NISM Series XV exam at a glance
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NISM Series XV key facts & eligibility
| Conducting body | National Institute of Securities Markets (NISM), an educational initiative of SEBI |
|---|---|
| Official website | nism.ac.in ↗ |
| Mode | The NISM Series XV: Research Analyst Certification Examination — mandatory for associated persons registered as research analysts under the SEBI (Research Analysts) Regulations, 2014, covering securities markets, valuation and research-report fundamentals. |
| Frequency | Offered year-round as a computer-based test at NISM test centres across India. |
| Scoring & marking | The exam has 100 questions (80 multiple-choice questions of 1 mark plus 5 caselets of four 1-mark questions each) for 100 marks in 2 hours, with 25% negative marking on each wrong answer. The passing score is 60%. |
| Score validity | The certificate is valid for 3 years from the date of the examination. |
| Language | English. |
Who is eligible for NISM Series XV?
Taken by research analysts and partners of a research analyst engaged in preparing or publishing research reports.
Last verified July 2026 against NISM — Research Analyst. Always confirm current details on the official website before you register.
NISM Series XV section breakdown
The NISM Series XV mock test on Wrexa Edge replicates the real exam's section structure — same names, same question count per section, same time limits. No inter-section breaks — the timer runs continuously.
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NISM Series XV (50 Q)
Marking scheme
+1 per correct. Try your score.
Strategy: NISM Series XV has no negative marking. Attempt every question — blank answers cost you potential marks but cannot pull your score down.
Scale: NISM Series XV (pass 700/1000).
How NISM Series XV is conducted
- Mode
- Test format
- Backtracking
- Mark for review
NISM Series XV time strategy
With 50 questions in 120 minutes, you have about 144 seconds per question on average. Successful candidates aim for the following pacing on each section:
- NISM Series XV (50 Q)
Wrexa Edge's analytics show your actual time-per-question after every mock so you can spot which sections you're losing time on.
NISM Series XV topics covered
Across the 50 Wrexa Edge variants of NISM Series XV, the following topics appear most often (sample distribution from one variant):
NISM Series XV (50 Q)
- NISM RA — Valuation · 11
- NISM RA — Ratio Analysis · 10
- NISM RA — Financial Statements · 7
- NISM RA — SEBI RA Regulations · 6
- NISM RA — Economic & Industry Analysis · 5
- NISM RA — Ethics & Conduct · 5
- NISM RA — Research Report Writing · 4
- NISM RA — Technical Analysis Basics · 2
NISM Series XV difficulty calibration
Advanced tier. Advanced-level: high-stakes exam with rigorous content depth. Expect 4-8 months of structured prep.
NISM Series XV: Research Analyst Certification · ~100 MCQ in 2h, pass 60%. Financial statements & ratio analysis, valuation (DCF, multiples), economic & industry analysis, and research-analyst regulations & ethics. · Official language: English & Hindi.
Verified content — Wrexa Edge's NISM Series XV bank has been deeply curated with real exam-aligned content (estimated 100% syllabus coverage).
How Wrexa Edge prepares you for NISM Series XV
- Real test-day interface
- 50 distinct variants
- Detailed analytics
- Spaced repetition (Notebook)
- Optional proctoring
- Free to start
Expert take: what NISM Series XV really tests
The NISM Series XV: Research Analyst Certification Examination, from NISM (SEBI’s educational body), is mandatory for research analysts registered under the SEBI (Research Analysts) Regulations, 2014. It has 100 questions (80 multiple-choice plus 5 caselets of four 1-mark questions) for 100 marks in 2 hours, with 25% negative marking and a passing score of 60%. The certificate is valid for 3 years.
Preparation tips
- Build strong financial-statement analysis and valuation skills.
- Practise the caselet questions.
- Watch the 25% negative marking.
Common mistakes to avoid
- Guessing carelessly — wrong answers lose 25% of the marks.
- Underestimating the valuation and modelling content.
NISM Series XV study plan
A phase-by-phase roadmap from your first concept to test-ready. Stretch or compress each phase to fit the time you have before your attempt.
- Securities markets
- Financial-statement analysis
- Valuation principles
- Fundamental and technical analysis
- Research-report writing
- SEBI RA Regulations 2014
- Caselet practice
- Pass 60%
- 25% negative marking
Where NISM Series XV can take you
A strong NISM Series XV result opens up these careers and higher-study paths:
- Registered Research Analyst
- Equity & credit research
Best books & official prep for NISM Series XV
- NISM Series XV workbook — NISM
- Research Analyst practice tests — Various
Official practice: Study the official NISM Series XV workbook on securities analysis and valuation; the passing score is 60% with 25% negative marking.
Previous-year papers: NISM publishes the workbook and sample questions.
Sample NISM Series XV practice questions
5 questions taken from the NISM Series XV mock tests on Wrexa Edge. Try each one, then reveal the answer.
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Q1. The "investment thesis" section of a research report mainly explains:
- The company's statutory auditor details
- The analyst's academic qualifications
- The exchange trading hours for the stock
- Why the analyst holds the recommended view
Show answer
Answer: D — Why the analyst holds the recommended view
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Q2. An increase in trade receivables during the year, other things equal, has what effect on cash flow from operations?
- It reduces operating cash flow
- It increases operating cash flow
- It has no effect on operating cash flow
- It increases investing cash flow
Show answer
Answer: A — It reduces operating cash flow
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Q3. The price-to-book ratio is most commonly used to value:
- Early-stage software start-ups
- Banks and financial companies
- Asset-light consulting firms
- Loss-making biotech firms
Show answer
Answer: B — Banks and financial companies
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Q4. Receipt of compensation by the analyst's firm from the subject company in the recent past should be:
- Hidden to avoid bias claims
- Shown only to the board
- Disclosed in the report
- Netted off the target price
Show answer
Answer: C — Disclosed in the report
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Q5. A rising debtor (receivable) days figure over several years generally signals:
- Faster inventory turnover
- Lower financial leverage
- Improved supplier credit terms
- Slower collection from customers
Show answer
Answer: D — Slower collection from customers
Frequently asked questions
- What is the NISM Series XV exam pattern?
- NISM Series XV: Research Analyst Certification contains 50 questions across 1 section: NISM Series XV (50 Q). Total duration is 120 minutes (about 144 seconds per question).
- Does NISM Series XV have negative marking?
- No — NISM Series XV has no negative marking. Each correct answer is worth 1 mark, so attempt every question.
- How is NISM Series XV scored?
- Scaled score range: 100 to 1000. NISM Series XV (pass 700/1000).
- How can I practise NISM Series XV online for free?
- Wrexa Edge gives you a free full-length NISM Series XV mock test — with instant scoring, detailed explanations and analytics — plus 49 more with a one-time $1.99 unlock that never expires. Start practising in under a minute, no card required.
- What is the difficulty level of NISM Series XV?
- NISM Series XV is rated Advanced difficulty on Wrexa Edge. Advanced-level: high-stakes exam with rigorous content depth. Expect 4-8 months of structured prep. NISM Series XV: Research Analyst Certification · ~100 MCQ in 2h, pass 60%. Financial statements & ratio analysis, valuation (DCF, multiples), economic & industry analysis, and research-analyst regulations & ethics. · Official language: English & Hindi.
- How long is the NISM Series XV exam?
- NISM Series XV runs for 120 minutes total. On Wrexa Edge the timer is enforced exactly as on the real exam — including no inter-section breaks.
- What topics are covered in NISM Series XV?
- NISM Series XV is split into: NISM Series XV (50 Q). Each section is timed and weighted separately. NISM Series XV: Research Analyst Certification · ~100 MCQ in 2h, pass 60%. Financial statements & ratio analysis, valuation (DCF, multiples), economic & industry analysis, and research-analyst regulations & ethics. · Official language: English & Hindi.
- What tools or aids are allowed during NISM Series XV?
- No special tools are required. Note: real exam is proctored — Wrexa Edge mirrors this with a webcam-based proctoring flow you can enable.
- Is the NISM Series XV test adaptive?
- No — NISM Series XV is a fixed-form (linear) test. Every candidate sees the same number of questions per section.
- How many NISM Series XV mock tests does Wrexa Edge offer?
- Wrexa Edge generates 50 distinct NISM Series XV variants — each with different question content, not just shuffled options — the first one free for everyone and 49 more with a one-time $1.99 unlock. That's 2500 unique practice questions in the real test-day interface.
- Is there a free NISM Series XV test series 2026?
- Yes. The Wrexa Edge NISM Series XV test series for 2026 gives you a free full-length mock test (50 in total) plus subject-wise and topic-wise tests — instant scoring and detailed analysis, no card required.
- Are NISM Series XV previous year question–style papers included?
- Every NISM Series XV mock is modelled on the official exam pattern and the style of previous years' papers — the same 50-question structure, sections and marking — so your practice mirrors the real paper you'll sit.
- Which is the best free NISM Series XV mock test online?
- Wrexa Edge's NISM Series XV mock test replicates the real exam interface, timing and marking scheme, with instant score, section-wise analysis and 50 fresh variants — a strong free choice for 2026 preparation.
- Can I take the NISM Series XV mock test on mobile?
- Yes. NISM Series XV mock tests run in any browser on mobile, tablet or desktop — no app or download needed. Start on your phone and your progress and analytics sync when you sign in.
- What is the NISM Series XV syllabus?
- The NISM Series XV syllabus maps to its 1 section: NISM Series XV (50 Q). Wrexa Edge's mock tests cover the complete syllabus topic by topic — see the topics-covered breakdown above — so you practise every area at real exam difficulty.
- What is the eligibility for NISM Series XV?
- Taken by research analysts and partners of a research analyst engaged in preparing or publishing research reports. Wrexa Edge focuses on realistic NISM Series XV practice: a free full-length mock in the exact exam pattern, ready whenever you are.
- When is the NISM Series XV exam and how should I prepare?
- Official NISM Series XV exam dates are announced by the conducting body for each cycle — check the latest notification for the current schedule. To be ready, follow a phased study plan and take full-length timed mocks; Wrexa Edge gives you a free NISM Series XV mock with instant scoring so you can track your readiness week by week.
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