📚 Curriculum Outline
I. Introduction to Research Analyst Profession
- A. Primary Role of a Research Analyst
- B. Primary Responsibilities of a Research Analyst
- C. Basic Principles of Interaction with Companies/Clients
- D. Important Qualities of a Research Analyst
II. Introduction to Securities Market
- A. Introduction to Securities and Securities Market
- B. Product Definitions / Terminology
- C. Structure of Securities Market
- D. Various Market Participants and Their Activities
- E. Kinds of Transactions
- F. Dematerialization and Rematerialization of Securities
III. Terminology in Equity and Debt Markets
- A. Terminology in Equity Market
- B. Terminology in Debt Market
- C. Types of Bonds
IV. Fundamentals of Research
- A. What is Investing?
- B. The Role of Research in Investment Activity
- C. Technical Analysis
- D. Fundamental Analysis
- E. Quantitative Research
- F. Behavioral Approach to Equity Investing
V. Economic Analysis
- A. Basic Principles of Microeconomics
- B. Basic Principles of Macroeconomics
- C. Introduction to Various Macroeconomic Variables
- D. Role of Economic Analysis in Fundamental Analysis
- E. Secular, Cyclical, and Seasonal Trends
- F. Sources of Information for Economic Analysis
VI. Industry Analysis
- A. Role of Industry Analysis in Fundamental Analysis
- B. Defining the Industry
- C. Understanding Industry Cyclicality
- D. Market Sizing and Trend Analysis
- E. Secular Trends, Value Migration, and Business Life Cycle
- F. Understanding the Industry Landscape
- G. Key Industry Drivers and Industry KPIs
- H. Regulatory Environment/Framework
- I. Taxation
- J. Sources of Information for Industry Analysis
VII. Company Analysis – Business and Governance
- A. Role of Company Analysis in Fundamental Research
- B. Understanding Business and Business Models
- C. Pricing Power and Sustainability of This Power
- D. Competitive Advantages/Points of Differentiation over Competitors
- E. SWOT Analysis
- F. Quality of Management and Governance Structure
- G. Risks in the Business
- H. History of Credit Rating
- I. ESG Framework for Company Analysis
- J. Sources of Information for Analysis
VIII. Company Analysis – Financial Analysis
- A. Introduction to Financial Statement
- B. Stand-alone and Consolidated Financial Statements
- C. Balance Sheet
- D. Basics of Profit and Loss Account (P/L)
- E. Statement of Changes in Shareholder’s Equity
- F. Basics of Cash Flows
- G. Notes to Accounts
- H. Important Points to Consider in Financials
- I. Reading Audit Reports for Quality of Accounting
- J. Financial Statement Analysis Using Ratios
- K. Commonly Used Ratios
- L. Dupont Analysis
- M. Forecasting Using Ratio Analysis
- N. Peer Comparison
- O. Other Aspects in Financial Reports
IX. Corporate Actions
- A. Philosophy of Corporate Actions
- B. Dividend
- C. Rights Issue
- D. Bonus Issue
- E. Stock Split
- F. Share Consolidation
- G. Merger and Acquisition
- H. Demerger / Spin-off
- I. Scheme of Arrangement
- J. Loan Restructuring
- K. Buyback of Shares
- L. Delisting and Relisting of Shares
- M. Share Swap
X. Valuation Principles
- A. Difference Between Price and Value
- B. Why Valuations are Required
- C. Sources of Value in a Business – Earnings and Assets
- D. Approaches to Valuation
- E. Discounted Cash Flows Model
- F. Relative Valuation
- G. Earnings-Based Valuation Matrices
- H. Assets-Based Valuation Matrices
- I. Relative Valuations – Trading and Transaction Multiples
- J. Sum-Of-The-Parts (SOTP) Valuation
- K. New Age Economy Valuation Parameters
- L. Capital Asset Pricing Model
- M. Objectivity of Valuations
- N. Important Considerations in Business Valuation
XI. Fundamentals of Risk and Return
- A. Concept of Return on Investment
- B. Calculation of Returns: Simple, Annualized, and Compounded
- C. Risks in Investments
- D. Measuring Risk
- E. Concepts of Market Risk (Beta)
- F. Sensitivity Analysis
- G. Concept of Margin of Safety
- H. Comparison of Equity Returns with Bond Returns
- I. Calculating Risk-Adjusted Returns
- J. Behavioral Biases in Investments
- K. Investment Wisdom from Global Gurus
- L. Measuring Liquidity of Equity Shares
XII. Qualities of a Good Research Report
- A. Qualities of a Good Research Report
- B. Checklist-Based Approach
- C. Sample Checklist for Investment Research Reports
XIII. Legal and Regulatory Environment
- A. Regulatory Infrastructure in Financial Markets
- B. Important Regulations in Indian Securities Market
- C. Code of Conduct for Research Analysts
- D. Conflict Management and Disclosure Requirements
- E. Exchange Surveillance Mechanisms: GSM and ASM
XIV. Annexure – 1
XV. Annexure – 2
📘 Syllabus Outline with Weightages
| Chapter No. | Chapter Name | Weightage (%) |
|---|---|---|
| Chapter 1 | Introduction to Research Analyst Profession | 3 |
| Chapter 2 | Introduction to Securities Market | 4 |
| Chapter 3 | Terminology in Equity and Debt Markets | 4 |
| Chapter 4 | Fundamentals of Research | 5 |
| Chapter 5 | Economic Analysis | 5 |
| Chapter 6 | Industry Analysis | 10 |
| Chapter 7 | Company Analysis – Business and Governance | 8 |
| Chapter 8 | Company Analysis – Financial Analysis | 16 |
| Chapter 9 | Corporate Actions | 5 |
| Chapter 10 | Valuation Principles | 16 |
| Chapter 11 | Fundamentals of Risk and Return | 5 |
| Chapter 12 | Qualities of a Good Research Report | 4 |
| Chapter 13 | Legal and Regulatory Environment | 10 |
❓ Frequently Asked Questions (FAQs) – NISM-Series-XV: Research Analyst Certification
Q1. Who is eligible to take the NISM-Series-XV: Research Analyst Certification Exam?
The exam is open to individuals employed as research analysts and partners of research analysts who engage in preparing and/or publishing research reports or analysis.
Q2. Is the exam mandatory by law?
Yes, it is. The exam is mandatory for individuals seeking registration as research analysts under SEBI (Research Analyst) Regulations, 2014. Passing this exam demonstrates your knowledge and meets industry standards.
Q3. How can I register for the exam?
Follow these steps:
- Visit the official NISM website.
- Create an account or log in if you already have one.
- Find the NISM-Series-XV: Research Analyst Certification Exam page.
- Complete registration and choose your preferred test center, date, and time from the Test Administrator website.
Q4. What are the exam fees?
The exam fee is Rs. 1,500/- (inclusive of GST).
Q5. What is the exam format and how do I pass?
The exam consists of:
- 92 multiple-choice questions (1 mark each)
- 2 case studies with 4 questions each (1 mark per question)
You have 2 hours to complete the exam and need a score of 60 or higher to pass.
Note: There is a negative marking (25% of the question’s value) for wrong answers.
Q6. Where can I find study materials?
You have two options:
- Free Soft Copy: NISM provides a free digital workbook after you enroll for the exam.
- Printed Workbooks: Purchase printed workbooks from Taxmann Publications Pvt. Ltd.
Q7. Can I take a practice test?
Yes! NISM offers a mock test to help you get familiar with the exam format and question types.
Q8. When will I receive my certificate if I pass?
If you provided your PAN (Permanent Account Number) during registration, you’ll receive your NISM certificate within two weeks of passing the exam.
Q9. What if I didn’t provide my PAN during registration?
No worries! You can upload your PAN through your NISM candidate dashboard. Once verified, the Test Administrator will send your certificate at no extra cost.
Q10. I passed and provided my PAN, but haven’t received my certificate. What should I do?
Contact the Test Administrator you registered with for assistance. They can check your records and provide updates.
Q11. How long is my certificate valid?
Your NISM-Series-XV: Research Analyst certificate is valid for 3 years from the exam date.
Q12. What if I fail the exam?
You can re-register and take the exam again on the next available date. However, you’ll need to pay the exam fee again.
Q13. Can I retake the exam to improve my score?
Absolutely! If you wish to improve your score, you can retake the exam. Just remember to register and pay the fee again.
Additional Tips:
- Start studying early using the provided resources.
- Take advantage of the mock test to assess your readiness.
- Feel free to reach out to NISM or your Test Administrator if you have further questions.
Good luck with your NISM-Series-XV exam preparation! 🎯
