Is a free demo available for the Series XV mock test?

Yes. You can take a free demo test first and see the interface, question style and explanations before deciding whether to buy.

What is the pass mark for NISM Series XV?

Series XV requires 60% to pass, and carries 25% negative marking for wrong answers. Confirm the current structure on the official NISM certifications page before registering.

Do I need Series XV to publish research?

SEBI's Research Analyst regulations require the certification for individuals registered as research analysts and for relevant staff of registered research entities. Confirm your specific obligation with SEBI, as the requirements are role-dependent.

Is there a renewal exam for Research Analyst?

Yes. Series XV-B is a shorter renewal exam — 60 minutes against 50 marks, 50% to pass, no negative marking — for candidates renewing rather than certifying for the first time.

SEBI-mandated

NISM Series XV Research Analyst mock test

Series XV is the certification required to work as a research analyst under SEBI's regulations. It is a broad paper — valuation, accounting, economics and the regulatory framework all appear — which makes structured practice more useful here than on narrower exams.

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Exam at a glance

Exam fee: ₹1,500
Duration: 2 hrs
Maximum marks: 100
Pass mark: 60%
Negative marking: 25%

Verified against the official NISM certifications page on 23 July 2026. Fees and exam structure are set by NISM and can change — always confirm before registering.

Who this exam is for

Anyone registering as a research analyst with SEBI
Employees of registered research entities producing research reports
Equity research and buy-side analysts formalising their credentials
Finance graduates targeting a research role

What the exam covers

Introduction to securities markets and the terminology of research
Fundamentals of financial statements and accounting analysis
Valuation approaches and their application
Micro and macroeconomic analysis, and industry frameworks
Company and business model analysis
The research report — structure, disclosure and quality
SEBI Research Analyst regulations, ethics and conflicts of interest

Topic areas are indicative. The official workbook is the authoritative syllabus and is revised periodically — always prepare against the current edition.

The breadth is the difficulty

Nothing in Series XV is conceptually hard on its own. The challenge is coverage: the paper moves between accounting, valuation, economics and regulation, and candidates who prepare deeply in the area they already work in still lose marks everywhere else.

Sitting several full-length papers matters more on this exam than on any other we cover, because the fix is almost always to redistribute your revision rather than to work harder — and you only find out where to redistribute it by scoring a whole paper, not a topic you already like.

How to prepare

Take a full-length paper early to find which of the four areas is weakest — it is rarely the one you expect.
Do not skip the regulations chapters. They are the most predictable marks on the paper and the easiest to revise late.
Work valuation questions numerically; recognising a method is not the same as applying it under time pressure.
Read the explanation on every question you got right by guessing, not only the ones you got wrong.

What you get with this mock test

Questions mapped to the latest official workbook
A free demo test before you pay anything
A written explanation for every question
Topic-wise and full-length timed tests
Instant scoring, with every attempt saved to compare
Unlimited attempts during your validity period

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