NISM Essentials / Series XV

NISM Series XV

Research analysis, learned the lean way.

₹499₹69929% off

NISM Series XV covers the Research Analyst profession, securities market basics, equity and debt terminology, research methods, economic and industry analysis, business and financial analysis, corporate actions, valuation, commodities, risk-return, research report writing, legal regulations and technical analysis. Essentials turns the full syllabus into chapter-wise playbooks, practice questions and mocks, so you can prepare without the clutter.

300+ questions

Chapter-wise practice for research, analysis, valuation, regulation and technical analysis.

5 mocks

Three to clear and two bonus, built around the exam rhythm.

15 chapters mapped

The full Research Analyst syllabus organised by chapter and marks allocation.

Self-paced

Built for busy schedules, study whenever it fits.

Why NISM Essentials

Lean prep for Research Analysts

Built for busy schedules, focused on the exam, and heavy on practice.

300+ questions

Chapter-wise practice questions to reinforce concepts as you learn them, not just at the end.

5 mocks

Five full-length mocks, three to clear and two bonus, so the real exam feels familiar.

Focused prep

Aligned to the XV syllabus, including research workflow, financial analysis, valuation, regulations and technical analysis.

Time-smart

Trimmed to exactly what you need, so you spend less time searching and more time preparing.

The syllabus

Every chapter, mapped to the exam

Open a chapter to see what it covers and what you should be able to do by the end.

01Introduction to Research Analyst Profession1 mark
What it covers
Primary role of a Research Analyst
Primary responsibilities of a Research Analyst
Basic principles of interaction with companies and clients
Important qualities desired in a Research Analyst
By the end

Understand what a research analyst does and the professional behaviour expected from the role.

02Introduction to Securities Market2 marks
What it covers
Meaning of securities and securities market
Product definitions and terminology
Structure of the securities market
Market participants and their activities
Kinds of securities market transactions
Dematerialisation and rematerialisation of securities
By the end

Build the market foundation needed before moving into research and valuation.

03Terminology in Equity and Debt Markets2 marks
What it covers
Terminology used in the equity market
Terminology used in the debt market
Types of bonds
Commodity market terminology relevant for research
By the end

Decode the core language used across equity, debt and commodity market discussions.

04Fundamentals of Research5 marks
What it covers
What investing means and why research matters
Technical analysis, fundamental analysis and quantitative research
Behavioural approach to equity investing
Fundamental analysis of commodities
Case studies and historical events
Impact of the commodity market on the equity market
By the end

Differentiate the major research approaches and understand where each fits in investment analysis.

05Economic Analysis5 marks
What it covers
Basic principles of microeconomics
Basic principles of macroeconomics
Major macroeconomic variables used in analysis
Role of economic analysis in fundamental analysis
Secular, cyclical and seasonal trends
Sources of information for economic analysis
By the end

Use economic data and trends to form the top-down view required in research.

06Industry Analysis8 marks
What it covers
Role of industry analysis in fundamental analysis
Defining the industry and understanding cyclicality
Market sizing and trend analysis
Secular trends, value migration and business life cycle
Industry landscape, key drivers and KPIs
Regulatory environment, taxation and sources of information
By the end

Analyse an industry using size, trends, drivers, regulation and competitive structure.

07Company Analysis – Business and Governance6 marks
What it covers
Role of company analysis in fundamental research
Business models, pricing power and sustainability
Competitive advantages and points of differentiation
SWOT analysis
Quality of management and governance structure
Business risks, credit rating, ESG framework and sources of information
By the end

Assess the qualitative side of a company before moving into the numbers.

08Company Analysis – Financial Analysis12 marks
What it covers
Introduction to financial statements
Standalone and consolidated financial statements
Balance sheet, profit and loss account and cash flows
Statement of changes in shareholders’ equity and notes to accounts
Audit report and quality of accounting
Financial ratio analysis and commonly used ratios
DuPont analysis, forecasting, peer comparison and other report insights
By the end

Read financial statements and convert numbers into meaningful research conclusions.

09Corporate Actions5 marks
What it covers
Philosophy of corporate actions
Dividend, rights issue and bonus issue
Stock split and share consolidation
Merger and acquisition, demerger and spin-off
Scheme of arrangement and loan restructuring
Buyback, delisting/relisting and share swap
By the end

Understand how corporate actions affect shareholders, capital structure and valuation.

10Valuation Principles12 marks
What it covers
Difference between price and value
Why valuations are required
Sources of value: earnings and assets
Approaches to valuation
Discounted Cash Flow model
Relative valuation and earnings/assets-based matrices
Trading and transaction multiples, SOTP valuation and new-age business parameters
Objectivity of valuations and important business valuation considerations
By the end

Apply the major valuation approaches used in equity research.

11Fundamental Analysis of Commodities5 marks
What it covers
Supply-demand dynamics of commodities
Major producers and consumers of commodities
Currency and dollar index impact on commodities
Correlation between international and domestic markets
Crop reports, weather reports and inventory data
Production and consumption trends
Macroeconomic indicators, government policies, geopolitical impacts and hedging
By the end

Analyse commodities using supply-demand, macro, currency, policy and hedging variables.

12Fundamentals of Risk and Return7 marks
What it covers
Return of investment and return on investment
Simple, annualised and compounded returns
Risks in investments and measuring risk
Market risk and beta
Sensitivity analysis and margin of safety
Comparison of equity returns with bond returns
Risk-adjusted returns, behavioural biases, investment wisdom and liquidity measurement
By the end

Connect return calculations with risk, beta, liquidity and behavioural biases.

13Qualities of a Good Research Report5 marks
What it covers
Qualities of a good research report
Checklist-based approach to research reports
Sample checklist for investment research reports
By the end

Know what makes a research report usable, compliant and decision-ready.

14Legal and Regulatory Environment10 marks
What it covers
Regulatory infrastructure in financial markets
Important regulations in the Indian securities market
Code of conduct for Research Analysts
Management of conflicts of interest and disclosure requirements
Exchange surveillance mechanisms: GSM and ASM
SEBI Investor Charter and complaint disclosure
Cybersecurity and Cyber Resilience Framework
By the end

Understand the compliance framework that governs research analysts and research reports.

15Technical Analysis15 marks
What it covers
Introduction to technical analysis
Introduction to chart types
The Dow Theory
Understanding market trends
Chart reversal patterns and consolidation patterns
Support, resistance, trendlines and channels
Technical indicators
By the end

Read chart patterns, trends and indicators at an exam-ready level.

The study toolkit

Four ways you learn it

Every chapter is covered four ways, so research analysis concepts stay exam-ready.

01

Playbooks

Chapter-wise visual playbooks for securities, research workflow, financial analysis, valuation and regulations.

02

Sprint notes

Fast sprint recaps with tables, frameworks and revision cues to lock everything in before exam day.

03

Practice questions

Over 300 chapter-wise practice questions that reinforce analysis, valuation, legal and technical concepts as you go.

04

Mock papers

Five full-length mock papers, three to clear and two bonus, that mirror the Series XV exam rhythm.

Don’t study harder. Study the mapped syllabus.

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Proof, not promises

Learners who moved faster

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Research reports finally stopped feeling abstract. The course broke economy, industry and company analysis into a sequence I could actually follow.

AM Aarav MehtaEQUITY RESEARCH

Financial statement analysis clicked for me because the practice questions forced me to connect ratios with the business story.

RM Riya MenonRESEARCH INTERN

The valuation chapters were the biggest win. DCF, multiples and SOTP felt much more manageable after the mock practice.

KS Karan ShahANALYST TRAINEE

I liked that every chapter had a clear exam angle. It saved me from reading everything randomly and getting lost.

NP Nisha PatilFINANCE STUDENT

The technical analysis section was concise but enough for the marks. Charts, trends and indicators became easy to revise.

IR Ishan RaoMARKET RESEARCH

Legal and regulatory environment used to feel dry. The notes and questions made the disclosures and RA conduct rules easier to remember.

MJ Meera JainCOMPLIANCE LEARNER

Industry analysis and company governance were mapped really well. It felt like actual research workflow, not just theory.

DK Dev KhannaEQUITY DESK