The NISM Research Analyst exam, officially NISM Series XV, is the SEBI-mandated certification for anyone who wants to publish securities research in India. It costs Rs 1,500, runs for 100 marks, and needs a 60% score to pass.
NISM itself does not set an age or education requirement to register for and sit the Series XV exam — anyone can enrol and attempt it. The qualification requirement comes afterwards, if you want to register with SEBI as a research analyst: SEBI's Research Analyst Regulations require a graduate degree in a finance-related field (commerce, economics, accountancy, business management, banking, insurance, actuarial science or similar), following the SEBI amendment of December 2024 that replaced the earlier postgraduate-or-five-years-experience rule. The exam and the SEBI registration are two separate gates — passing XV does not by itself register you as an analyst. For the full registration picture and career paths, see our NISM XV research analyst career guide.
Rs 1,500 plus payment-gateway charges, as published on nism.ac.in. Each attempt is a fresh enrolment and fee — NISM does not publish a cap on the number of attempts.
| 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 (0.25 marks for a one-mark question); unanswered questions score zero |
| Exam fee | Rs 1,500 plus payment-gateway charges |
| Certificate validity | 3 years |
The 20 marks from case studies test applying analysis to a scenario rather than recall, so the company analysis, financial analysis and valuation chapters reward practice more than re-reading. Our NISM XV pass-rate and score analysis, built from real candidate attempt data, looks at how scores actually distribute and which chapters trip people up most.
Register and pay the fee through NISM's official certifications portal at nism.ac.in, then book an exam slot. See our step-by-step NISM registration guide for the full walkthrough, including what to do if you need to reschedule.
NISM has changed exam-delivery arrangements before, including discontinuing remote proctoring for a period, so confirm the current mode (test-centre or remote-proctored) at the time you book rather than relying on older guides. The official certifications page lists both test-centre cities and remote-proctoring requirements (Windows laptop or desktop, webcam, microphone) — check nism.ac.in at booking.
The certificate is valid for 3 years from the date of passing. Renew it either by sitting the exam again or by completing NISM's continuing professional education (CPE) programme — a one-day course of about six hours — in the 12 months before it expires. Certificates are accessible via DigiLocker and can be verified on the NISM Skill Registry.
No. NISM itself does not set an age or education requirement to register for and sit the Series XV exam. The qualification requirement applies afterwards, when you register with SEBI as a research analyst, not to sit the exam itself.
Rs 1,500 plus payment-gateway charges, as published on nism.ac.in. Each attempt requires a fresh enrolment and fee; NISM does not publish an attempt cap.
100 marks: 80 multiple-choice questions worth 1 mark each, plus 5 case studies with 4 one-mark questions each. Duration is 120 minutes. The pass mark is 60 (60%), with 25% of a question's marks deducted for each wrong answer.
Register and pay the fee through NISM's official certifications portal at nism.ac.in, then book a slot. See our step-by-step registration guide for the full process.
3 years from the date of passing. Renew either by passing the exam again or by completing NISM's continuing professional education (CPE) programme, a one-day course of about six hours, within the 12 months before expiry.
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