NISM Series XV (Research Analyst) requires 60% in a 100-mark exam — 80 MCQs and 5 case-based sets across 15 chapters, with −0.25 negative marking. BullWiser provides 860 chapter-wise practice questions, free mock tests, and condensed notes (₹199) — no signup needed to study.
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The weakest chapter was Chapter 10, Valuation Principles, at 58% correct, followed by Chapter 8, Financial Analysis and Chapter 11, Commodities. NISM does not publish official pass rates; these figures come from completed BullWiser mocks, June to October 2026.
Read the full XV mock data report →The 179 attempts behind the numbers above point at one fixable habit: candidates lose more marks to confident wrong answers than to blank ones. 19% of failed attempts already had 60+ correct answers before negative marking took them under the pass line. If you are not sure, skip it — a 0.25-mark deduction costs more than a 1-mark gain is worth at anything below roughly 25% confidence.
Not a SEBI-registered Research Analyst. This note is exam-strategy observation from BullWiser's own mock data, not investment or certification advice.
Small-batch interactive sessions so every student can ask questions and get doubts resolved. Conducted live via Google Meet.
One registration. Every future batch. New batches start on the 5th of every month — once you're enrolled, you can join any upcoming batch at no extra cost, as many times as you need, until you're exam-ready. No re-buying if you miss a batch or want a refresher.
A question bank and a score tell you where you stand. BullWiser also tells you what to study next. These features come with a free account.
Every mock you take is saved to your free account. An exam-readiness gauge shows your best score and how close you are to the pass mark for NISM Series XV.
After each mock, every chapter is marked weak (below 60%), watch (60–74%) or strong (75%+), so you know exactly where marks are leaking.
The dashboard names the one chapter worth fixing next, so you revise where it matters instead of re-reading the whole workbook.
Average seconds per question plus your fastest and slowest areas, so you see where time is lost, not just marks.
Every attempt with date, score and pass/fail in one place, across all six NISM series under a single login.
Learn the syllabus, take a cold mock, fix the priority chapter, watch your pace, then re-test: a simple plan that works for any series.
Timed full-length mocks with NISM-accurate marking, including negative marking where the exam has it.
Every chapter page has free sample questions with explanations, and key chapters now carry exam-focused study notes in plain English.
Solved numerical questions and formula sheets for the calculation-heavy chapters.
Daily, weekly and all-time top scorers, a little healthy competition while you prepare.
Buy a mock pack, clear the real NISM exam, and claim ₹199 to your UPI. Conditions apply.
Passed mock attempts come with a certificate that anyone can check on BullWiser's verify page.
Results reported to us along with the NISM provisional certificate, and published only with the candidate’s permission. The pass mark is 60 out of 100.
Bhavik Dalwadi
10-second recap · Download
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Full 120-minute mock with all 15 chapters, case-based questions, and NISM-accurate scoring.
Start Full Mock Exam ▶How to Analyse a Tech Startup IPO Like a Research Analyst
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Valuation · Ch 7 (12%)How to Value a High-Growth Company with No Dividends
60 out of 100 marks (60%). The exam has 100 MCQs worth 1 mark each, with 25% negative marking for wrong answers.
NISM does not publish official pass rates. In BullWiser's mock data (179 completed XV mocks by 93 candidates, June to October 2026), 53% of candidates passed their first full mock and 58% of all attempts scored 60 or more. Negative marking cost about 5.2 marks per attempt, and the toughest chapters were Valuation Principles (58% correct), Financial Analysis (60%) and Commodities (62%). See the NISM XV mock data report 2026.
100 questions (80 MCQs plus 5 case studies of 4 questions each) carrying 100 marks, over 2 hours (120 minutes), with 25% negative marking (0.25 marks deducted per wrong answer).
Yes — 0.25 marks are deducted per wrong answer, with no penalty for unattempted questions. With a 60-mark pass threshold, knowing when to skip matters as much as knowing the right answer.
15 chapters covering equity research, financial statement analysis, valuation, economic and industry analysis, technical analysis, derivatives, SEBI regulations, and research report writing. Chapters 10 (Valuation) and 14 (Legal & Regulatory) carry the most weight.
Yes. NISM sets no educational requirement to sit the XV exam. SEBI registration as a Research Analyst has its own rules: since SEBI's December 2024 amendment, a graduate degree in a finance-related field (or another qualification SEBI accepts) is enough, and prior work experience is no longer required. Our guide on how to become a SEBI-registered research analyst walks through the full process; check SEBI's current Research Analysts Regulations before applying.
Most candidates need 4-6 weeks of structured study, with extra time on Chapters 10, 12, and 14. Full-length mock tests under exam conditions are essential given how much negative marking affects final scores.
Anyone. NISM's certification FAQ says there is no age or educational qualification needed to take its exams. The degree rules apply only later, when you apply to SEBI for Research Analyst registration.
₹1,500 plus payment gateway charges, per NISM's fee table. NISM revises fees from time to time, so confirm the current amount before paying.
It is one of the harder NISM papers: you need 60% and every wrong answer costs 0.25 marks, so guessing hurts. In BullWiser mocks, about 64% of genuine attempts passed (September 2026) — see the pass-rate answer above for the chapters that cost the most marks.
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