Research Analyst offers a methodical and wide-ranging approach to mastering the concepts, practices, and regulatory frameworks that underpin the role of a Research Analyst in the Indian securities market. It seamlessly unifies foundational knowledge of equity and debt market research with contemporary regulations, market developments, and practical insights for evaluating companies, industries, and the macroeconomic environment.

This book is intended for the following audience:

• Aspiring Research Analysts – Individuals preparing for the NISM-Series-XV: Research Analyst Certification Examination or looking to establish a foundational career in equity research
• Registered Professionals – Partners or associated persons with SEBI-registered research analyst firms who must fulfil the qualification criteria laid out by the SEBI (Research Analyst) Regulations 2014
• Financial Advisors, Brokers & Dealers – Professionals in stockbroking, advisory, or wealth management seeking to broaden their understanding of equity and debt market research techniques
• Risk Managers & Analysts – Market participants involved in risk assessment and investment research who require a deeper understanding of qualitative and quantitative analysis, valuation, and corporate actions
• Students & Academics – Individuals enrolled in finance, commerce, or management programs and researchers aiming to acquire comprehensive knowledge of the Indian securities market, economic indicators, and corporate fundamentals
• Investors & Market Enthusiasts – Anyone keen on understanding how detailed research analysis can be applied to make informed investment decisions, manage portfolio risks, and evaluate market opportunities

The Present Publication is the March 2025 Workbook Version, developed in collaboration with the Certification Team of NISM and Mr Manish Bansal and reviewed by Mr Bihari Lal Deora. It is published exclusively by Taxmann, with the following noteworthy features:

• [NISM-endorsed] Curated by NISM, ensuring alignment with the standards and requirements for the NISM-Series-XV: Research Analyst Certification
• [Comprehensive Coverage] Includes fundamental concepts, industry practices, macro and microeconomic parameters, regulatory frameworks, and much more.
• [Updated Regulations and Trends] Reflects the current regulatory environment in 2025, integrating the latest SEBI directives and best practices in research analysis
• [Structured Learning] Chapters are systematically organised to guide readers from foundational topics to advanced analysis
• [Practical Insights] Incorporates examples, ratio analyses, valuation methodologies, and sample checklists, helping learners gain practical skills
• [Study Aids and Sample Questions] Contains multiple case-based and multiple-choice questions that prepare candidates for the actual certification examination
• [Practical Utility] Beyond examination prep, the workbook serves as a continuing resource for professionals in active practice—offering frameworks for daily research and analysis

The coverage of the book is as follows:

• Introduction to the Research Analyst Profession
  • Lays out the roles, responsibilities, and ethical considerations for research analysts
• Securities Markets Fundamentals
  • Explains securities market structure, product definitions, and the operational framework of equity and debt segments
• Equity and Debt Terminology
  • Clarifies important jargon, ensuring readers fully grasp industry lingo and bond-related nuances
• Foundations of Research
  • Covers the importance of research in investment activities, discussing both technical and fundamental approaches
• Economic Analysis
  • Explores micro and macroeconomics, highlighting relevant macroeconomic variables, their trends, and data sources
• Industry Analysis
  • Discusses methods for identifying industry drivers, understanding market size, cycles, and regulatory landscapes
• Company Analysis
  • Business and Governance – Details SWOT evaluations, understanding business models, pricing power, competitive advantages, management quality, and governance
  • Financial Analysis – Breaks down balance sheets, profit & loss statements, cash flow reports, ratio analysis, peer comparisons, and reading audit reports
• Corporate Actions
  • Reviews dividends, rights issues, bonus issues, mergers, demergers, and other significant events affecting share prices
• Valuation Principles
  • Explains discounted cash flow models, relative valuations (PE, PB, EV/EBITDA), sum-of-the-parts, and other conceptual frameworks
• Risk and Return Fundamentals
  • Addresses measuring returns, calculating risk, and applying risk-adjusted metrics to investments
• Qualities of a Good Research Report
  • Describes key attributes of a professional and effective research report, along with a sample checklist
• Legal and Regulatory Environment
  • Explains the relevant SEBI regulations, code of conduct, conflict-of-interest disclosures, and surveillance mechanisms

The structure of the book is as follows:

• Logical Progression – The workbook starts with the basic tenets of research analysis before delving into deeper aspects like industry and company analysis
• Topic-wise Division – Each chapter is dedicated to a focused area, supplemented with examples, caselets, and practice questions
• Checklists and Summaries – Ends with annexures and checklists for quick revision and compliance references
• Annexures for Extended Learning – Contains investor charters, complaint data formats, case studies, and suggested readings to enhance contextual understanding.

NISM is a leading provider of high-end professional education, certifications, training and research in financial markets. NISM Certification programs aim to enhance the quality and standards of professionals employees in various segments of the financial services sector. NISM’s School of Certification of Intermediaries (SCI) develops and conducts certification examinations and Continuous Professional Education (CPE) programs that aim to ensure that professionals meet the defined minimum common knowledge benchmark for various critical market functions like:

• Mutual Funds
• Equities
• Derivatives
• Securities Operations
• Compliance
• Research Analysis
• Investment Advice

These Certifications and CPE Programs are being developed and administered by NISM as mandated under ‘Securities and Exchange Board of India (Certification of Associated Persons in the Securities Market) Regulations, 2007’. The Certifications creates quality market professionals and catalyzes greater investor participating in the markets. Certifications also provides structured career paths to students and job aspirants in the securities market.