NISM Series XV Open for practice Mandated by SEBI
NISM Series XV Mock Tests and Practice (NISM 15)
NISM Series XV: Research Analyst
For research analysts under SEBI regulations. It spans economic, industry and company analysis, financial statements, valuation, technical analysis, risk and return, and the RA regulatory framework.
- Duration
- 120 min
- Questions
- 100
- Maximum marks
- 100
- Pass mark
- 60%
- Negative marking
- 25%
- NISM fee
- ₹1,500
Verified 13 Oct 2026 from NISM's official certification listing. Certificate valid 3 years. NISM currently lists all certification examinations as online, remote-proctored.
Structure: 80 multiple-choice questions (1 mark each) plus 5 case-based questions, each with 4 sub-questions of 1 mark.
Free mock tests
3 full-length papers, each 100 questions in 120 minutes, with the real exam's 25% negative marking, and every chapter in its exam weightage. No question appears in more than one paper, so each one is a fresh test.
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Free Mock 1
100 questions
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Free Mock 2
100 questions
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Free Mock 3
100 questions
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After you submit, open the review and tap Explain this with the AI Coach on any question you got wrong.
A free account saves your answers, scores and mistake notebook. No payment details needed.
What a paid plan adds
The free mocks show you where you stand. A paid plan gives you the practice to close the gaps before exam day.
- Unlimited full mocks, freshly drawn from all 468 NISM Series XV questions and favouring ones you haven't seen, so you never sit the same paper twice.
- Unlimited practice by chapter, weak topic and mistake notebook. The free plan stops at 30 questions a day.
- 60 AI Coach messages a day (free: 5). Clear every doubt as it comes up, get calculations worked step by step and a revision plan for your exam date.
- Last-24-hours revision: a timed paper of your recent mistakes plus the highest-weight chapters, built for the day before the exam.
- Retake any free mock to check that you've fixed what you got wrong.
Why start today
- At 30 free questions a day, working through all 468 questions takes about 6 days. With a plan you set the pace, and every extra day of practice before the exam counts.
- Access opens straight away: pay by UPI, enter the reference number, and you get 24 hours of full access while we confirm the payment.
- Plans start at ₹129 (Last 24 hours, 2 days), including GST. No auto-renewal: a plan simply ends.
Syllabus and chapter weightage
Workbook version: February 2026| # | Chapter | Weight | Questions | Actions |
|---|---|---|---|---|
| 1 | Introduction to Research Analyst Profession Lesson with examples |
1 | 10 | Practise |
| 2 | Introduction to Securities Market Lesson with examples |
2 | 36 | Practise |
| 3 | Terminology in Equity and Debt Markets Lesson with examples |
2 | 28 | Practise |
| 4 | Fundamentals of Research Lesson with examples |
5 | 21 | Practise |
| 5 | Economic Analysis Lesson with examples |
5 | 24 | Practise |
| 6 | Industry Analysis Lesson with examples |
8 | 32 | Practise |
| 7 | Company Analysis – Business and Governance Lesson with examples |
6 | 22 | Practise |
| 8 | Company Analysis – Financial Analysis Lesson with examples |
12 | 41 | Practise |
| 9 | Corporate Actions Lesson with examples |
5 | 22 | Practise |
| 10 | Valuation Principles Lesson with examples |
12 | 36 | Practise |
| 11 | Fundamental Analysis of Commodities Lesson with examples |
5 | 18 | Practise |
| 12 | Fundamentals of Risk and Return Lesson with examples |
7 | 28 | Practise |
| 13 | Qualities of a Good Research Report Lesson with examples |
5 | 21 | Practise |
| 14 | Legal and Regulatory Environment Lesson with examples |
10 | 68 | Practise |
| 15 | Technical Analysis Lesson with examples |
15 | 61 | Practise |
Who takes this exam
Research analysts and associates at brokerages and research firms, and finance graduates targeting equity research roles.
Formula sheet
Formulas used in our original calculation questions for this exam.
| Chapter | Topic | Formula |
|---|---|---|
| 8 | DuPont analysis | ROE = (PAT/Sales) × (Sales/Assets) × (Assets/Equity) |
| 8 | Leverage ratios | Interest coverage = EBIT / Interest expense |
| 8 | Return on equity | ROE = PAT / Shareholders' equity |
| 8 | Working capital | Debtor days = (Receivables / Sales) × 365 |
| 9 | Rights issue | TERP = (N × P + R) / (N + 1) |
| 10 | Dividend discount model | P0 = D1 / (r − g) |
| 10 | Enterprise value | EV = Market cap + Debt − Cash |
| 12 | CAPM | E(R) = Rf + β × (Rm − Rf) |
| 12 | Holding period return | HPR = (P1 − P0 + D) / P0 |
| 12 | Sharpe ratio | Sharpe = (Rp − Rf) / σp |
NISM Series XV: frequently asked questions
How many questions are there in the NISM Series XV exam?
The NISM Series XV exam has 100 questions for 100 marks, to be answered in 120 minutes. 80 multiple-choice questions (1 mark each) plus 5 case-based questions, each with 4 sub-questions of 1 mark.
What is the passing mark for NISM Series XV, and is there negative marking?
You need 60% to pass. Each wrong answer costs 25% of the marks for that question, so guessing has a price.
What is the fee for the NISM Series XV exam and how long is the certificate valid?
NISM lists the fee as ₹1,500. The certificate is valid for 3 years. NISM currently lists all certification examinations as online, remote-proctored.
Are the NISM Series XV mock tests on Integrato Digital free?
Yes. A free account gives you 3 full-length mock papers, each in the real exam pattern (100 questions, 120 minutes) with every chapter in its exam weightage. No question repeats across the free papers, and a 20-question diagnostic needs no sign-up at all. Paid plans add unlimited practice from the full bank and more mocks.
How should I prepare for NISM Series XV?
Read the chapter lessons (15 chapters), practise chapter by chapter from the 468-question bank, review every explanation you get wrong, then take full mock tests under exam timing until you score comfortably above the pass mark.
Are these official NISM questions?
No. Integrato Digital is an independent practice platform and is not affiliated with or endorsed by NISM. Every question and lesson is original, written to the published NISM syllabus and test objectives.
Registering for the exam
Registration, scheduling, fees and certificates are handled only by NISM. Use the official page to register:
Official NISM Series XV page on nism.ac.in
NISM also publishes the official workbook for each exam on its website. Our questions and notes are original and are written to complement it, not replace it.