The NISM Series XV (Research Analyst Certification) exam has 15 chapters, and the weightage is uneven. Technical Analysis alone carries 15 of the 100 marks, and the top four chapters by marks (8, 10, 14 and 15) together account for 49 marks. This page gives the official chapter-wise weightage, what the biggest chapters usually test, and a study order that puts your time where the marks are.
| Questions | 100 marks: 80 multiple-choice questions plus 5 case studies of 4 questions each |
|---|---|
| Total marks | 100 |
| Duration | 120 minutes (2 hours) |
| Passing score | 60 marks (60%), after accounting for negative marking |
| Negative marking | 25% — 0.25 marks deducted per wrong answer; unattempted questions carry no penalty |
| Exam fee | Rs 1,500 plus payment-gateway charges (as published by NISM) |
| Certificate validity | 3 years from the exam date |
| Registration | Online at cert.nism.ac.in; a PAN is needed to receive the passing certificate |
Because of the 25% negative marking, an uninformed guess is a bad trade: a wrong answer costs you a quarter of a mark, more than the fraction of right answers random guessing gives back across four options. Skip a question if you can't eliminate at least one or two options.
Marks shown are out of 100, from NISM's published Series XV examination structure (Feb 2026 workbook).
| Ch. | Chapter | Marks | Priority | Free practice |
|---|---|---|---|---|
| 1 | Introduction to the Research Analyst Profession | 1 | Lowest | Practice |
| 2 | Introduction to Securities Market | 2 | Low | Practice |
| 3 | Terminology in Equity and Debt Markets | 2 | Low | Practice |
| 4 | Fundamentals of Research | 5 | Medium | Practice |
| 5 | Economic Analysis | 5 | Medium | Practice |
| 6 | Industry Analysis | 8 | High | Practice |
| 7 | Company Analysis: Business and Governance | 6 | Medium | Practice |
| 8 | Company Analysis: Financial Analysis | 12 | Highest | Practice |
| 9 | Corporate Actions | 5 | Medium | Practice |
| 10 | Valuation Principles | 12 | Highest | Practice |
| 11 | Fundamental Analysis of Commodities | 5 | Medium | Practice |
| 12 | Fundamentals of Risk and Return | 7 | High | Practice |
| 13 | Qualities of a Good Research Report | 5 | Medium | Practice |
| 14 | Legal and Regulatory Environment | 10 | Highest | Practice |
| 15 | Technical Analysis | 15 | Highest | Practice |
| Total | 100 |
Source: NISM's published Series XV (Research Analyst Certification Examination) test structure. Weightage can change when NISM updates the workbook, so check nism.ac.in before you book.
Group the chapters into three tiers and study them in this order.
Tier 1 (49 marks): Chapters 15, 8, 10 and 14. Technical Analysis is 15 marks on its own, and Company Analysis: Financial Analysis and Valuation Principles are 12 marks each, with Legal and Regulatory Environment at 10. Together these four chapters are almost half the paper. If you score 80% here you have bagged roughly 39 marks before touching anything else.
Tier 2 (33 marks): Chapters 6, 12, 7, 4, 5, 9, 11 and 13. These run 5 to 8 marks each — mostly concept, analysis-method and case-study material. The case studies (worth 4 marks each, 5 sets) are drawn disproportionately from these chapters and from the Tier 1 chapters, so practising full case sets matters as much as chapter MCQs.
Tier 3 (5 marks): Chapters 1, 2 and 3. One, two and two marks respectively. Read each once for the definitions, but don't spend real study time here — it isn't where the marks are.
This is BullWiser's summary of how the chapters are typically examined; use the NISM workbook for the exact scope.
Chart patterns, trend indicators, moving averages and oscillators. Mostly application questions built around a described chart or indicator reading rather than pure definitions — practice with worked examples, not just terms.
Reading and interpreting financial statements: ratios, margins, cash flow quality and red flags. Calculation-heavy; a formula sheet you've actually used a few times beats one you've only read.
DCF, relative valuation (P/E, EV/EBITDA and similar multiples) and when each method is appropriate. Expect numerical problems, so practice the calculations, not just the concepts.
SEBI (Research Analysts) Regulations, conflicts of interest, disclosure requirements and the code of conduct. Mostly recall, so repetition and chapter-wise practice work better than re-reading the workbook.
This is a suggested plan for someone studying about an hour a day; compress or stretch it to fit your exam date.
| Week | Focus | Goal |
|---|---|---|
| 1 | Chapters 15 and 8 | Finish both and score 70%+ on their chapter practice |
| 2 | Chapters 10 and 14 | Finish the rest of Tier 1 — this closes out 49 of the 100 marks |
| 3 | Chapters 6, 12 and 7 | Start Tier 2, prioritising the heavier chapters first |
| 4 | Chapters 4, 5, 9, 11 and 13, then 1, 2 and 3 | Finish Tier 2 and clear Tier 3 |
| 5 | Full-length mocks + the 5 case-study sets, then revise weak chapters | Two or three timed mocks under the 25% negative-marking rule; revise only the chapters where you lost marks |
After each full mock, sort your wrong answers by chapter and remember the negative-marking cost: a chapter where guessing cost you marks needs more revision than one where you simply ran out of time.
The XV certificate is valid for 3 years from the exam date. To renew, you can pass the relevant NISM CPE (Continuing Professional Education) programme or retake the certification exam before the certificate expires. The certificate is issued within about two weeks of passing, provided your PAN was submitted at registration. Comparing series? Start from the NISM certification guide, or see V-A vs XV.
15 chapters, from Introduction to the Research Analyst Profession to Technical Analysis.
Technical Analysis (Chapter 15) carries 15 marks, the single highest. Company Analysis: Financial Analysis (Chapter 8) and Valuation Principles (Chapter 10) carry 12 marks each, followed by Legal and Regulatory Environment (Chapter 14) at 10 marks.
60 marks out of 100, after accounting for negative marking. There is 25% negative marking: 0.25 marks are deducted for every wrong answer, and unattempted questions carry no penalty.
100 marks across 80 multiple-choice questions plus 5 case studies of 4 questions each, in 120 minutes (2 hours).
Introduction to the Research Analyst Profession (Chapter 1) carries just 1 mark. Introduction to Securities Market and Terminology in Equity and Debt Markets (Chapters 2 and 3) carry 2 marks each. Cover them once, but do not spend much study time there.
BullWiser has a free practice page for each of the 15 XV chapters, plus free full-length mocks.
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