NISM CERTIFICATION EXAMINATION
Research Analyst
Prepare for NISM-Series-XV Research Analyst Certification with structured learning, chapter-wise practice, case-based preparation, mock tests and practical understanding of securities markets, research, valuation, financial analysis and technical analysis.
Prepare for the NISM-Series-XV: Research Analyst Certification Examination with structured classroom training at Chart Education. Learn securities markets, research fundamentals, economic and industry analysis, company analysis, financial analysis, valuation, risk and return, regulatory requirements and technical analysis through systematic preparation, question practice, case-based learning and mock tests
EXAM DURATION
2 Hours
MAXIMUM MARKS
100
PASSING MARKS
60%
NEGATIVE MARKING
25%
QUESTIONS
100
Detailed Syllabus
NISM-Series-XV: Research Analyst Certification Examination — Detailed Syllabus
The NISM-Series-XV: Research Analyst Certification Examination covers the knowledge and skills required to understand securities markets, conduct research, analyse economic and industry factors, evaluate companies, understand financial statements and valuation, assess risk and return, prepare research reports and apply technical analysis.
The revised examination structure is applicable from January 20, 2026. Candidates should always verify the latest syllabus, examination pattern and other examination-related information published by NISM before appearing for the examination.
Chapter 1 — Introduction to Research Analyst Profession
Weightage: 1 Mark
Role of a Research Analyst
Primary responsibilities of a Research Analyst
Interaction with companies and clients
Important qualities of a Research Analyst
Professional responsibilities and research-oriented practices
Chapter 2 — Introduction to Securities Market
Weightage: 2 Marks
Basics of securities markets
Equity shares
Debentures, bonds and notes
Masala bonds
Warrants and convertible warrants
Market indices
Mutual fund units
Exchange Traded Funds
Hybrid and structured products
Commodities
Primary and secondary markets
Market participants
Securities-market transactions and processes
Dematerialisation and rematerialisation
Chapter 3 — Terminology in Equity and Debt Markets
Weightage: 2 Marks
Important equity-market terminology
Important debt-market terminology
Types and features of bonds
Equity-market concepts
Debt-market concepts
Key terms used in securities research and analysis
Chapter 4 — Fundamentals of Research
Weightage: 5 Marks
Fundamentals of investment research
Research approaches
Sources of information
Research process
Qualitative and quantitative analysis
Research methodologies
Understanding information used in securities research
Research limitations and analytical considerations
Chapter 5 — Economic Analysis
Weightage: 5 Marks
Understanding the economy and economic environment
Macroeconomic factors
Economic indicators
Gross Domestic Product and economic growth
Inflation
Interest rates
Monetary policy
Fiscal policy
External-sector factors
Economic cycles
Impact of economic conditions on financial markets and securities
Chapter 6 — Industry Analysis
Weightage: 8 Marks
Understanding industries and sectors
Industry structure
Industry life cycle
Industry growth prospects
Competitive environment
Demand and supply factors
Industry drivers
Regulatory and economic factors affecting industries
Competitive positioning
Industry analysis as part of fundamental research
Chapter 7 — Company Analysis – Business and Governance
Weightage: 6 Marks
Understanding the company's business model
Products and services
Revenue and business drivers
Competitive advantages
Management quality
Corporate governance
Promoters and key management
Business risks
Competitive position
Qualitative assessment of a company
Chapter 8 — Company Analysis – Financial Analysis
Weightage: 12 Marks
Understanding financial statements
Balance Sheet
Profit and Loss Statement
Cash Flow Statement
Financial statement analysis
Revenue and profitability
Margins
Earnings
Assets and liabilities
Cash flows
Financial ratios
Interpretation of financial information
Comparative financial analysis
Using financial analysis in investment research
Chapter 9 — Corporate Actions
Weightage: 5 Marks
Dividends
Bonus issues
Rights issues
Stock splits
Buybacks
Mergers and acquisitions
Other important corporate actions
Impact of corporate actions on shareholders and securities
Chapter 10 — Valuation Principles
Weightage: 12 Marks
Fundamentals of valuation
Intrinsic value
Relative valuation
Valuation approaches
Price-to-Earnings ratio
Price-to-Book ratio
Enterprise Value and related measures
Discounted Cash Flow concepts
Valuation assumptions
Comparing valuation with market price
Interpretation of valuation results
Chapter 11 — Fundamental Analysis of Commodities
Weightage: 5 Marks
Fundamentals of commodity markets
Commodity demand and supply
Factors influencing commodity prices
Economic and global factors affecting commodities
Commodity-market analysis
Application of fundamental analysis to commodities
Chapter 12 — Fundamentals of Risk and Return
Weightage: 7 Marks
Meaning of investment risk
Types of risk
Return concepts
Relationship between risk and return
Systematic and unsystematic risk
Diversification
Risk measurement concepts
Understanding risk while analysing securities
Chapter 13 — Qualities of a Good Research Report
Weightage: 5 Marks
Structure of a research report
Important components of research reports
Clarity and objectivity
Supporting analysis and evidence
Presentation of investment views
Risks and limitations
Qualities of an effective research report
Chapter 14 — Legal and Regulatory Environment
Weightage: 10 Marks
Regulatory framework applicable to Research Analysts
Role of SEBI
Regulatory responsibilities
Code of conduct
Disclosure requirements
Research report requirements
Conflicts of interest
Ethical practices
Investor protection
Important legal and regulatory considerations for research activities
Chapter 15 — Technical Analysis
Weightage: 15 Marks
Fundamentals of technical analysis
Price and volume analysis
Charts
Trends
Support and resistance
Technical indicators
Chart patterns
Technical-analysis concepts used in securities research
Interpretation of market price behaviour
Application of technical analysis in research
Official Chapter Weightage
Chapter | Topic | Marks |
1 | Introduction to Research Analyst Profession | 1 |
2 | Introduction to Securities Market | 2 |
3 | Terminology in Equity and Debt Markets | 2 |
4 | Fundamentals of Research | 5 |
5 | Economic Analysis | 5 |
6 | Industry Analysis | 8 |
7 | Company Analysis – Business and Governance | 6 |
8 | Company Analysis – Financial Analysis | 12 |
9 | Corporate Actions | 5 |
10 | Valuation Principles | 12 |
11 | Fundamental Analysis of Commodities | 5 |
12 | Fundamentals of Risk and Return | 7 |
13 | Qualities of a Good Research Report | 5 |
14 | Legal and Regulatory Environment | 10 |
15 | Technical Analysis | 15 |
The chapter weightages above are from the current NISM revised syllabus.
Important Note
The syllabus, examination pattern, chapter weightage and regulatory requirements may be updated by NISM from time to time. Candidates should verify the latest information published by NISM before appearing for the examination.
Examination Pattern
NISM-Series-XV Research Analyst — Examination Pattern
The NISM-Series-XV: Research Analyst Certification Examination is designed to assess candidates' understanding of research analysis, securities markets, fundamental analysis, valuation, risk and return, regulatory requirements and technical analysis.
Examination Details
Total Marks: 100
Duration: 2 Hours
Passing Marks: 60%
Negative Marking: 25% of the marks assigned to the question
Total Questions: 100
Question Structure
The examination consists of:
80 Multiple Choice Questions (MCQs)
80 questions carrying a total of 80 marks.
5 Case-Based Question Sets
5 case-based sets, with 4 questions associated with each case, carrying a total of 20 marks.
Total: 100 Questions | 100 Marks
Important Examination Information
The Research Analyst examination tests both conceptual understanding and the ability to apply knowledge to securities-market and research-related situations.
Candidates should prepare across all syllabus units, with particular attention to higher-weightage areas such as:
Technical Analysis
Company Analysis – Financial Analysis
Valuation Principles
Legal and Regulatory Environment
Industry Analysis
Fundamentals of Risk and Return
The examination pattern, syllabus, weightage, passing criteria and other examination details may be revised by NISM. Candidates should verify the latest information published by NISM before appearing for the examination.
Preparation Approach & Career Relevance
Research Analyst Certification — Preparation & Career Relevance
Why Prepare for the NISM-Series-XV Examination?
The NISM-Series-XV: Research Analyst Certification Examination provides a structured knowledge framework covering securities markets, research methodology, economic and industry analysis, company analysis, financial analysis, valuation, risk and return, research reports, regulatory requirements and technical analysis.
At Chart Education, preparation focuses on understanding the concepts rather than simply memorising examination questions.
Chart Education Preparation Approach
Our preparation program follows a structured learning cycle:
Learn → Understand → Practise → Analyse Mistakes → Revise → Attempt Mock Tests → Improve
Students are guided through the syllabus using:
Chapter-wise concept learning
Practical financial-market examples
Fundamental analysis and financial statement interpretation
Company and industry analysis
Valuation concepts
Technical-analysis concepts
Case-based learning wherever applicable
Chapter-wise question practice
Detailed answer explanations
Full-length mock examinations
Revision and examination-oriented practice
Chapter-Wise Mock Test Practice
Chart Education provides structured chapter-wise practice to help students assess their understanding after completing each syllabus unit.
The preparation system includes:
40 practice questions per chapter
Answers with explanations
Chapter-wise performance review
Case-based practice wherever applicable
20 full-length mock tests
Final revision and examination practice
Practice questions provided by Chart Education are original educational material and are not represented as actual NISM examination questions.
Career Relevance
Research and analytical knowledge can be relevant to professionals and learners interested in areas such as:
Equity Research
Research Analysis
Investment Research
Financial Analysis
Securities Markets
Wealth Management
Investment Advisory
Portfolio and Investment Analysis
Financial Services
Capital Markets
The specific certification or regulatory requirements applicable to a particular role depend on the nature of the activity, organisation and prevailing regulations. Candidates should verify applicable requirements with the relevant regulatory authorities and employers.
Preparation for Individuals
The program is suitable for:
Students exploring financial-market careers
Beginners building securities-market knowledge
Working professionals
Aspiring Research Analysts
Equity research aspirants
Finance professionals seeking structured knowledge
Candidates preparing for the NISM-Series-XV examination
Training for Organisations
NISM-related preparation can also be structured for organisations and institutions that require examination-oriented learning for their teams or participants.
Potential organisational audiences include:
Stock brokers and trading organisations
Wealth-management organisations
Research and advisory firms
Financial-services companies
Fintech organisations
Educational institutions
Colleges and universities
Organisations can contact Chart Education to discuss team-based NISM examination preparation, customised training requirements and batch arrangements.
Important Note
The NISM examination is conducted by NISM, and the NISM certification is issued by NISM to candidates who successfully meet the applicable examination requirements.
Examination pattern, syllabus, chapter weightage, passing criteria and other examination details are subject to updates published by NISM. Candidates should verify the latest information on the official NISM website before appearing for the examination.