Everything To Know about SEBI Research Analyst Exam

In this article you will get all the relevant and actionable details about the SEBI research analyst exam, which is conducted by SEBI In India.

Whether you are eligible or not and how to prepare and other details about this exam.

Who is it for?

So, candidates need to understand that this exam is not for everyone. By that I mean that it’s not a knowledge increasing qualification. However, it has some specific objectives

  • For individuals who want to legally provide opinions and research on investments
  • Firms and companies to provide research.

SEBI brought about this exam, to control unauthorised and spammy research schemes. Hence, as a benchmark your customer has the ability to check, whether you are an authorised RA.


The sebi exam has two major eligibility requirements;

  • Educational

You need to possess a post graduate degree in finance, commerce, accounting or management. This would also include professional qualifications like CA & CFA.

  • Professional

Individuals need to have a minimum of 5 years of relevant experience in the finance industry.

Now that was the individual requirements, however when you are registering an entity. Then the entity needs to have at least one individual who full fills the above requirements.

  • Capital Adequacy

So, in addition to the education and experience requirements, individuals need to have a minimum net worth of INR 1 lac. While entities need to have a net worth of INR 5 Lac.

SEBI Research Analyst Exam Structure

So the basic structure of this exam, which is officially called as NISM -XV Series is as follows;

  • 92 questions of 1 marks each in the multiple choice questions format.
  • Two Case studies with four questions
  • The duration of the exam is 2 hours conducted by NISM.
  • The minimum passing score is 60%.
  • However, there is a 25% of 1 mark for each wrong answer selected.
  • The validity of the certificate is 3 years

The exam fee is INR 1500, payable to NISM.


The official syllabus given by NISM for his exam is as follows. The candidates need to prove his knowledge on;

  • Basics of the Indian securities markets
  • Top down and bottom research company analysis
  • Economic analysis
  • Information for Industry analysis
  • Macroeconomic variables and micro economic principles
  • Knowledge about key industry drivers
  • Understanding of risk and return principles
  • Know the valuation principles
  • Understand various corporate actions
  • Qualities of a good research report

The syllabus of the exam is broad enough to test legitimate experience equity research field.

Learning Material NISM Series XV

The learning material for each certification for NISM is completely free. Which makes the exam attempt process simple. All you need to do is to create an account with NISM portal and get the content for the exam.

NISM XV Research analyst workbook


Grant of Certification- RA

Once, you complete the assessment requirements, Securities exchange board of India will proceed in the following manner

  • The regulator will scrutinise your application based on all the information provided by you. Which can change from time to time.
  • Once the approval has been granted, you need to pay the registration fees i.e INR 5 Lac for entities and INR 10,000 for individual and partnership firms.

Regulations for Certified Research Analyst

Now let me discuss the various other regulations and limitations that you would be subjected to after getting registered.

  • Restriction on Trading

If you have published a research report, then you cannot act on the same stock for the coming 40 days if it’s an IPO. While in other cases, investments cannot be initiated for 10 days.

  • Research analysts are prohibiting from activities related to investment banks like brokerage services, soliciting clients etc.
  • Also as a research analyst you cannot provide research in the presence of investment banking personnel.
  • As a research analyst your research which has been published needs to supported with documentary proofs.
  • In case you make a public appearance as an analyst, then you need to mention you registration details with SEBI.

SEBI Code of Conduct

All registered RA with SEBI, have to abide the SEBI Code of conduct rules. I will briefly outline these principles;

  1. Honesty and good faith
  2. Disclosure of conflict of interest
  3. Keeping client confidentiality
  4. Compliance with regulatory standards

Frequently Asked Questions- SEBI Research analyst exam

  • What is the score for passing the nism series xv research analyst certification examination?

The minimum passing score is 60%.

  • What are the general areas of testing in the exam?

The exam includes understanding of market nuances and principles, sources of information, fundamentals of a good research report,sources of a good research report. Quantitative dimension in valuation.

  • What is the sebi research analysts regulations 2014?

These are basically the regulations that the registered research analyst needs to abide by. The consequences of not following these regulations can either lead to fines or ban into capital markets in India.

  • What is the fee structure for SEBI RA exam?

The exam fee charged by NISM Is INR 1500.


The regulations introduced by SEBI is a welcome change in the Indian Capital market. However, we are still a far away from customer awareness about these regulations. Because this exam is more useful for the public rather than the analysts.