NISM exams do not work the way most Indian certification exams work, and this catches people out constantly. If you are searching for a NISM exam date expecting a fixed calendar day, there is not one. NISM certification examinations run on a rolling basis at test centres across India, and the registration window stays open all year. The date of your exam is whichever slot you book.
The confusion is made worse by the numbering. NISM refers to its exams by Roman numeral series numbers, and almost nobody searching remembers which numeral maps to which subject. This guide covers the mapping, what changed for Research Analyst candidates in 2026, and how booking actually works.
What each NISM series number means
These are the series most candidates are searching for, with the subject each one actually covers.
| Series | What it covers | Who needs it |
|---|---|---|
| Series V A | Mutual Fund Distributors | Anyone selling or distributing mutual funds. The highest volume NISM exam by a wide margin. |
| Series VI | Depository Operations | Staff of depository participants handling demat accounts. |
| Series VIII | Equity Derivatives | Staff of trading members dealing in equity derivatives. |
| Series IX | Merchant Banking | Professionals working on issue management and corporate advisory. |
| Series X A and X B | Investment Adviser Level 1 and Level 2 | Required to register as a SEBI Investment Adviser. |
| Series XII | Securities Markets Foundation | Newcomers wanting a recognised grounding before specialising. |
| Series XIII | Common Derivatives | Combines equity, currency and interest rate derivatives in one exam. |
| Series XV | Research Analyst | Required to register as a SEBI Research Analyst. This is the one people mean when they search NISM 15. |
| Series XVII | Retirement Adviser | Those advising on retirement and pension products. |
| Series XIX C, D and E | Alternative Investment Fund Managers | Managers of AIFs, split by fund category. |
| Series XXI A | Portfolio Management Services Distributors | Mandatory for anyone distributing PMS for a portfolio manager. |
What changed for NISM Series XV in 2026
If you are preparing for the Research Analyst exam, this is the most important section on this page, and it is the reason a lot of older study material is now misleading.
A revised NISM Series XV Research Analyst Certification Examination took effect from 20 January 2026. The previous version of the examination content was available only up to 19 January 2026. Anyone booking a slot from 20 January 2026 onwards sits the revised paper.
Three things changed in substance.
The format now includes case based questions. The revised paper is structured as 80 standalone multiple choice questions plus 5 case sets carrying 4 questions each, so case based material accounts for roughly 20 percent of the paper. This is a meaningful shift. Standalone recall questions reward memorisation, while case sets require you to read a scenario and apply judgement across several linked questions.
New content was added. Dedicated Technical Analysis content carrying 15 marks and Fundamental Analysis of Commodities carrying 5 marks now appear in the syllabus. Twenty marks of a hundred mark paper is a large allocation to material that was not previously examined in this form.
The eligibility rules changed underneath it. The revision aligns the certification with the SEBI Research Analysts Amendment Regulations 2025. SEBI removed the strict requirement to hold a specific finance or commerce degree. If your background is in arts, engineering or law, the NISM Series XV certificate is now your main route to demonstrating domain knowledge rather than a supplementary credential.
The practical implication is simple. If you bought or downloaded study material before January 2026, it does not cover technical analysis or commodities, and it does not prepare you for case sets. Practising against outdated questions is the most common avoidable reason candidates fail this paper.
How NISM exam booking actually works
The process is straightforward but has a few steps that catch people out on timing.
First, create an account on the NISM online certification portal and complete your profile. You will need a scanned PAN card, a passport sized photograph and your Aadhaar details for KYC verification. NISM typically takes 24 to 72 hours to verify and approve your profile, so this is not something to do the night before you want to book.
Once approved, enrol for your chosen exam, then select a test centre and time slot from what is available. NISM has centres in most major Indian cities. Check seat availability before you commit, because popular centres in Mumbai, Delhi, Bengaluru and Hyderabad book out further ahead than smaller cities, and this is the real constraint on how soon you can sit.
You then pay the registration fee, with UPI, credit card, debit card and net banking all accepted. Your admit card becomes available in your account within 24 hours of booking, under My Enrollments and then Upcoming Exams. Print it and carry it with a valid photo ID on the day.
Most NISM certifications are valid for three years from the date you pass, after which you renew through a Continuing Professional Education programme rather than by sitting the full exam again.
Always confirm current fees, the syllabus version and slot availability on the official NISM website before you book. Syllabus revisions like the Series XV change above are announced there first.
How to prepare once you have picked your series
Read the official NISM workbook for your series once, properly, then switch to practice questions as early as you can stand to. NISM exams reward pattern recognition more than depth. Questions are drawn tightly from the workbook, they repeat structural patterns across attempts, and the difference between a 55 and a 65 is almost always familiarity with how questions are phrased rather than extra reading.
Negative marking, where it applies, should change your strategy. On Series XXI A a wrong answer costs 10 percent of the mark, so a genuine guess between four options is roughly break even, and a guess after eliminating two is clearly worth taking. Know your series rules before you walk in.
Set 1 of every series below is free, runs on the real exam pattern, and returns a unit wise report card so you can see which chapters still need another pass before you book a slot.
- All NISM mock tests, every series
- NISM Series XV Research Analyst free mock test
- NISM Series XXI A PMS Distributors free mock test
- NISM Series XIII Common Derivatives free mock test
- NISM Series V A Mutual Fund Distributors free mock test
- NISM Series XII Securities Markets Foundation free mock test
Frequently asked questions
Is there a fixed NISM exam date each year?
No. NISM certification examinations run on a rolling basis at test centres across India and the registration window is open all year. Your exam date is whichever available slot you book, so the real constraint is seat availability at your preferred centre rather than any national exam calendar.
What is the NISM 15 exam?
NISM Series XV is the Research Analyst Certification Examination, required to register as a SEBI Research Analyst. A revised version of this examination took effect from 20 January 2026.
What changed in NISM Series XV in 2026?
The revised exam introduced case based questions worth 20 percent of the paper, structured as 80 standalone multiple choice questions plus 5 case sets of 4 questions each. Dedicated Technical Analysis content carrying 15 marks and Fundamental Analysis of Commodities carrying 5 marks were added. The revision aligns the certification with the SEBI Research Analysts Amendment Regulations 2025.
Do I need a finance degree to become a Research Analyst?
Not any more. SEBI removed the strict requirement for a specific finance or commerce degree, which means candidates from arts, engineering or law backgrounds can qualify. The NISM Series XV certification is now the primary way to demonstrate domain knowledge.
How long does NISM take to approve my registration?
NISM typically takes 24 to 72 hours to verify your profile documents. Once approved you can enrol for an exam, choose a centre and slot, and pay. Your admit card is available in your account within 24 hours of booking.
How long is a NISM certification valid?
Most NISM certifications are valid for three years from the date you pass. Renewal is through a Continuing Professional Education programme rather than by sitting the full examination again.
What is the pass mark for NISM exams?
It varies by series. NISM Series XXI A for PMS distributors requires 60 percent with 10 percent negative marking. Check the official workbook for your specific series, because both the pass mark and the negative marking rule differ between them.