If you are preparing for the NISM Series XV Research Analyst Certification Examination in 2026, the paper you sit is not the paper most online guides describe. NISM issued a circular dated 5 December 2025 replacing the examination with a revised version, and the revised paper went live on 20 January 2026. The old content stopped being examinable on 19 January 2026. This guide sets out what the exam looks like now, what actually changed, and how to prepare for it.
NISM Series XV exam pattern 2026 at a glance
- Questions: 100 in total, made up of 80 standalone multiple choice questions of 1 mark each and 5 case studies carrying 4 questions each
- Maximum marks: 100
- Duration: 120 minutes
- Pass mark: 60 marks, that is 60 percent
- Negative marking: 25 percent of the marks assigned to a question, for every wrong answer
- Certificate validity: 3 years
- Fee: Rs 1500 plus applicable taxes
- Mode: computer based, at NISM authorised test centres across India
What actually changed on 20 January 2026
The headline change is the arrival of case based questions. Twenty of the hundred marks now come from five case studies, each carrying four questions. That is a fifth of the paper. Previously the entire examination was standalone multiple choice.
This matters more than the number suggests. A standalone question can usually be answered from recall. A case based question gives you a company situation, a set of numbers or an extract from a report and asks you to work through it. You cannot memorise your way past those twenty marks. Given the pass mark is 60 and there is negative marking of 25 percent on every wrong answer, a candidate who is strong on recall but weak on application can now fail a paper they would have cleared under the old format.
The test objectives and the workbook were both revised alongside the format. If you are studying from a workbook or a question bank published before December 2025, you are preparing for an examination that no longer exists. Check the edition before you start.
The syllabus, and where the marks sit
NISM frames the examination around a top down research process, and the syllabus follows that logic.
Securities markets foundation
The basics of the Indian securities market and the terminology used in equity and debt markets. This is the cheapest section to secure marks in, and the one candidates most often skim.
Economy and industry analysis
Macroeconomic variables and how they feed through to company performance, the sources of economic data, and the key drivers and information sources for industry analysis. Expect case studies here.
Company analysis
Both the qualitative dimensions, such as management quality, governance and business model, and the quantitative dimensions drawn from financial statements. This is the heaviest application section.
Valuation and corporate actions
Fundamentals of risk and return, valuation principles, and the rationale behind corporate actions. Case based questions frequently combine a valuation calculation with a judgement call.
The research report and the regulatory framework
What makes a research report defensible, and the obligations placed on research analysts under the SEBI Research Analysts Regulations, 2014. Passing this examination is a regulatory requirement under Regulation 7(2), so the regulations are examined on their own terms, not as background.
How to prepare for the revised paper
Three things follow from the format change.
Do not guess. With 25 percent negative marking, four wrong guesses cancel one correct answer. On a paper where the pass mark is 60, that arithmetic decides borderline results. Answer what you know, reason through what you can narrow down, and leave the rest.
Practise cases under time. Twenty marks of case work inside a 120 minute paper means the reading itself consumes time that recall questions do not. Candidates who have only practised standalone questions routinely run short at the end.
Diagnose by section, not by total score. A score of 55 tells you nothing useful. Knowing that you lost most of those marks in company analysis and valuation tells you exactly what to restudy.
Free NISM Series XV mock test
Set 1 of our NISM Series XV Research Analyst mock test is free and runs on the current pattern: 100 marks, 120 minutes, negative marking applied exactly as the real paper applies it. Every answer carries a written explanation, and the report card at the end splits your score by syllabus area so you can see where the marks went. Nine further sets are available if you want more practice.
If you are weighing this certification against others, our NISM mock test hub covers every series with the same format, including Series X-A Investment Adviser and Series XXI-A for portfolio management services distributors.
Frequently asked questions
What is the NISM Series XV exam date for 2026?
There is no fixed annual exam date. NISM Series XV runs on demand at authorised test centres, and you choose your slot when you register on the NISM certifications portal. The date that matters in 2026 is 20 January, the day the revised examination replaced the old one.
How many questions are in the NISM Series XV exam?
One hundred questions worth one mark each: 80 standalone multiple choice questions and 5 case studies of 4 questions each.
Is there negative marking in NISM Series XV?
Yes. Every wrong answer costs 25 percent of the marks assigned to that question.
What is the passing score for NISM Series XV?
Sixty marks out of one hundred, that is 60 percent.
How long is the NISM Series XV certificate valid?
Three years from the date of passing. Revalidation is through the certification examination or the applicable CPE programme.
Who needs the NISM Series XV certification?
Anyone registered as a research analyst under the SEBI Research Analysts Regulations, 2014, individuals employed as research analysts, and partners of a research analyst who prepare or publish research reports or research analysis.