diff --git a/python/pluginSrc/com/jetbrains/python/psi/impl/PyConstructorArgumentCompletionContributor.java b/python/pluginSrc/com/jetbrains/python/psi/impl/PyConstructorArgumentCompletionContributor.java
index 5aed65d844a1..d3b28a436649 100644
--- a/python/pluginSrc/com/jetbrains/python/psi/impl/PyConstructorArgumentCompletionContributor.java
+++ b/python/pluginSrc/com/jetbrains/python/psi/impl/PyConstructorArgumentCompletionContributor.java
@@ -16,6 +16,7 @@
 package com.jetbrains.python.psi.impl;
 
 import com.intellij.codeInsight.completion.*;
+import com.intellij.openapi.project.Project;
 import com.intellij.openapi.util.text.StringUtil;
 import com.intellij.psi.*;
 import com.intellij.psi.util.PropertyUtil;
@@ -60,9 +61,10 @@ public class PyConstructorArgumentCompletionContributor extends CompletionContri
   private static void addSettersAndListeners(CompletionResultSet result, PsiClass containingClass) {
     // see PyJavaType.init() in Jython source code for matching logic
     for (PsiMethod method : containingClass.getAllMethods()) {
+      final Project project = containingClass.getProject();
       if (PropertyUtil.isSimplePropertySetter(method)) {
         final String propName = PropertyUtil.getPropertyName(method);
-        result.addElement(PyUtil.createNamedParameterLookup(propName));
+        result.addElement(PyUtil.createNamedParameterLookup(propName, project));
       }
       else if (method.getName().startsWith("add") && method.getName().endsWith("Listener") && PsiType.VOID.equals(method.getReturnType())) {
         final PsiParameter[] parameters = method.getParameterList().getParameters();
@@ -71,9 +73,9 @@ public class PyConstructorArgumentCompletionContributor extends CompletionContri
           if (type instanceof PsiClassType) {
             final PsiClass parameterClass = ((PsiClassType)type).resolve();
             if (parameterClass != null) {
-              result.addElement(PyUtil.createNamedParameterLookup(StringUtil.decapitalize(parameterClass.getName())));
-              for (PsiMethod parameterMethod: parameterClass.getMethods()) {
-                result.addElement(PyUtil.createNamedParameterLookup(parameterMethod.getName()));
+              result.addElement(PyUtil.createNamedParameterLookup(StringUtil.decapitalize(parameterClass.getName()), project));
+              for (PsiMethod parameterMethod : parameterClass.getMethods()) {
+                result.addElement(PyUtil.createNamedParameterLookup(parameterMethod.getName(), project));
               }
             }
           }
diff --git a/python/src/com/jetbrains/python/psi/PyUtil.java b/python/src/com/jetbrains/python/psi/PyUtil.java
index 3db3263f6f5a..f6c54feac066 100644
--- a/python/src/com/jetbrains/python/psi/PyUtil.java
+++ b/python/src/com/jetbrains/python/psi/PyUtil.java
@@ -64,6 +64,7 @@ import com.jetbrains.python.codeInsight.completion.OverwriteEqualsInsertHandler;
 import com.jetbrains.python.codeInsight.controlflow.ScopeOwner;
 import com.jetbrains.python.codeInsight.dataflow.scope.ScopeUtil;
 import com.jetbrains.python.codeInsight.stdlib.PyNamedTupleType;
+import com.jetbrains.python.formatter.PyCodeStyleSettings;
 import com.jetbrains.python.magicLiteral.PyMagicLiteralTools;
 import com.jetbrains.python.psi.impl.PyBuiltinCache;
 import com.jetbrains.python.psi.impl.PyPsiUtils;
@@ -1085,8 +1086,23 @@ public class PyUtil {
     return PyNames.isIdentifier(name);
   }
 
-  public static LookupElement createNamedParameterLookup(String name) {
-    LookupElementBuilder lookupElementBuilder = LookupElementBuilder.create(name + "=").withIcon(PlatformIcons.PARAMETER_ICON);
+  /**
+   * Constructs new lookup element for completion of keyword argument with equals sign appended.
+   *
+   * @param name    name of the parameter
+   * @param project project instance to check code style settings and surround equals sign with spaces if necessary
+   * @return lookup element
+   */
+  @NotNull
+  public static LookupElement createNamedParameterLookup(@NotNull String name, @Nullable Project project) {
+    final String suffix;
+    if (CodeStyleSettingsManager.getSettings(project).getCustomSettings(PyCodeStyleSettings.class).SPACE_AROUND_EQ_IN_KEYWORD_ARGUMENT) {
+      suffix = " = ";
+    }
+    else {
+      suffix = "=";
+    }
+    LookupElementBuilder lookupElementBuilder = LookupElementBuilder.create(name + suffix).withIcon(PlatformIcons.PARAMETER_ICON);
     lookupElementBuilder = lookupElementBuilder.withInsertHandler(OverwriteEqualsInsertHandler.INSTANCE);
     return PrioritizedLookupElement.withGrouping(lookupElementBuilder, 1);
   }
diff --git a/python/src/com/jetbrains/python/psi/impl/references/KeywordArgumentCompletionUtil.java b/python/src/com/jetbrains/python/psi/impl/references/KeywordArgumentCompletionUtil.java
index 8736e54766ac..772c69e796f2 100644
--- a/python/src/com/jetbrains/python/psi/impl/references/KeywordArgumentCompletionUtil.java
+++ b/python/src/com/jetbrains/python/psi/impl/references/KeywordArgumentCompletionUtil.java
@@ -75,7 +75,7 @@ public class KeywordArgumentCompletionUtil {
       for (PyKeywordArgumentProvider provider : Extensions.getExtensions(PyKeywordArgumentProvider.EP_NAME)) {
         final List<String> arguments = provider.getKeywordArguments(def, callExpr);
         for (String argument : arguments) {
-          ret.add(PyUtil.createNamedParameterLookup(argument));
+          ret.add(PyUtil.createNamedParameterLookup(argument, callExpr.getProject()));
         }
       }
       KwArgFromStatementCallCollector fromStatementCallCollector = new KwArgFromStatementCallCollector(ret, collector.getKwArgs());
@@ -119,7 +119,7 @@ public class KeywordArgumentCompletionUtil {
       PyNamedParameter namedParam = par.getAsNamed();
       if (namedParam != null) {
         if (!namedParam.isKeywordContainer() && !namedParam.isPositionalContainer()) {
-          final LookupElement item = PyUtil.createNamedParameterLookup(namedParam.getName());
+          final LookupElement item = PyUtil.createNamedParameterLookup(namedParam.getName(), par.getProject());
           myRet.add(item);
         }
         else if (namedParam.isKeywordContainer()) {
@@ -202,7 +202,7 @@ public class KeywordArgumentCompletionUtil {
           argument instanceof PyStringLiteralExpression) {
         String name = ((PyStringLiteralExpression)argument).getStringValue();
         if (PyUtil.isPythonIdentifier(name)) {
-          myRet.add(PyUtil.createNamedParameterLookup(name));
+          myRet.add(PyUtil.createNamedParameterLookup(name, argument.getProject()));
         }
       }
     }
diff --git a/python/testData/completion/keywordArgumentEqualsSignSurroundedWithSpaces.after.py b/python/testData/completion/keywordArgumentEqualsSignSurroundedWithSpaces.after.py
new file mode 100644
index 000000000000..b232446d6f72
--- /dev/null
+++ b/python/testData/completion/keywordArgumentEqualsSignSurroundedWithSpaces.after.py
@@ -0,0 +1,4 @@
+def func(foo):
+    pass
+    
+func(foo = <caret>)
\ No newline at end of file
diff --git a/python/testData/completion/keywordArgumentEqualsSignSurroundedWithSpaces.py b/python/testData/completion/keywordArgumentEqualsSignSurroundedWithSpaces.py
new file mode 100644
index 000000000000..51a3dabd5a9a
--- /dev/null
+++ b/python/testData/completion/keywordArgumentEqualsSignSurroundedWithSpaces.py
@@ -0,0 +1,4 @@
+def func(foo):
+    pass
+    
+func(foo<caret>)
\ No newline at end of file
diff --git a/python/testSrc/com/jetbrains/python/PythonCompletionTest.java b/python/testSrc/com/jetbrains/python/PythonCompletionTest.java
index a7e1a643f72d..13529efbc11e 100644
--- a/python/testSrc/com/jetbrains/python/PythonCompletionTest.java
+++ b/python/testSrc/com/jetbrains/python/PythonCompletionTest.java
@@ -771,6 +771,12 @@ public class PythonCompletionTest extends PyTestCase {
     assertSameElements(myFixture.getLookupElementStrings(), "import", "subpkg1", "subpkg2", "m");
   }
 
+  // PY-15197
+  public void testKeywordArgumentEqualsSignSurroundedWithSpaces() {
+    getPythonCodeStyle().SPACE_AROUND_EQ_IN_KEYWORD_ARGUMENT = true;
+    doTest();
+  }
+
   public void testStructuralType() {
     doTest();
   }