The NISM-Series-XV: Research Analyst Certification Examination is designed to establish a common minimum knowledge benchmark for all individuals associated with research analyst activities under SEBI (Research Analyst) Regulations, 2014. This includes registered research analysts, employed research analysts, and partners involved in the preparation and/or publication of research reports or analysis.

Candidates are required to pass this examination to meet the requirements specified under Regulation 7(2) of the SEBI (Research Analysts) Regulations, 2014, aiming to elevate the quality of services offered by research analysts in the financial services industry.

Examination Objectives:

Upon successful completion of the examination, candidates should demonstrate proficiency in the following areas:

• Understanding the basics of Indian Securities Markets and the terminology used in equity and debt markets.
• Familiarity with both top-down and bottom-up approaches to fundamental research.
• Grasping the basic principles of micro and macro-economic analysis, including sources of information and the various macroeconomic variables influencing analysis.
• Identifying key industry drivers and understanding the sources of information for industry analysis.
• Comprehending the qualitative and quantitative dimensions of company analysis.
• Understanding the fundamentals of Risk and Return, Valuation Principles, and the rationale behind various Corporate Actions.
• Recognizing the characteristics of a well-constructed research report.

Assessment Structure:

The examination comprises 92 multiple-choice questions, each carrying 1 mark, and 2 case-based questions (each case containing 4 questions, also worth 1 mark each), totaling 100 marks. The assessment structure is as follows:

• Multiple Choice Questions: 92 questions (1 mark each) = 92 marks
• Case-based Questions: 2 cases (4 questions each, 1 mark each) = 8 marks

Candidates have 2 hours to complete the examination, with a passing score of 60. Negative marking applies, with a deduction of 25% of the marks assigned to each question for incorrect answers.

Test Details:

Module Name: NISM-Series-XV: Research Analyst Certification Examination

*Note: Payment inclusive of Service Tax. Additional Payment Gateway Charges apply.

*: Negative marking – 25% of the marks assigned to the question

~: 92 independent MCQs of 1 mark each; 2 caselets with 4 MCQs in each caselet of 1 mark each (total of 8 case-based MCQs)

Chapter No.	Chapter Name	Weightage
1	Introduction to Research Analyst Profession	3
2	Introduction to Securities Market	4
3	Terminology in Equity and Debt Markets	4
4	Fundamentals of Research	5
5	Economic Analysis	10
6	Industry Analysis	10
7	Company Analysis – Business and Governance	8
8	Company Analysis – Financial Analysis	16
9	Corporate Actions	5
10	Valuation Principles	16
11	Fundamentals of Risk and Return	5
12	Qualities of a Good Research Report	4
13	Legal and Regulatory Environment	10