Last updated on July 3rd, 2026 at 07:44 pm
If you want to publish equity research, issue stock recommendations, or work as an analyst in India’s capital markets, there’s one exam standing between you and that career: the SEBI Research Analyst Exam, officially known as the NISM-Series-XV: Research Analyst Certification Examination.
This guide covers everything you need — eligibility, exam pattern, fees, syllabus, registration steps, and the regulations you’ll be bound by once certified.
What Is the SEBI Research Analyst Exam?
The NISM Series XV exam isn’t a general finance qualification — it’s a regulatory gatekeeper. SEBI mandates it under the SEBI (Research Analysts) Regulations, 2014 for anyone who prepares or publishes research reports on listed or soon-to-be-listed securities, regardless of their job title.
The exam exists to protect investors from unregulated “tip sellers” and unauthorised research schemes. Once you’re certified and registered, clients can verify your credentials directly with SEBI — which is the whole point of the exercise.
It serves two groups:
- Individuals who want to legally offer investment opinions and publish research
- Firms and companies that want to operate as registered research entities
Who Needs to Take This Exam?
You need NISM Series XV if you are:
- Registering as an individual Research Analyst with SEBI
- A partner or employee at a research analyst firm who is engaged in preparing or publishing research
- Part of an entity applying for RA registration (at least one person at the entity must hold the certification)
Note: there is no formal educational bar to sit the exam itself — anyone can register and attempt it. The educational and experience requirements below apply specifically to SEBI RA registration, which is the step after you clear the exam.
Eligibility for SEBI RA Registration
Educational Qualification
A postgraduate degree in finance, commerce, accounting, business, or management — or a professional qualification such as CA or CFA.
Professional Experience
A minimum of five years of relevant experience in the finance industry.
For Entities
If you’re registering as a firm rather than an individual, at least one principal officer or partner at the entity must meet the above educational and experience criteria.
Capital Adequacy (Net Worth)
- Individuals: minimum net worth of ₹1 lakh
- Entities: minimum net worth of ₹5 lakh
NISM Series XV Exam Pattern (Updated January 2026)
SEBI and NISM revised the exam structure with effect from January 20, 2026. If you’ve seen older articles quoting 92 questions or two case studies, that information is outdated — here’s the current format:
| Component | Details |
|---|---|
| Multiple choice questions | 80 questions × 1 mark = 80 marks |
| Case-based questions | 5 cases × 4 questions × 1 mark = 20 marks |
| Total marks | 100 |
| Duration | 2 hours |
| Passing score | 60% (60 marks) |
| Negative marking | 25% of the marks assigned to each wrong answer |
| Certificate validity | 3 years |
| Exam fee | ₹1,500 + applicable taxes and payment gateway charges |
A quarter of the paper now comes from applied case studies rather than pure recall — so rote memorisation of the workbook alone won’t get you across the line. You need to be able to apply concepts like valuation, ratio analysis, and risk categorisation to a scenario.
Syllabus: What SEBI Wants You to Know
The official NISM curriculum tests your ability to:
- Understand the basics of Indian securities markets and key terminology used in equity and debt markets
- Apply top-down and bottom-up approaches to fundamental research
- Grasp micro and macroeconomic analysis principles, information sources, and the macro variables that move markets
- Identify key industry drivers and sources of industry information
- Analyse companies on both qualitative and quantitative dimensions
- Apply risk and return fundamentals and valuation principles
- Understand the philosophy behind various corporate actions
- Recognise the qualities of a credible, well-supported research report
The syllabus is broad enough to test genuine, practical familiarity with the equity research process rather than textbook definitions alone.
Where to Get Study Material
NISM provides the official workbook free of cost. Create an account on the NISM certification portal, and you can download the current study material directly — no need to pay for third-party material to get started.
How to Register and Take the Exam
- Create an account on the NISM Certification Portal
- Activate your account via the email link and log in
- Go to Enrolment → Enroll for Examination and select NISM-Series-XV
- Choose your preferred exam city, test centre, and date
- Pay the exam fee and download your admit card
- Appear for the computer-based test at your chosen centre
Passing certificates are issued only to candidates who have updated their PAN details in their NISM registration — so make sure that’s in order before you sit the exam.
After You Pass: SEBI RA Registration
Clearing NISM Series XV is the qualifying step, not the finish line. To actually operate as a Research Analyst, you still need to complete SEBI registration:
- SEBI scrutinises your application and supporting documents
- Once approved, you pay the registration fee — ₹5 lakh for entities, ₹10,000 for individuals and partnership firms
- You receive your SEBI RA registration number, which you’re required to quote in any public appearance as an analyst
Regulations Every Registered Research Analyst Must Follow
Certification and registration come with ongoing obligations under SEBI’s regulatory framework:
Trading restrictions. If you’ve published a research report, you cannot trade in that stock for 30 days if it relates to an IPO, and there are cooling-off restrictions in other cases as well — always check the latest SEBI circular for the current window, as these periods have been revised over time.
No mixing with investment banking. Research analysts are barred from brokerage-adjacent activities like client solicitation, and cannot publish research in the presence of investment banking personnel from the same organisation — the idea being to keep research independent of deal-making incentives.
Documentary backing. Every published research report needs to be supported by evidence and analysis you can produce if SEBI or a client asks.
Disclosure in public appearances. Any time you appear publicly as a registered analyst — TV, webinars, social media — you’re required to disclose your SEBI registration details.
SEBI’s Code of Conduct for Research Analysts
All registered RAs are bound by a code of conduct built around:
- Acting with honesty and good faith
- Disclosing conflicts of interest transparently
- Maintaining client confidentiality
- Complying with regulatory standards on an ongoing basis
Frequently Asked Questions
What is the passing score for the NISM Series XV exam? 60% (60 out of 100 marks).
What does the exam actually test? Your understanding of securities market fundamentals, sources of research information, the qualities of a strong research report, and the quantitative side of valuation — including applied case studies, not just recall.
What are the SEBI Research Analyst Regulations, 2014? These are the rules registered RAs must operate under. Non-compliance can lead to penalties or a ban from participating in Indian capital markets.
What is the exam fee? ₹1,500 plus applicable taxes, charged by NISM (payment gateway charges are extra).
How long is the certificate valid? 3 years, after which you’ll need to clear the NISM Series XV-B renewal examination to continue operating.
The Bottom Line
SEBI’s push toward mandatory certification is a genuine step toward cleaning up unregulated stock advice in India — though investor awareness of what “SEBI-registered” actually means still lags behind. For anyone serious about a career in equity research, IB operations, or portfolio analysis, clearing NISM Series XV isn’t optional — it’s the entry ticket.
Looking to build the practical skills behind the research — financial modeling, valuation, and analyst-grade Excel work? Explore MentorMeCareers’ Financial Modeling and Investment Banking Operations programs.
