passport/Driving License).
• Report at least 30 minutes before exam time.
• Attempt carefully since negative marking (25%) applies.
• Results & mark sheet are available immediately after submission.

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