Frequently Asked Questions – Research Analyst
1. Who can take NISM-Series-XV: Research Analyst Certification Examination?
The following persons can take NISM-Series-XV: Research Analyst Certification Examination: individuals employed as research analyst and partners of a research analyst, engaged in preparation and/or publication of research report or research analysis.
2. For whom is this examination mandated?
Please refer to NISM/Certification/ Series-XV: Research Analyst/2021/01 dated March 29, 2021 and SEBI Notification for NISM-Series-XV: Research Analyst Certification Examination dated March 24, 2015 (in the ‘Circulars’ section). NISM has specified this examination to be the requisite standard for all associated persons registered as research analyst under SEBI (Research Analyst) Regulations, 2014, individuals employed as research analyst and partners of a research analyst, engaged in preparation and/or publication of research report or research analysis. An associated person shall be required to pass the NISM-Series-XV: Research Analyst Certification Examination to fulfill the requirements specified under Regulation 7(2) of the SEBI (Research Analysts) Regulations, 2014.
3. How can I register for NISM-Series-XV: Research Analyst Certification Examination?
Candidates can register on https://certifications.nism.ac.in/nismaol/. After successful registration, candidates may select a test centre, date and time slot of their choice on the Test Administrator website.
4. What is the fee structure?
The fees for “NISM-Series-XV: Research Analyst Certification Examination” is Rupees One Thousand Fifteen Hundred only (Rs. 1,500/-), inclusive of GST.
5. What is the assessment structure?
The examination consists of 92 multiple choice questions of 1-mark each and 2 case-based questions (each case having 4 questions of 1-mark each), adding to a total of 100 marks. The examination should be completed in 2 hours. The passing score for the examination is 60. There shall be negative marking of 25% of the marks assigned to the question for each wrong answer.
6. Is there a study material available for preparing for this examination?
You will receive a soft copy of the workbook/study material after enrollment for the examination. For non-receipt of soft copy of the workbook/study material, you may contact: certification@nism.ac.in.
7. Do I have to pay for the study material?
You will receive a soft copy of the workbook/study material free of cost after enrollment for the examination. Candidate can buy printed workbooks from Taxmann Publications Private Ltd.
Visit https://www.taxmann.com/bookstore/ to place your orders for NISM workbooks.
If you prefer to order by phone, please call your nearest store directly to place your order. Click here to get the details of your nearest store.
8. Where do I get sample questions for the Certification Examination? How can I appear for a mock test?
Candidates may refer to the chapter-end sample questions and the worked-out examples/ illustrations provided in the workbook. To appear for a mock test, candidates may click here.
9. I have passed NISM-Series-XV: Research Analyst Certification Examination, when will I receive the certificate?
Only the candidates who have produced their Income Tax Permanent Account Number (PAN) during registration would receive the NISM Certificate within two weeks of appearing for the examination.
10. I have not provided my PAN information at the time of taking the certification examination. How do I obtain the certificate?
Candidates who have not provided their PAN information during registration may upload the same from their candidate dashboard from NISM’s portal. After receiving and verifying PAN details, the candidate will receive the certificate from the Test Administrator they have registered with. No additional payments are necessary for obtaining the certificate.
11. I have passed NISM-Series-XV: Research Analyst Certification Examination and also provided PAN details, however, I have not received a certificate. Whom should I contact?
For non-receipt of certificate contact: certification@nism.ac.in
12. What is the validity period of the certificate?
The certificate will be valid for 3 years from the date of the examination.
13. How do I renew my certificate?
To renew your current certificate, you need to appear for NISM CPE for Research Analyst or successfully pass the NISM Research Analyst Certification Examination before the expiry of such certificate. Please note certificates beyond their validity period cannot be renewed.
14. Can I request for re-evaluation of NISM Certification Examinations?
NISM Policy on Re-evaluation of performance of candidates appearing for Certification Examination and resolution of doubts about the questions forming part of such examination, if any.
“No re-evaluation of the performance of candidates appearing for Certification Examination conducted by NISM (Mandatory & Non-Mandatory examination) is permitted since the assessment of answers, with respect to Certification Examinations questions which are in the nature of the selection of only one correct answers from multiple choices offered, is carried out in an objective manner by in-built system architecture created for Certification Examination without any scope for human intervention and subjectivity element.
Also, considering the examination structure, no disclosure of the questions and/or answers is permitted as it will violate the confidentiality of the question bank, which is the essence of the examination.
In view of the above, no communication regarding re-evaluation, etc. will be entertained/serviced by NISM.”
Subject to the above, request/s received from a candidate for resolution of doubts about a question forming part of such examination will be considered as per the following policy:
(1) Candidate’s request/s will be considered only when he/she specifically mentions a particular question or two which he/she thinks contain errors.
(2) No request/s to disclose/discuss question/s and/or their answers shall be entertained as disclosure of the question/s will violate the essence of the question bank viz. breach the confidentiality/secrecy of the Question bank.
(3) Only those request/s made on-the-spot (before leaving the test centre) will be considered for verification.
(4) When a valid request is received from a candidate at the Test Centre, it shall be forwarded by the respective TA to NISM. NISM’s team will look into claim relating to the contested question/s to verify whether there is a mistake in the question or answer. If it is prima facie found that the question or answer contains a mistake, no score will be computed and consequently, no scorecard will be issued then at the Test Centre.
(5) Such matter will then be escalated with the question/answer to the Committee with the details of the nature of the error, the correct version of the question or contested correct answer and system recognized the correct answer. The Committee, after due diligence and proper scrutiny, will arrive at a conclusion whether the claim made by a candidate in relation to a question or answer is right. Such a conclusion will be recorded in writing and put up for formal approval to the authority of NISM.
(6) Score computation, kept in abeyance as per point 4, shall be carried based on the approval as per point – 5. Such a scorecard will then be issued to the candidate by TA/NISM.
(7) Even though NISM endeavours best efforts and has put in place a robust mechanism to review its question bank intermittently, attributable to continuous changes taking place emanating from dynamics of the market, encompassing products and features, and its regulatory framework, there is a possibility of inadvertently escaping some updation and/or escaping indirect impact on some question/answer. Therefore, to take care of such eventuality, the above process of entertaining request from the candidate in relation to the question/answer is put in place.
(8) The above policy and process will be subject to review from time to time and shall be binding and final in relation to any claim and/or matter when disposed off with the approval of the authority of NISM.
