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100+ Free NISM Series XV Practice Questions

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2026 Statistics

Key Facts: NISM Series XV Exam

100 marks

NISM Series XV has 80 one-mark MCQs plus 5 case studies of 4 questions each

NISM - Research Analyst Certification Examination

60%

Candidates must score 60 marks out of 100 to pass NISM Series XV

NISM - Research Analyst Certification Examination

25% negative marking

NISM Series XV deducts 25% of a question's marks for each wrong answer

NISM - Research Analyst Certification Examination

2 hours

The NISM Series XV examination must be completed in 120 minutes

NISM - Research Analyst Certification Examination

Rs. 1,500

The NISM Series XV examination fee is Rs. 1,500 inclusive of GST

NISM - Frequently Asked Questions: Research Analyst

3 years

The NISM Series XV Research Analyst certificate is valid for 3 years

NISM - Research Analyst Certification (Renewal) Examination

15 chapters

The revised NISM Series XV syllabus spans 15 weighted chapters from 20 January 2026

NISM - Curriculum: Research Analyst Certification Examination

SEBI 2014

NISM Series XV is mandated under the SEBI (Research Analysts) Regulations, 2014

NISM - Research Analyst Certification Examination

The NISM-Series-XV: Research Analyst Certification Examination is the SEBI-mandated benchmark for research analysts in India under the SEBI (Research Analysts) Regulations, 2014. It carries 100 marks from 80 one-mark multiple-choice questions plus 5 case-based studies of 4 questions each, sat in 2 hours, with a 60% pass mark and 25% negative marking. The revised syllabus effective 20 January 2026 spans 15 chapters, weighted most heavily toward technical analysis (15), financial analysis (12), valuation principles (12), the legal and regulatory environment (10) and industry analysis (8). The examination fee is Rs. 1,500 inclusive of GST, and the certificate is valid for 3 years. This 100-question bank provides original practice across financial statement analysis, valuation, economic, industry and company analysis, risk and return, technical analysis and SEBI regulation and ethics.

Sample NISM Series XV Practice Questions

Try these sample questions to test your NISM Series XV exam readiness. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.

1Under the SEBI (Research Analysts) Regulations, 2014, a 'research report' is best described as:
A.Any internal note that an analyst keeps for personal use
B.A written or electronic communication that includes a research analysis or recommendation on securities and provides a basis for an investment decision
C.A marketing brochure issued by a stockbroker
D.A regulatory circular issued by SEBI to intermediaries
Explanation: A research report is any written or electronic communication that includes research analysis or a research recommendation, or an opinion on securities, providing a reasonable basis for an investment decision. This is the core output a research analyst produces and the activity the regulations govern.
2A sell-side research analyst typically:
A.Manages a portfolio of client money and is judged on returns
B.Produces research reports and recommendations that are distributed to clients of a broking or advisory firm
C.Works only for the company being analysed
D.Sets monetary policy for the central bank
Explanation: Sell-side analysts work at brokerages and advisory firms and produce research that is distributed to the firm's clients to support trading and investment decisions. Buy-side analysts, by contrast, generate research for in-house portfolio managers.
3In the Indian securities market, the primary market is where:
A.Existing listed shares are traded between investors
B.Securities are issued for the first time to raise fresh capital, such as through an IPO
C.Only government bonds are bought and sold
D.Brokers settle their daily margin obligations
Explanation: The primary market is where companies and governments raise fresh capital by issuing new securities, for example through an initial public offering (IPO) or rights issue. Once issued, those securities subsequently trade among investors in the secondary market.
4The two principal stock exchanges on which equity shares are traded in India are:
A.NSE and BSE
B.RBI and SEBI
C.NSDL and CDSL
D.MCX and NCDEX
Explanation: The National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) are the two principal equity exchanges in India. Their benchmark indices are the Nifty 50 and the S&P BSE Sensex respectively.
5A bond with a face value of Rs 1,000 pays an annual coupon of Rs 80. What is its coupon rate?
A.6%
B.8%
C.10%
D.12.5%
Explanation: The coupon rate equals the annual coupon divided by the face (par) value: 80 / 1,000 = 8%. The coupon rate is fixed on face value and is distinct from the yield, which is calculated on the market price.
6The relationship between a bond's price and its yield to maturity is:
A.Directly proportional - both rise together
B.Inverse - when yields rise, prices fall
C.Unrelated - price never changes with yield
D.Always equal in percentage terms
Explanation: Bond prices and yields move inversely. When market yields rise, the present value of a bond's fixed cash flows falls, so its price drops; when yields fall, the price rises. This is a foundational concept in debt-market terminology.
7The 'top-down' approach to fundamental research begins by analysing:
A.A single company's financial statements
B.The broad economy and macro factors, then sectors, then individual companies
C.Daily price charts of a stock
D.The promoter's shareholding pattern only
Explanation: The top-down approach starts with the macro-economy (growth, interest rates, inflation), narrows to attractive industries or sectors, and finally selects companies within them. The bottom-up approach reverses this, starting from individual company fundamentals.
8Which of the following is a 'leading' economic indicator most useful for forecasting future economic activity?
A.Gross Domestic Product reported for the past quarter
B.Index of Industrial Production for a completed month
C.New manufacturing orders and stock market indices
D.The unemployment rate for the previous year
Explanation: Leading indicators such as new manufacturing orders, building permits and stock-market indices tend to change before the overall economy turns, making them useful for forecasting. Past GDP and historical unemployment are lagging or coincident measures.
9If the Reserve Bank of India raises the repo rate to control inflation, the most likely immediate effect on the economy is:
A.Borrowing becomes cheaper and demand expands
B.Borrowing becomes costlier, tending to slow demand and credit growth
C.The fiscal deficit automatically falls to zero
D.Exports always rise sharply
Explanation: The repo rate is the rate at which the RBI lends to banks. Raising it increases banks' cost of funds, which tends to raise lending rates, dampen borrowing and slow demand and credit growth, thereby cooling inflation.
10Demand-pull inflation is best described as inflation caused by:
A.Rising costs of raw materials and wages
B.Aggregate demand exceeding the economy's productive capacity
C.A fall in the money supply
D.A stronger domestic currency
Explanation: Demand-pull inflation arises when aggregate demand grows faster than the economy's ability to supply goods and services, pulling prices up. Cost-push inflation, by contrast, comes from rising input costs such as wages and raw materials.

About the NISM Series XV Exam

The NISM-Series-XV: Research Analyst Certification Examination creates a common minimum knowledge benchmark for associated persons registered as research analysts under the SEBI (Research Analysts) Regulations, 2014, individuals employed as research analysts and partners of a research analyst engaged in preparing or publishing research reports. The revised syllabus, effective 20 January 2026, runs across 15 chapters: the research analyst profession and securities-market structure; equity and debt terminology; fundamentals of research; economic, industry and company analysis (business, governance and financial); corporate actions; valuation principles; fundamental analysis of commodities; fundamentals of risk and return; qualities of a good research report; the legal and regulatory environment; and technical analysis. The examination tests applied skills such as ratio analysis, DCF and relative valuation, risk-adjusted return measures and the interpretation of SEBI's code of conduct and disclosure requirements.

Assessment

100 marks from 80 multiple-choice questions of 1 mark each plus 5 case-based studies, each case carrying 4 questions of 1 mark each (20 marks). All questions are single-best-answer objective items.

Time Limit

2 hours (120 minutes).

Passing Score

60 marks out of 100 (60%), with negative marking of 25% of the marks assigned to a question for each wrong answer.

Exam Fee

Rs. 1,500 inclusive of GST; payment gateway charges are extra. (National Institute of Securities Markets (NISM), established by SEBI.)

NISM Series XV Exam Content Outline

15%

Technical Analysis

Official Chapter 15 (15 marks). Covers price and volume charts, trends, support and resistance, chart and candlestick patterns, moving averages, momentum oscillators such as RSI and MACD, Dow Theory and the assumptions and limitations of technical analysis versus fundamental analysis.

12%

Company Analysis - Financial Analysis

Official Chapter 8 (12 marks). Covers the income statement, balance sheet and cash flow statement; profitability, liquidity, solvency, efficiency and valuation ratios; DuPont decomposition of return on equity; peer comparison; and assessing the quality and history of a company's earnings.

12%

Valuation Principles

Official Chapter 10 (12 marks). Covers price versus value, sources of value, the discounted cash flow (DCF) model and WACC, earnings-based and asset-based multiples such as P/E, P/B, EV/EBITDA and PEG, sum-of-the-parts valuation and the Capital Asset Pricing Model (CAPM).

10%

Legal and Regulatory Environment

Official Chapter 14 (10 marks). Covers the SEBI (Research Analysts) Regulations, 2014, the prescribed code of conduct, management and disclosure of conflicts of interest, restrictions on trading and compensation, record keeping and the surveillance mechanism of exchanges.

26%

Economic, Industry, Company and Risk Analysis

Official Chapters 5, 6, 7, 9 and 12 (5+8+6+5+7 = 31 marks). Covers macroeconomic analysis, top-down and bottom-up research, Porter's five forces and the industry life cycle, business and corporate-governance analysis, corporate actions, and risk-return measures including beta, Sharpe ratio, Treynor ratio and Jensen's alpha.

25%

Foundations, Research and Reporting

Official Chapters 1, 2, 3, 4, 11 and 13 (1+2+2+5+5+5 = 20 marks). Covers the research analyst profession, the structure of the securities market, equity and debt terminology, the fundamentals of research, fundamental analysis of commodities and the qualities of a good research report.

How to Pass the NISM Series XV Exam

What You Need to Know

  • Passing score: 60 marks out of 100 (60%), with negative marking of 25% of the marks assigned to a question for each wrong answer.
  • Assessment: 100 marks from 80 multiple-choice questions of 1 mark each plus 5 case-based studies, each case carrying 4 questions of 1 mark each (20 marks). All questions are single-best-answer objective items.
  • Time limit: 2 hours (120 minutes).
  • Exam fee: Rs. 1,500 inclusive of GST; payment gateway charges are extra.

Keys to Passing

  • Complete 500+ practice questions
  • Score 80%+ consistently before scheduling
  • Focus on highest-weighted sections
  • Use our AI tutor for tough concepts

NISM Series XV Study Tips from Top Performers

1Work through the official NISM Research Analyst workbook chapter by chapter, because the 80 multiple-choice and 5 case-based questions are drawn directly from its 15 chapters and weighting.
2Master the ratio formulas in Chapter 8: profitability, liquidity, solvency and efficiency ratios plus the DuPont breakdown of return on equity, since financial analysis carries 12 marks.
3Practise valuation numerically: compute P/E, P/B, EV/EBITDA, PEG and a simple DCF, and know where CAPM and WACC fit, as valuation also carries 12 marks.
4Because technical analysis is the heaviest single chapter at 15 marks, learn to read support and resistance, candlestick and chart patterns, moving averages and the RSI and MACD oscillators.
5Study the SEBI (Research Analysts) Regulations, 2014, code of conduct and disclosure rules carefully; expect questions on conflicts of interest, trading restrictions and disclosures.
6Sit timed full-length mock tests and answer cautiously, because the 25% negative marking means guessing wildly can lower your score below the 60% pass mark.

Frequently Asked Questions

How many questions are on the NISM Series XV exam?

The examination carries 100 marks from 80 multiple-choice questions of 1 mark each plus 5 case-based studies, each with 4 questions of 1 mark, adding 20 case-based marks. Every item is single-best-answer.

What is the passing score and is there negative marking?

You need 60 marks out of 100 (60%) to pass. There is negative marking of 25% of the marks assigned to a question for each wrong answer, so 0.25 marks are deducted for every incorrect 1-mark answer.

How long is the NISM Series XV exam and what does it cost?

The examination duration is 2 hours (120 minutes). The fee is Rs. 1,500 inclusive of GST, with payment gateway charges extra.

Who needs the NISM Series XV Research Analyst certification?

It is required for associated persons registered as research analysts under the SEBI (Research Analysts) Regulations, 2014, individuals employed as research analysts and partners of a research analyst who prepare or publish research reports.

How long is the certificate valid and how is it renewed?

The certificate is valid for 3 years. It can be renewed through the NISM-Series-XV-B Research Analyst Certification (Renewal) Examination, which has 50 questions, a 50% pass mark and no negative marking, after completing prescribed pre-recorded training.

Are these official NISM practice questions?

No. These are original OpenExamPrep questions modelled on the published NISM-Series-XV syllabus and weighting. NISM publishes the official workbook and sample questions separately on nism.ac.in.