NISM Series XV study guide
NISM Series XV · Work through your exam, one topic at a time.
NISM-Series-XV: Research Analyst Certification Examination is one of the certification examinations listed by the National Institute of Securities Markets (NISM) under its Research Analyst category. NISM describes itself as a public trust established in 2006 by the Securities and Exchange Board of India (SEBI), the regulator of the securities markets in India, carrying out capacity building activities aimed at enhancing quality standards in securities markets. The NISM Series XV study guide has 6 sections and about 2,324 words.
01Indian Securities Market and the Research Analyst's Mandate
The exam tests whether you can describe how Indian securities markets are structured and where research fits, using SEBI's terminology rather than loose market jargon. Primary market : new issuance - IPO, FPO, rights issue, preferential allotment, QIP.
396 words, about 2 min02Risk and Return Measurement for Research Recommendations
Return measurement, risk measurement, and the models that convert risk into a required return - the arithmetic behind every target price and rating. Holding period return: HPR = (P1 − P0 + D) / P0.
366 words, about 2 min03Economic and Industry Analysis
How macro data and industry structure feed earnings forecasts - the link from GDP, inflation and policy rates to sector demand and pricing power. GDP : real growth drives volumes; nominal growth captures inflation.
395 words, about 2 min04Company Analysis and Financial Statement Interpretation
Reading the three statements together, computing ratios correctly, and spotting accounting signals that change the earnings number you capitalise. Profit and loss: revenue → EBITDA → EBIT → PBT → PAT → EPS.
348 words, about 2 min05Valuation Approaches
Converting forecasts into an intrinsic or relative value, and knowing when each method is appropriate. FCFF discounted at WACC : FCFF = EBIT(1 − t) + depreciation − capex − increase in working capital.
392 words, about 2 min06SEBI (Research Analysts) Regulations and Professional Ethics
The SEBI (Research Analysts) Regulations, 2014 and the code of conduct - registration conditions, trading restrictions, disclosure and record-keeping. A person preparing or publishing research reports or recommendations for compensation must be registered with SEBI as a research analyst; the NISM Series XV certification is a mandatory qualification.
427 words, about 2 min