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NISM Series XV – Research Analyst Certification

Master the NISM Series XV exam and fulfil the mandatory requirement to register as a SEBI Research Analyst.

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60 Hours

15 Modules

0+ Students

PDF Material

Rs. 199

One-time

This course includes

Complete course notes
Downloadable PDF

NISM Series XV – Research Analyst Certification

Rs. 5,999

+ PDF Study Material at Rs. 199 (optional)

This course includes

60 Hrs of on-demand content
15 detailed modules
Downloadable PDF study material
Certificate of completion

Course Objective

This examination aims to build a basic understanding of the Indian securities market, including equity and debt segments, key market terms, and the foundations of fundamental research. It covers macroeconomic, industry, and company analysis, along with core concepts such as risk and return, valuation, corporate actions, and the essential features of a well-structured research report. It is also a primary requirement to get yourself registered as a Research Analyst with SEBI.

What You Will Learn

Clear the NISM Series XV Research Analyst certification examination

Build a thorough understanding of Indian securities markets

Perform industry, company, and financial analysis professionally

Understand valuation principles and risk-return frameworks

Meet the mandatory certification requirement for SEBI RA registration

Course Curriculum

Module 1: Introduction to Research Analyst Profession

Topics Covered

Primary role of a Research Analyst
Primary responsibilities of a Research Analyst
Basic principles of interaction with companies and/or clients
Important qualities desired in a Research Analyst

Learning Outcome: Understand the professional standards and ethical responsibilities of a Research Analyst.

Module 2: Introduction to Securities Market

Topics Covered

Definition of Securities and basics of securities markets
Equity shares, debentures, bonds, warrants, indices, mutual fund units, ETFs, hybrids
Primary market: IPO, FPO, Private Placement, QIPs, Rights and Bonus issue
Secondary market: OTC and exchange traded markets, trading, clearing and settlement
Market participants: intermediaries, institutional, retail, and corporate
Securities market transactions: futures, options, swaps, arbitrage
Dematerialisation and rematerialisation of securities

Learning Outcome: Students understand how the securities market ecosystem functions end-to-end.

Module 3: Terminology in Equity and Debt Markets

Topics Covered

Equity market terms: face value, book value, market capitalisation, EPS, P/E, P/B
Debt market terms: coupon rate, maturity, YTM, duration, current yield
Types of bonds: zero coupon, floating rate, convertible, perpetual, inflation protection
Commodity market terms: spot price, basis, contango, backwardation, cost of carry

Learning Outcome: Students build a strong vocabulary for both equity and debt market analysis.

Module 4: Fundamentals of Research

Topics Covered

Active vs passive investing
Role of research in investment activity
Insider information vs mosaic analysis
Technical analysis, fundamental analysis, quantitative analysis
Behavioural finance approach to equity investing
Commodity research: supply, demand, seasonality, geopolitical developments
Impact of commodity markets on equity markets

Learning Outcome: Students understand the different research frameworks used by professionals.

Module 5: Economic Analysis

Topics Covered

Microeconomics and macroeconomics basics
National income, savings, investments, inflation, interest rates
Fiscal and monetary policies and their impact
International trade, exchange rate, trade deficit, globalisation
Secular, cyclical and seasonal economic trends

Learning Outcome: Students learn how macro forces influence markets and investment decisions.

Module 6: Industry Analysis

Topics Covered

Role of industry analysis in fundamental analysis
Industry cyclicality, market sizing, trend analysis
Michael Porter's five force model, PESTLE analysis, BCG analysis
Key industry specific KPIs and unit economics
Regulatory and taxation aspects of businesses

Learning Outcome: Students can evaluate any industry's attractiveness and competitive dynamics.

Module 7: Company Analysis – Business and Governance

Topics Covered

Business models and pricing power
Competitive advantages and SWOT analysis
Quality of management, corporate governance, promoters' holding
ESG analysis and business risk assessment
Credit rating history and its significance

Learning Outcome: Students can assess the quality of a business and its management.

Module 8: Company Analysis – Financial Analysis

Topics Covered

Balance sheet, profit & loss, and cash flow statement analysis
Key profitability, return, leverage, liquidity, and efficiency ratios
DuPont analysis and peer comparison
Equity dilution history, corporate actions history, insider transactions
Reading audit reports for accounting quality assessment

Learning Outcome: Students can perform a full financial deep-dive on any listed company.

Module 9: Corporate Actions

Topics Covered

Dividend, rights issue, bonus issue, stock split, share consolidation
Mergers, acquisitions, demergers, scheme of arrangement
Loan restructuring, buyback of shares, delisting and relisting, share swap

Learning Outcome: Students understand the impact of corporate actions on stock prices and shareholder value.

Module 10: Valuation Principles

Topics Covered

Price vs value distinction
Discounted Cash Flow (DCF) model
Relative valuations: P/E, P/B, EV/EBITDA, EV/Sales, PEG ratio
Sum-of-the-parts (SOTP) valuation
New age economy valuation parameters
Capital Asset Pricing Model (CAPM)

Learning Outcome: Students can estimate the intrinsic value of a business using multiple frameworks.

Module 11: Fundamental Analysis of Commodities

Topics Covered

Supply-demand dynamics of commodities
Currency and dollar index impact on commodities
Crop reports, weather reports for agri commodities
Inventory data, production and consumption trends
Government policies and geopolitical factors
Hedging in commodities: hedge ratio, advantages and disadvantages

Learning Outcome: Students understand how to analyse commodity markets and their link to equities.

Module 12: Fundamentals of Risk and Return

Topics Covered

Simple, annualised and compounded return calculations
Types of investment risk: inflation, interest rate, business, market, credit, liquidity
Market risk (Beta), sensitivity analysis, margin of safety
Risk-adjusted returns: Jensen's Alpha, Sharpe ratio, Treynor's ratio
Behavioural biases: loss-aversion, confirmation bias, anchoring, herd mentality

Learning Outcome: Students master risk-return frameworks for professional investment decisions.

Module 13: Qualities of a Good Research Report

Topics Covered