NISM-Series-XV

NISM Series-XV: Research Analyst Certification

Everything You Need to Know Before You Enroll

NISM Series XV Mock Test 1

NISM Series XV Exam | Mock Test 1

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1. When companies give new shares to their existing shareholders without any consideration, it is known as _________.

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2. ____________ bias can prevent investors from benefiting from market corrections.

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3. Corporate Governance takes into account which aspect of the Management?

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4. Delisting of shares refers to the ________ removal of the shares of a company from being listed on a stock exchange.

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5. Fundamental analysis includes which of the following?

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6. National income of an economy can be measured through which of the following methods?

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7. Which of these Qualities are desired in a good research analyst?

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8. Speculation is _____________ calls made with leveraged funds, unlike investing money which is a _________ disciplined activity for creating wealth.

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9. Changing the structure of share capital of a company by increasing the par value of its shares in a defined ratio and correspondingly reducing the number of shares to maintain the paid up/subscribed capital is known as __________.

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10. Focus of microeconomics is on factors that influence aggregate supply and demand in an economy such as unemployment rates, gross domestic product (GDP), overall price levels, inflation, savings rate, investment rate etc. State whether True or False.

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11. Bonds which have embedded call option in them are known as Callable Bonds. State whether
True or False.

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12. If interest rates in the economy rise, price of the bond would ________.

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13. Leverage ratio is a part of __________ parameter of business analysis.

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14. To adjudge the company, a good analyst must track and review which of the following periodically:

I. Disclosures
II. Commitments
III. Deliveries

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15. For analysts, which is the authentic source to check facts on a Company?

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16. Two major influencers of the public policies in an economy are __________ & _______________.

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17. Along with SEBI and other regulators under Companies Act, RBI also regulates the Equity Shares Market. State whether True or False.

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18. Analysis and Decision making, the two imperative parameters of a research analyst’s role are affected by which of the following factors?

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19. Which of the following is a non-cash charge?

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20. The bye-laws of the stock exchanges are same across exchanges and need to be approved by SEBI". State whether True or False.

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21. As per SCRA, the term securities include which of the following?

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22. If a stock has exceeded its Target Price, an analyst may recommend __________.

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23. The fiscal deficit is bridged by the government through market borrowings, both short-term and long term. State whether True or False.

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24. Which of the following measures the ability of the company to satisfy its short term obligations as and when they come due?

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25. Who can exert a lot of pressure and dictate prices, if there are a large number of sellers with similar products/services?

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26. For doing the SWOT analysis of a company, which of the following could be the first approach?

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27. Which of the following items are found in an income statement?

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28. Where the entire face value of the debenture is converted into equity shares, it is known as _____________.

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29. Sell side Analyst generally work for money managers like mutual funds, hedge funds, portfolio managers who purchase and sell securities for their own investment accounts or on behalf of their clients. State whether True or False.

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30. What does Industry structure in Structure Conduct Performance (SCP) analysis refer to?

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31. Which section in the Cash Flow statement will provide the information about the amount of funds that a company borrowed during the preceding year?

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32. The tyre industry in a country comprised of three organised players and several unorganised
players. A sample survey revealed that around 20% of total sales came from unorganised sector. The three major companies reported revenue of Rs 6,000 crore, Rs 8,000 crore and Rs 10,000 crore, respectively, for the year 2019. Which of the following is closest to the fair estimate of overall size of tyre market in that country for the year 2019?

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33. The __________ of an equity share is the discounted value of its future benefits to the investors.

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34. Calculate the Enterprise Value based on the given information: Market Capitalisation= 10 lakhs; Total Debt= 3 lakhs; Cash = 4 lakhs.

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35. Companies Act requires that a company which wants to raise further capital through an issue of shares must first offer them to the existing shareholders and such an offer of shares is known as ______.

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36. Which of the following statement about limitation of quantitative approach to fundamental analysis is correct?

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37. An industry where rivalry is high, the end result will be _____ pricing power and ______ incomes for the industry participants.

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38. Depository Receipts which are issued in India and listed on an Indian Stock Exchange with foreign stocks as underlying shares, is known as ____________.

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39. The time span over which price and volume are observed factors in the impact of long term factors that influence prices over a period of time. State whether True or False.

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40. What is the role of Research Analyst?

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41. Business risk is also known as operating risk, because this risk is caused by factors that affect the operations of the company. State whether True or False.

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42. Which of the following is considered as an economic factor in PESTLE analysis?

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43. How is price to earnings ratio calculated?

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44. Price to earnings ratio of a business is 10, price to book value ratio of this business is 5, book value per share is Rs. 15 and outstanding number of shares are 10,000, what would be the return on equity of this business?

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45. A bond is issued at a face value of Rs.100 and a coupon of 10% p.a. The interest rates in the market have increased subsequently. This bond is likely to quote at:

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46. Dividend is a small component of the total returns from the equity. State whether True or False.

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47. What is the earnings yield, if the price of a stock is Rs. 195 and EPS is Rs. 13?

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48. In technical analysis, impact of day to day fluctuations in prices is annulled by which of the following factors?

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49. Which of the following is not a valuation parameter for business analysis?

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50. Calling feature in bonds _____.

Your score is

The average score is 75%

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Want to become a certified Research Analyst in India?

The NISM Series-XV: Research Analyst Certification is a must if you’re planning a career in equity research, financial advisory, or investment analysis. Mandated by SEBI, this certification helps professionals gain the right knowledge, skills, and ethical grounding to analyze stocks and publish research reports.

Why is This Certification Important?

As per SEBI regulations (2014), anyone who wants to work as a Research Analyst or publish investment research in India must clear this exam. It’s not just a legal requirement—it’s your entry ticket to a rewarding career in finance.

Exam Snapshot

ParameterDetails
Exam ModeOnline (CBT)
Duration2 hours
Questions100 MCQs
Passing Marks60% (60 marks)
Negative Marking0.25 per wrong answer
Fees₹1,500 + GST
Validity3 years

Topics Covered in the Exam

  • Indian Securities Markets Overview
  • Basics of Research and Analyst Role
  • Fundamental & Technical Analysis
  • Valuation Methods (DCF, PE, etc.)
  • Report Writing & Analyst Ethics
  • SEBI Regulatory Framework

This certification ensures you understand the theory, valuation, compliance, and ethics behind investment research.

Who Should Take This Exam?

✅ Aspiring Equity Research Analysts
✅ Wealth Managers & Investment Advisors
✅ MBA/Finance Students
✅ Professionals aiming to become SEBI-registered RAs

Benefits of NISM Research Analyst (NISM Series-XV) Certification

✔ SEBI-compliant Research Analyst License

✔ Credibility to Publish Equity Research

✔ Career Opportunities in Mutual Funds, Broking Firms, and Fintech

✔ Option to Start Your Own Research Advisory

How to Prepare?

  • Study from the official NISM workbook
  • Practice with mock tests & past questions
  • Read business news & analyst reports
  • Use video tutorials to master concepts like DCF, EPS, ROE, etc.

Free Mock Test Access

🧪 Want to test your preparation before the real exam?
👉 Take our FREE NISM Series-XV Analyst Mock Test
Includes:

  • Section-wise questions (Fundamentals, Valuation, Regulations)
  • Real exam-like MCQs with detailed explanations
  • Instant result & review feature

🔒 No login required. Practice anytime, from anywhere.
🎯 Boost your confidence & pass on the first attempt!

Career Scope After Certification

With this certification, you can:

  • Apply for jobs in brokerages, AMCs, PMS firms, and financial media
  • Register with SEBI as an Independent Research Analyst
  • Start your own advisory (after meeting SEBI’s net-worth and compliance rules)

Ready to Get Certified?

If you’re passionate about stock markets and investment analysis, this certification is your perfect launchpad. Get certified, gain confidence, and start influencing investment decisions the right way.

For the latest and most accurate information, please visit the NISM website at https://certifications.nism.ac.in/nismaol/.

List of NISM Certification Exams