Series XV · Advanced
Research Analyst
The gateway certificate for equity research careers.
Questions
100
Duration
120 min
Pass mark
60%
Negative marking
25%
Exam fee
₹1,500 + GST
Validity
3 years
Why this certification matters
SEBI requires research analysts and their associated persons to hold this. It is also the module most requested for equity research and investment banking support roles.
Who should take it: Equity research analysts, independent research providers, and associated persons preparing research reports.
What you get after clearing it
- Mandatory for SEBI-registered research analysts
- Covers valuation, financial statements and industry analysis
- Strong signal for equity research and IB analyst applications
- Pairs naturally with financial modelling skills
Where it takes you
Research desks value this plus a modelling sample; freshers with both get interviews.
Research analyst roles in India scale strongly with modelling quality and sector expertise.
Explore finance careers6 week study plan
Week 1
Market and economy
Macro indicators, sectors, business cycles.
Week 2
Financial statements
P&L, balance sheet, cash flow and how they connect.
Week 3
Ratios and quality
Profitability, leverage, working capital, earnings quality flags.
Week 4
Valuation
DCF, relative multiples, sum of parts, sensitivity.
Week 5
Regulation and ethics
SEBI RA Regulations, disclosures, conflicts of interest.
Week 6
Mocks
Timed mocks with negative marking discipline.
Exam-day tips
- Build one DCF in Excel yourself, concepts stick permanently after that
- Ratio formulas must be recall-fast, they appear as numericals
- 25% negative marking, guess only when you can eliminate two options
Full syllabus
Fundamental Analysis
- Financial statement analysis
- Ratio analysis profitability, leverage, valuation
- Industry and company analysis
- Economic analysis and macro indicators
- Equity valuation methodologies
Technical Analysis
- Dow Theory and chart construction
- Support, resistance, and trend lines
- Candlestick patterns and chart patterns
- Technical indicators and oscillators
- Application of technical analysis in research
Research & Report Writing
- Research process and report structure
- Buy, sell, hold, and ratings definitions
- Disclosures and conflict of interest
- Fairness and objectivity in research
- Distribution of research reports
Regulatory & Ethics
- SEBI (Research Analysts) Regulations, 2014
- Registration and eligibility requirements
- Code of conduct for research analysts
- Prohibition of insider trading and front-running
- Investor protection and grievance redressal
Commodities & Case Studies
- Commodity market basics and participants
- Commodity derivatives fundamentals
- Case-based analysis of company reports
- Valuation and recommendation scenarios
- Ethical and compliance scenarios
Learn it first in VIA Capital Academy
Frequently asked questions
What is NISM Series XV?
It is the Research Analyst certification, mandatory for anyone issuing public research reports or investment recommendations on securities.
Who should take this exam?
Equity research analysts, independent research providers, and associated persons in research roles.
What is the passing score?
60 out of 100 marks (60%). There is 25% negative marking. The exam includes case-based questions.
Is this official NISM material?
No. These are independent practice questions. Refer to the official NISM workbook before the exam.
What changed in the 2026 exam pattern?
From Jan 20, 2026, Series XV includes 80 standalone MCQs + 5 case-based sets, a new Technical Analysis module (15 marks), and a Commodities section (5 marks).
Ready to test yourself?
100 questions · 120 minutes · 25% negative marking. Free, no login.