NISM Series 15 Research Analyst Syllabus Breakdown 2026 – Your Complete Guide

Are you gearing up for the NISM Series 15 Research Analyst exam in 2026? This comprehensive guide will walk you through the latest syllabus, exam pattern, and strategic preparation tips so you can ace the test with confidence. Whether you’re a fresh graduate or a seasoned finance professional, understanding the syllabus is the first step toward success.

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Overview of NISM Series 15

• Conducting Authority: National Institute of Securities Markets (NISM)
• Exam Name: Series 15 – Research Analyst
• Exam Level: National (India)
• Duration: 2 Hours (approximately)
• Mode: Online (Computer‑Based Test)
• Total Marks: 100 (multiple‑choice questions)
• Passing Criteria: Minimum 60% (60 marks)

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Detailed Syllabus Breakdown

The syllabus is divided into four major modules. Each module carries a specific weightage and covers critical concepts required for a research analyst.

1️⃣ Module A – Regulatory & Legal Framework (30% weightage)

Sub‑topic	Key Points to Master
Securities Laws & Regulations	SEBI Act, Companies Act, Depositories Act
Disclosure Requirements	Drafting and filing disclosures
Investor Protection Mechanisms	Grievance redressal, ombudsman
Corporate Governance	Code of Conduct, board responsibilities
Ethics & Professional Standards	Code of Ethics, conflicts of interest

Important Topics:

• Recent amendments to the SEBI Act (2020‑2026)
• ICAAP (Integrated Code of Accounts and Procedures)

2️⃣ Module B – Financial Analysis & Reporting (35% weightage)

Sub‑topic	Core Concepts
Financial Statements Analysis	Ratio analysis, cash‑flow statement, vertical/horizontal analysis
Valuation Techniques	Discounted Cash Flow (DCF), EVA, multiples, comparable company analysis
Budgetary & Forecasting	Master budgeting, variance analysis
Cost‑Volume‑Profit (CVP) Analysis	Break‑even point, contribution margin
Performance Measurement	Balanced Scorecard, DuPont analysis
Interpretation of Analyst Reports	Reading between the lines, red flags

3️⃣ Module C – Equity Research & Recommendations (20% weightage)

• Research Process – Feasibility study, data collection, analysis, report writing
• Industry & Company Analysis – PESTLE, SWOT, Porter’s Five Forces
• Earnings Forecasts – Historical trends, growth drivers, scenario planning
• Rating Methodologies – Buy, Hold, Sell with quantitative thresholds
• Presentation Skills – Visual aids, executive summaries, client interaction

4️⃣ Module D – Technology & Data Management (15% weightage)

• Research Tools & Platforms – Bloomberg, Reuters, FactSet, Excel advanced functions
• Data Sources – Primary, secondary, regulatory filings, market feeds
• Big Data & AI in Research – Sentiment analysis, predictive modeling
• Cybersecurity & Data Privacy – Compliance with GDPR & Indian laws
• Automation of Reports – Scripting, templates, version control

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Exam Pattern at a Glance

Section	Number of Questions	Marks per Question	Total Marks
Module A	12	1	12
Module B	14	1	14
Module C	10	1	10
Module D	8	1	8
Total	44	1	100

(Note: 56 marks are reserved for sectional cutoff compliance; the remaining 44 marks are for overall scoring.)

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Practical Tips for Effective Preparation

📚 Study Strategy

• Create a Syllabus‑Centric Study Plan – Allocate 30% time to Module A, 35% to B, 20% to C, and 15% to D.
• Use Official Study Material – NISM’s “Study Guide” and “Practice Questions” PDFs are the most reliable sources.
• Join a Structured Coaching Program – Many institutes offer batch‑wise coverage aligned with the 2026 syllabus.

⏰ Time Management

• Daily 2‑Hour Slot – Dedicate a fixed period for each module; maintain consistency.
• Weekly Mock Tests – Simulate exam conditions to improve speed and accuracy.

📝 Note‑Taking

• Mind‑Maps for Each Module – Visual summaries help quick revision.
• Formula & Ratio Sheet – Compile all important ratios, valuation formulas, and regulatory points in one notebook.

🎯 Focus Areas

• Recent Amendments – Keep a tab on SEBI and Companies Act updates up to 2026.
• Practice Questions – Solve at least 3‑4 question sets per module before the exam.

📱 Leverage Technology

• Research Platforms – Use Bloomberg Terminal (if accessible) for real‑world data exposure.
• Online Communities – Join NISM Study Groups on Discord or Telegram for peer support.

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Frequently Asked Questions (FAQ)

1. What is the eligibility criterion for NISM Series 15?

• No formal eligibility – any graduate or post‑graduate can appear, though a finance background is advantageous.

2. How many attempts are allowed?

• There is no limit on the number of attempts; however, you must register each time through the official NISM portal.

3. Is calculator allowed?

• No calculators – all calculations must be done manually or using mental math; Excel is allowed only in the exam’s practice mode.

4. What is the cutoff for each module?

• Sectional cutoff: 40% of the module’s total marks (e.g., 12 marks for Module A).

5. How important is the “Practical Tips” section?

• It provides actionable strategies that have helped thousands of candidates clear the exam on their first attempt.

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