What is the NISM XV exam?
The NISM Series XV: Research Analyst certification is mandatory under SEBI regulations for individuals who provide research analyst services in India. Passing this exam is a prerequisite for registration as a SEBI Research Analyst under the SEBI (Research Analysts) Regulations, 2014.
What this practice test covers
- Indian securities markets and regulatory framework
- Equity and debt instruments
- Economic, industry, and company analysis
- Financial ratios and statement interpretation
- Valuation methodologies (DCF, relative valuation)
- SEBI Research Analyst regulations and compliance
Passing the NISM XV exam
You need 60 out of 100 marks to pass the NISM XV exam. The exam has negative marking of 25% per wrong answer, so accuracy matters as much as coverage. The paper includes 92 MCQs and 2 case studies (4 sub-questions each), to be completed in 2 hours.
Why practice with mock tests
Reading the workbook tells you what you know; a timed mock test tells you what you can actually answer. Full-length mocks build exam-day stamina, surface the topics you keep getting wrong, and remove surprises on the real exam.