NISM Series XV is the certification that SEBI requires for anyone who publishes securities research. Passing it makes you eligible to work as a research analyst, but it is the first step of the path, not the whole path. This guide explains the three routes it opens, what SEBI registration needs on top of the exam, how the XV exam works, and how to prepare for it.
Employed analyst. Equity research roles at brokerages, asset managers and research firms. XV is the entry ticket; hiring is decided by how well you read financial statements, build a valuation and write a clear report.
SEBI registered independent research analyst. You publish research under your own registration. XV is necessary but not sufficient, because SEBI has separate qualification and fit-and-proper requirements, covered below.
Adjacent roles. Research and content positions at fintech platforms, portfolio management firms and financial media, where an XV credential shows regulatory literacy.
| Format | 80 multiple-choice questions (1 mark each) plus 5 case studies with 4 one-mark questions each |
|---|---|
| Total marks | 100 |
| Duration | 120 minutes (2 hours) |
| Passing score | 60 marks (60%) |
| Negative marking | 25% of the marks for each wrong answer |
| Exam fee | Rs 1,500 plus payment-gateway charges (as published by NISM) |
| Certificate validity | 3 years |
To register as an individual research analyst under the SEBI (Research Analysts) Regulations, 2014, you need a valid NISM certification as specified by SEBI, which is Series XV. You also need one of the following qualifications: a graduate or postgraduate degree or diploma in finance, accountancy, business management, commerce, economics, capital markets, banking, insurance, actuarial science or a related financial services field; or a professional qualification such as NISM's one-year postgraduate programme in securities markets (research analysis) or the CFA charter. SEBI also applies a fit-and-proper test, and looks at your infrastructure and disciplinary history.
The regulations are amended from time to time, so read the current text on sebi.gov.in before you apply. If you plan to give personalised advice to clients rather than publish research, that is a different registration: see the Investment Adviser exams, NISM X-A and X-B.
The workbook has 15 chapters, from the structure of the securities market to economic, industry and company analysis, valuation, risk and return, report writing, regulation and technical analysis. Each chapter below has a free practice page.
The 20 marks from case studies test applying analysis to a scenario, so the company analysis, financial analysis and valuation chapters (7, 8 and 10) reward practice more than re-reading. The regulatory chapter (14) rewards repetition.
A wrong answer costs 0.25 marks and a right one earns 1. If a question has four options and you can eliminate none of them, a blind guess has an expected value of about +0.06 marks, which is roughly break-even. Once you can rule out even one option the odds move clearly in your favour. So the practical rule is: skip only questions where you have no idea at all, and always answer when you can narrow it down. Practise this in timed mocks rather than in theory; the first time you meet negative marking should not be in the exam hall. Our NISM XV pass-rate and score analysis looks at how scores usually distribute.
The XV certificate is valid for 3 years. NISM renews it through its continuing professional education (CPE) programme, a one-day course of about six hours that is completed in the 12 months before the certificate expires. If you plan to register with SEBI, keep track of your expiry date, since registration requires a valid certificate. For more on the role and its regulatory duties, read the research analyst's role, ethics and SEBI rules.
Passing XV proves you know the regulatory and analytical framework. It does not prove you can research a company. If you want to work in research, build a portfolio alongside the exam: write two or three full company notes with financial analysis, a valuation and stated risks, and get them reviewed. That portfolio, not the certificate, is what separates candidates in interviews and gives an independent analyst something to publish.
No. A valid NISM Series XV certificate is mandatory, but SEBI registration also requires a recognised qualification (a graduate or postgraduate degree or diploma in finance, accountancy, commerce, economics or a related field, or a qualification such as the NISM one-year postgraduate programme in research analysis or the CFA charter), a fit-and-proper status and compliance with the other conditions in the SEBI (Research Analysts) Regulations, 2014. Check the current regulations before applying.
60 marks out of 100 (60%). The exam has 80 one-mark MCQs and 5 case studies with 4 one-mark questions each, in 120 minutes.
Yes. 25% of the marks for a question are deducted for each wrong answer, which is 0.25 marks for a one-mark question. Unanswered questions score zero.
3 years. It is renewed through NISM's continuing professional education (CPE) programme, which is a one-day course of about six hours completed in the 12 months before the certificate expires.
NISM XV is the regulatory certification for publishing research, but employers hire on analytical skill: financial statement analysis, valuation and report writing. The certificate makes you eligible; it does not by itself get you the job.
XV is for research analysts who publish research and recommendations. X-A and X-B are the Investment Adviser certifications for people who give personalised advice to clients. They serve different registrations.
Yes. They are independent certifications for different roles, distribution and research. Many professionals hold both.
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