The RA exam: NISM Series XV
"RA" stands for Research Analyst. The "RA exam" people talk about is the NISM Series XV: Research Analyst Certification Examination, run by the National Institute of Securities Markets (NISM). Passing it gives you the "RA certificate" that SEBI requires before you can register as a Research Analyst.
NISM revised the exam with effect from 20 January 2026. The facts below are from NISM's exam page. Check nism.ac.in before you book, because NISM revises fees, formats and syllabi from time to time.
Exam pattern, fee and pass mark
| Item | NISM Series XV (Research Analyst) |
|---|---|
| Fee | ₹1,500 |
| Total marks | 100 |
| Questions | 80 multiple-choice questions, plus 5 case studies with 4 questions each |
| Duration | 120 minutes |
| Pass mark | 60% |
| Negative marking | 25% of the marks for each wrong answer |
| Certificate validity | 3 years |
| Note | NISM issues the certificate only to candidates who have a PAN |
With 25% negative marking, guessing costs marks. Leave a question unanswered unless you can rule out most options.
Syllabus and chapter weightage
The exam has 15 chapters. Four of them, Technical Analysis, Financial Analysis, Valuation and Legal and Regulatory Environment, carry nearly half the marks.
| Chapter | Topic | Weightage (%) |
|---|---|---|
| 1 | Introduction to Research Analyst Profession | 1 |
| 2 | Introduction to Securities Market | 2 |
| 3 | Terminology in Equity and Debt Markets | 2 |
| 4 | Fundamentals of Research | 5 |
| 5 | Economic Analysis | 5 |
| 6 | Industry Analysis | 8 |
| 7 | Company Analysis – Business and Governance | 6 |
| 8 | Company Analysis – Financial Analysis | 12 |
| 9 | Corporate Actions | 5 |
| 10 | Valuation Principles | 12 |
| 11 | Fundamental Analysis of Commodities | 5 |
| 12 | Risk and Return | 7 |
| 13 | Qualities of a Good Research Report | 5 |
| 14 | Legal and Regulatory Environment | 10 |
| 15 | Technical Analysis | 15 |
How to use the weightage
- Start with the heavy chapters. Technical analysis (15), financial analysis (12), valuation (12) and regulation (10) make up 49 marks.
- Practise numbers. Financial analysis and valuation questions involve ratios and calculations. Work problems, not just definitions.
- Do not skip regulation. It is worth 10 marks and it is also what you will apply every day as a registered RA: disclosures, records, conflicts of interest and the code of conduct.
- Prepare for case questions. 20 marks come from five case studies. They test whether you can apply concepts to a company situation.
- Use NISM's workbook for the current version of the exam. Older study material may follow the previous syllabus.
Who needs the RA certificate
- Individual RAs, as part of the qualification for registration.
- Partners and principal officers of non-individual RAs, and the individuals employed as research analysts.
- Persons associated with research services, including client-facing sales staff. SEBI's circular of 23 July 2025 gave them one year from that date to get the relevant NISM certification. Staff who have no client contact, or whose work has no connection with research services, do not need it.
For the compliance officer of a non-individual RA, NISM lists Series XV, Series XV-B and Series III A as relevant certifications.
Qualification for SEBI RA registration
Under Regulation 7 of the SEBI (Research Analysts) Regulations, as amended with effect from 25 November 2025, an individual RA, the principal officer of a non-individual RA, employees working as research analysts, partners engaged in research services and persons associated with research services need:
- a graduate degree or equivalent in any discipline from a recognised university or institution, or a CFA Charter, and
- the relevant NISM certification (for research analysts, Series XV) or a certification from an organisation accredited by NISM.
Alternatively, NISM's Post Graduate Program in Securities Market (Research Analysis) also meets the requirement. For the full registration process, see how to get an RA licence, and for the fees involved, SEBI RA registration cost.
Renewing the certificate: Series XV-B
The Series XV certificate is valid for three years. The regulations require a fresh certification before the existing one expires, so plan the renewal before the expiry date, not after. You can renew by passing Series XV again or by taking the shorter renewal exam, Series XV-B.
| Item | NISM Series XV-B (renewal) |
|---|---|
| Who can take it | Only candidates who hold a valid Series XV certificate |
| Before the exam | Watch NISM's pre-recorded training videos on its certification portal |
| Questions | 50 multiple-choice questions |
| Duration | 60 minutes |
| Pass mark | 50% |
| Negative marking | None |
| Validity of renewed certificate | 3 years |
Check NISM's site for the current XV-B fee and for any changes to the renewal route.
A study plan
- Weeks 1–2: read the workbook end to end and note which chapters are new to you.
- Weeks 3–5: study the heavy chapters in depth: financial analysis, valuation, technical analysis and regulation. Work through calculations.
- Week 6: cover the remaining chapters and practise case questions.
- Final days: timed mock tests. Review every wrong answer and decide whether to answer or skip under negative marking.
Someone with a finance background may need less time. Book the exam once you score comfortably above 60% in timed mocks.
After you pass
Keep the certificate and its expiry date on file. Your compliance auditor will check that you and everyone associated with research services hold valid certificates. Add the expiry dates to your compliance calendar, and apply for registration through RAASB (BSE). Once registered, AlphaQuark can run the operational side of your practice, from KYC and MITC e-sign before payment to recommendations and model portfolios. See the RA platform.
Certified? Set up your practice
AlphaQuark gives newly registered Research Analysts onboarding, payments, recommendations and model portfolios under their own brand.
See the RA platformFrequently Asked Questions
What is the full form of RA in the RA exam?
RA stands for Research Analyst. The RA exam is the NISM Series XV: Research Analyst Certification Examination, which SEBI requires for registration as a Research Analyst.
What is the pass mark for NISM Series XV?
60%. The exam carries 100 marks: 80 multiple-choice questions and 5 case studies with 4 questions each, in 120 minutes, with 25% negative marking for wrong answers.
What is the NISM Series XV exam fee?
₹1,500, as listed on NISM's website at the time of writing. Check nism.ac.in before booking, as fees can change.
How long is the RA certificate valid?
Three years. You must get a fresh certification before it expires, either by passing Series XV again or by taking the Series XV-B renewal exam.
What is NISM Series XV-B?
The renewal exam for holders of a valid Series XV certificate. You watch NISM's pre-recorded training videos, then take a 60-minute test of 50 multiple-choice questions with a 50% pass mark and no negative marking. The renewed certificate is valid for three years.
Do my sales staff need NISM certification?
Yes, if they are associated with research services and have client contact. SEBI gave such persons one year from 23 July 2025 to obtain the relevant NISM certification.