RA NISM XV Hub
Research Analyst Certification · SEBI (RA) Regulations 2014

NISM Series XV
Research Analyst Study Hub

Your single launchpad for all 15 chapter notes — with exam-weighted priorities, complexity flags and a battle-tested 15-day prep plan.

Workbook Version · November 2025  ·  valid for exams on/after 20 Jan 2026
100
Total Marks
85Q
80 MCQ + 5 Cases
2hrs
Duration
60%
Pass Mark
−25%
Negative Marking
01

About the Exam

A mandatory certification for anyone registered as, employed as, or partnering a Research Analyst under SEBI (Research Analysts) Regulations, 2014 [Reg. 7(2)]. It sets a common minimum knowledge benchmark for preparing and publishing research.

📝Format

80 standalone MCQs (1 mark each) + 5 case studies, each with 4 linked questions (5 × 4 = 20 marks). All single-mark questions.

🎯Passing

60 out of 100 (60%). A clear, fixed cut-off — no relative grading.

⚠️Negative Marking

−25% of the question's mark for every wrong answer (−0.25 per 1-mark question). Guess only when you can eliminate options.

🧮Numericals

Test workstations run MS Excel or OpenOffice Calc. Be fluent in both for valuation, ratio and return computations.

🧭Logical Flow

The syllabus mirrors the research process: Markets → Terminology → Economy → Industry → Company → Valuation → Reporting → Regulation → Technicals.

📌Register

Apply and book your slot at nism.ac.in. Certificate validity per current SEBI/NISM norms.

02

Where the Marks Live

Five chapters — 15, 8, 10, 14 & 6 — carry 57 of 100 marks. If time is short, these are non-negotiable. The bars below are scaled to each chapter's mark weight.

03

The 15 Chapters

Each card opens your full interactive notes for that chapter. Marks, complexity and a "heavy numericals" flag are shown so you can plan effort by payoff.

0 / 15 chapters marked complete
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04

The 15-Day Plan

A focused, weightage-aware sprint. Roughly 3–4 hrs on study days and a heavier final day. Front-load understanding; back-load recall and mock tests.

~52 hrs total effort
3–4 hrs typical day
Days 1–10 learn + absorb
Days 11–15 heavy chapters + revision + mocks
05

How to Study (Smartly)

Method beats hours. These habits are tuned to this specific exam — its negative marking, its numericals, and its memory-heavy regulatory chapter.

1Active recall first

  • Read a section, then close it and write the gist from memory.
  • Use the flash cards & MCQs in each chapter file before re-reading.
  • Quiz yourself before checking graded feedback.

2Drill the numericals

  • Ch 8, 10, 12 (and bits of 3, 6) need hand-on practice.
  • Solve in Excel and Calc — that is the real test setup.
  • Memorise formula logic, not just the formula.

3Beat the negative marking

  • −0.25 per wrong answer: skip if you can't eliminate ≥2 options.
  • If you narrow to 2 options, guessing is usually +EV.
  • Flag-and-return rather than over-committing early.

4Tame Chapter 14 with repetition

  • Regulatory content (Code of Conduct, conflicts, GSM/ASM, CSCRF) is pure memory.
  • Revisit on Days 13 & 15 — spaced repetition sticks it.
  • Make one-line triggers for each disclosure requirement.

5Master case studies

  • 20 marks ride on 5 cases — each tests applied reading, not new theory.
  • Practise extracting numbers from a paragraph quickly.
  • One weak fact can cost all 4 linked questions — read carefully.

6Simulate the real thing

  • Take ≥2 timed full mocks (100 Q in 2 hrs) before exam day.
  • Review every wrong answer; convert mistakes into flash cards.
  • Sleep well before the test — recall > cramming.