NISM Certification Exams Frequently Asked Questions
NISM Series XV: Research Analyst Certification Mock Tests
NISM Series XV, the Research Analyst Certification Examination, is mandatory under SEBI Research Analyst Regulations 2014 for anyone who prepares, publishes or distributes research reports or buy and sell recommendations in India. The exam is commonly searched as NISM 15 or NISM XV, and NISM has rolled out a revised version of this paper with effect from 20 January 2026, so candidates studying now should confirm they are using material aligned to the updated curriculum.
The paper carries 100 marks across 100 questions in a 2 hour window, with a pass mark of 60 percent and negative marking of 0.25 marks per wrong answer. Set 1 on this page is free and covers fundamentals of research analysis, valuation models, financial statement analysis, equity and mutual fund research, and the regulatory and ethical framework research analysts must follow. Sets 2 to 10 are full length papers built to the same weightage as the real exam, each with a topic wise report card so you know exactly which chapters to revisit before test day.
Who should take this exam: equity research analysts, fundamental and technical analysts, sell side and buy side research professionals, and anyone registering as a research analyst or associated person under SEBI regulations.
| Sno | Exam Name | Who Should Pass this Exam? | Test Duration | Fees (Rs) | Maximum Marks | No. of Questions | Pass Mark (%) | Negative Marks | Cert. Validity (In years) | Purchase |
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NISM-Series-XV: Research Analyst Certification Examination |
Research Analysts | 120 | Free | 100 | 100 | 60 | 0.25 | 3 | Start Free |
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NISM-Series-XV: Research Analyst Certification Examination- Set 2 |
Research Analysts | 120 | 99 | 100 | 100 | 60 | 0.25 | 3 | Add to cart |
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NISM-Series-XV: Research Analyst Certification Examination- Set 3 |
Research Analysts | 120 | 99 | 100 | 100 | 60 | 0.25 | 3 | Add to cart |
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NISM-Series-XV: Research Analyst Certification Examination- Set 4 |
Research Analysts | 120 | 99 | 100 | 100 | 60 | 0.25 | 3 | Add to cart |
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NISM-Series-XV: Research Analyst Certification Examination- Set 5 |
Research Analysts | 120 | 99 | 100 | 100 | 60 | 0.25 | 3 | Add to cart |
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NISM-Series-XV: Research Analyst Certification Examination- Set 6 |
- | 120 | 99 | 100 | 100 | 60 | 0.25 | 3 | Add to cart |
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NISM-Series-XV: Research Analyst Certification Examination- Set 7 |
- | 120 | 99 | 100 | 100 | 60 | 0.25 | 3 | Add to cart |
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NISM-Series-XV: Research Analyst Certification Examination- Set 8 |
- | 120 | 99 | 100 | 100 | 60 | 0.25 | 3 | Add to cart |
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NISM-Series-XV: Research Analyst Certification Examination- Set 9 |
- | 120 | 99 | 100 | 100 | 60 | 0.25 | 3 | Add to cart |
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NISM-Series-XV: Research Analyst Certification Examination- Set 10 |
- | 120 | 99 | 100 | 100 | 60 | 0.25 | 3 | Add to cart |
Start Free Set 1
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