NISM-Series-XV: Research Analyst Certification Examination

• Equity Research Analysts
• Investment Analysts
• Financial Analysts
• Stock Market Professionals
• Investment Advisers
• Portfolio Management Professionals
• MBA (Finance) Students
• CA, CFA and Commerce Graduates
• Anyone planning to register as a SEBI Research Analyst

Course Objectives

The certification aims to help candidates:

• Understand Indian securities markets.
• Learn the research process used by professional analysts.
• Analyse macroeconomic, industry and company-specific factors.
• Interpret financial statements.
• Perform equity valuation.
• Prepare professional research reports.
• Understand ethics, disclosures and SEBI regulations applicable to Research Analysts.

Chapter-wise Syllabus

Module 1: Introduction to Research Analyst Profession

Topics include:

• Role of a Research Analyst
• Responsibilities
• Ethics and professionalism
• Client interaction
• Skills required for research

Module 2: Introduction to Securities Market

Topics include:

• Indian Securities Market
• Primary Market
• Secondary Market
• Equity Markets
• Debt Markets
• Mutual Funds
• Derivatives
• Market Participants
• Trading Process
• Settlement Mechanism

Module 3: Economic Analysis

Learn about:

• GDP
• Inflation
• Interest Rates
• Fiscal Policy
• Monetary Policy
• Exchange Rates
• Business Cycles
• Economic Indicators
• Global Economic Impact

Module 4: Industry Analysis

Topics include:

• Industry Life Cycle
• Porter’s Five Forces
• SWOT Analysis
• Competitive Position
• Industry Drivers
• Regulatory Environment
• Industry Risks

Module 5: Company Analysis

Covers:

• Business Model
• Revenue Sources
• Cost Structure
• Corporate Governance
• Promoters
• Management Quality
• Competitive Advantage
• ESG Factors

Module 6: Financial Statement Analysis

Key concepts include:

• Balance Sheet
• Profit & Loss Account
• Cash Flow Statement
• Ratio Analysis
• Liquidity Ratios
• Profitability Ratios
• Solvency Ratios
• Efficiency Ratios
• DuPont Analysis

Module 7: Valuation Principles

Topics include:

• Time Value of Money
• Discounted Cash Flow (DCF)
• Dividend Discount Model (DDM)
• Relative Valuation
• PE Ratio
• PB Ratio
• EV/EBITDA
• Enterprise Value
• Intrinsic Value

Module 8: Risk & Return

Study:

• Risk Types
• Systematic Risk
• Unsystematic Risk
• CAPM
• Beta
• Standard Deviation
• Diversification
• Portfolio Theory
• Sharpe Ratio
• Treynor Ratio
• Jensen’s Alpha

Module 9: Corporate Actions

Topics include:

• Bonus Shares
• Stock Split
• Rights Issue
• Buyback
• Dividends
• Mergers
• Demergers
• Open Offer
• Delisting

Module 10: Behavioural Finance

Learn about:

• Loss Aversion
• Anchoring Bias
• Confirmation Bias
• Herd Mentality
• Overconfidence
• Gambler’s Fallacy
• Ownership Bias
• Winner’s Curse

Module 11: Research Reports

Topics include:

• Structure of Research Reports
• Investment Recommendations
• Target Price
• Rating Methodology
• Disclosures
• Assumptions
• Writing Standards

Module 12: Legal & Regulatory Framework

Important regulations include:

• SEBI (Research Analysts) Regulations
• Code of Conduct
• Conflict of Interest
• Disclosure Requirements
• Insider Trading Regulations
• ASM & GSM Surveillance Framework

Module 13: Technical Analysis

Topics include:

• Dow Theory
• Candlestick Charts
• Trend Analysis
• Support & Resistance
• Moving Averages
• RSI
• MACD
• Bollinger Bands
• Chart Patterns
• Volume Analysis

The revised curriculum spans the research process from market basics through financial analysis, valuation, behavioural finance, technical analysis, report writing, and the regulatory environment.

Skills You Will Gain

After completing this certification, you should be able to:

• Analyse listed companies
• Read and interpret annual reports
• Build valuation models
• Evaluate industry trends
• Assess macroeconomic developments
• Prepare professional equity research reports
• Understand SEBI compliance requirements
• Make evidence-based investment recommendations

Career Opportunities

This certification is valuable for roles such as:

• Equity Research Analyst
• Investment Research Associate
• Buy-side Analyst
• Sell-side Analyst
• Financial Analyst
• Wealth Management Analyst
• Investment Advisory Professional
• Portfolio Research Associate
• Market Research Executive

Difficulty Level

The NISM-Series-XV examination is generally considered moderate to difficult, particularly after the 2026 revision that introduced case-based questions alongside MCQs. Success depends on understanding concepts rather than memorising definitions, especially in financial statement analysis, valuation, risk analysis, and ethics.

Preparation Strategy

• Read the official NISM workbook thoroughly.
• Practise financial ratio calculations and valuation methods.
• Focus on interpreting case studies rather than memorising facts.
• Revise SEBI regulations, ethics, and disclosure requirements.
• Attempt multiple mock tests to improve speed and accuracy.

Many candidates who have taken the exam recommend prioritising the official workbook and spending extra time on case-study practice, as these questions test practical application of research concepts.