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After NISM XV: What the Research Analyst Path Really Looks Like

NISM Series XV is the mandatory certification under SEBI (Research Analysts) Regulations for anyone publishing securities research. Passing it opens three broad paths:

Employed analyst — equity research roles at brokerages, AMCs, and research firms. XV is the entry ticket; your analysis skills decide the rest.
SEBI-registered independent RA — publish paid research under your own registration. Note: XV is necessary but not sufficient; SEBI registration has additional qualification, experience and net-worth criteria (check current RA Regulations).
Adjacent roles — content and research positions at fintech platforms, PMS houses, and financial media, where the XV credential signals regulatory literacy.

The exam itself

100 marks, 60% to pass, 25% negative marking, and case-based questions alongside MCQs — spanning 15 chapters from securities markets to valuation to regulations. The negative marking means preparation must include strategic-skipping practice, not just content coverage.

All NISM Mock Tests

V-A, XV, X-A, X-B — 2 free mocks per series

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Frequently Asked Questions

Is NISM XV enough to become a SEBI Registered Research Analyst?

It is the mandatory certification, but SEBI RA registration has additional criteria — qualifications, experience and net-worth norms. Check the current SEBI (Research Analysts) Regulations.

What is the pass mark for NISM XV?

60%, with 25% negative marking per wrong answer. The paper includes both MCQs and case-based questions across 15 chapters.

Can I do both NISM V-A and XV?

Yes — they are independent certifications serving different roles (distribution vs research). Many professionals hold both.

BullWiser is an independent financial education platform, not affiliated with NISM or SEBI. Exam fees, dates and rules can change — always confirm on the official portal nism.ac.in before registering. Mock tests and readiness scores are preparation aids and do not guarantee a pass. Last updated: July 2026.