Research Analyst
SEBI Research Analyst certification — equity & debt analysis, valuation, fundamental & technical analysis.
Exam Pattern & Marking
Detailed Syllabus
10 chapters · 105 total marks
| # | Chapter | Marks | Practice Qs |
|---|---|---|---|
| 1 | Fundamental Analysis and Valuation Techniques | 24 | 40 |
| 2 | Company Analysis | 23 | 40 |
| 3 | Regulatory Requirements for Research Analysts | 15 | 90 |
| 4 | Technical Analysis | 15 | 40 |
| 5 | Fundamentals of Research | 10 | 35 |
| 6 | Industry Analysis | 8 | 35 |
| 7 | Economic Analysis | 5 | 35 |
| 8 | Introduction to Securities Market | 2 | 30 |
| 9 | Terminology in Equity and Debt Markets | 2 | 35 |
| 10 | Introduction to Research Analyst Profession | 1 | 30 |
| Total | 105 | 410 |
Marks per chapter reflect the official NISM syllabus weightage. Practice question counts show the bank size in our app — use them to gauge depth of preparation needed per chapter.
Key Knowledge Areas
Overview
Series XV is mandatory for all individuals registered as SEBI Research Analysts (RAs). It’s a comprehensive exam covering the full sell-side research workflow — economy and industry analysis, company analysis, valuation, technical analysis, and the regulatory framework.
At a glance: 100 questions · 2 hours · 60% pass mark · 0.25 negative marking · ₹1,500 + GST.
Who should take XV
- Sell-side equity research analysts
- Buy-side analysts at AMCs, AIFs, PMS firms
- Independent equity advisers seeking RA registration
- Anyone publishing research reports for compensation
Key Knowledge Areas
Top-down framework
Most equity research starts top-down: macroeconomy → industry → company. Tested in Chapter 4 of the syllabus.
| Layer | What you analyse | Common metrics |
|---|---|---|
| Economy | GDP, inflation, fiscal/monetary policy | GDP growth, CPI, repo rate, fiscal deficit |
| Industry | Porter’s 5 forces, life cycle, regulation | Market size, growth, concentration |
| Company | Business model, financials, governance | Revenue, EBITDA, ROE, leverage |
Valuation methods
Discounted Cash Flow (DCF): Forecast free cash flows for an explicit period (5–10 years), then a terminal value, discounted at WACC.
Relative valuation (multiples): P/E, EV/EBITDA, P/B, P/S, PEG. Compare against sector peers.
Sum-of-the-parts (SOTP): Used for conglomerates — value each segment separately.
Dividend Discount Model (DDM): PV of future dividends, useful for high-payout companies (utilities, banks).
Technical analysis
Tested moderately. Know:
- Trend types — uptrend, downtrend, sideways
- Support / resistance — psychological levels traders watch
- Indicators — Moving averages, RSI, MACD, Bollinger Bands
- Patterns — head and shoulders, double top/bottom, flags
Research Analyst Regulations 2014
Key provisions:
- Registration: SEBI grants RA certificate on NISM XV completion + capital adequacy + infrastructure
- Capital adequacy: Individual — ₹1 lakh net tangible assets; non-individual — ₹25 lakh
- Conflict of interest: Personal trading restrictions during research-coverage windows
- Disclosures: Compensation source, holdings in covered company, related-party relationships
Key Fact: RA recommendations must include disclosures: target price, time horizon, company-specific risks, and analyst’s holdings/compensation. Failure to disclose is a serious SEBI violation.
Exam Tips
Tip 1: Valuation chapters carry heavy weight (~20 marks combined). Know DCF, multiples, and DDM — and which to use when.
Tip 2: Technical analysis is 5–7 marks. Don’t over-invest, but know the basics so you don’t lose easy questions.
Tip 3: Regulatory chapter (RA Regulations 2014) carries 10+ marks. Memorise capital adequacy thresholds, certification requirements, and disclosure rules.
Tip 4: Behavioural finance and investor psychology come in indirectly. Know anchoring, herding, and confirmation bias.
Try the Free Quiz
Test your knowledge with our free Series XV practice quiz — or get the full bank of 410+ XV questions plus mock tests in the NISM Exam Prep app.
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