NISM Series XV Research Analyst Certification: Exam and Renewal (2026)
You cannot register as a SEBI Research Analyst without it, and you cannot stay registered if you let it lapse. The NISM Series XV certification is straightforward to pass and easy to forget to renew. Here is what the exam covers, how long the certificate lasts, and the two ways to keep it current.
Note: General information. Confirm the current exam, fees and renewal rules on the NISM website before you book.
What the exam covers
The Series XV Research Analyst curriculum runs through the work itself: the regulatory framework for research, the fundamentals of equity research, economic and industry analysis, reading financial statements, the basics of valuation, and the ethics and disclosure duties a Research Analyst carries. It is a working knowledge test, not a trick exam, and the syllabus maps closely to what you will actually do.
Three years, then renew
The certificate is valid for three years from the exam date. Treat that expiry as a hard deadline. If you renew in time you keep a continuous certification; if you let it lapse, the renewal options close and you are back to the full exam.
The two renewal routes
- Series XV-B renewal exam: pass the shorter Research Analyst Certification (Renewal) Examination before your current certificate expires. You get a new three-year certificate.
- CPE program: complete the NISM Continuing Professional Education program for Research Analysts. NISM revalidates or issues a new certificate for three years.
Both keep you registered. Pick whichever fits your schedule, but diarise it. Put the renewal date in your compliance calendar at least a few months ahead of expiry.
Where it sits in your registration
The certification is the qualification gate. Once you have it, the rest of the path, the SEBI registration through RAASB, the deposit, and the ongoing compliance, follows. See how to start a Research Analyst practice for the full sequence.
FAQ
How long is the NISM Series XV certification valid?
Three years from the date of the examination. You must renew before it expires, because a certificate beyond its validity cannot be renewed and you would have to sit the full exam again.
How do I renew the certification?
Two ways. Pass the NISM Series XV-B Research Analyst Certification (Renewal) Examination before your current certificate expires, or complete the NISM Series XV Research Analyst Continuing Professional Education (CPE) program. Either route issues a new certificate valid for three years.
What does the exam cover?
The Research Analyst curriculum: the regulatory framework, fundamentals of research, economic and industry analysis, company analysis and financial statements, valuation principles, and the ethics and disclosure obligations of a Research Analyst.
Do I need to renew if I let it lapse?
If the certificate has already expired, you cannot use the renewal route. You have to take the full NISM Series XV exam again. That is why the renewal date belongs in your compliance calendar well ahead of expiry.