22 articles
Becoming a SEBI Registered Research Analyst is legally mandatory before publishing stock recommendations in India. This 2026 guide covers eligibility criteria, the NISM Series XV certification, the SEBI registration process, net worth requirements, fees, and post-registration compliance obligations.
What is the difference between fundamental analysis and technical analysis? For NISM Series XV Research Analyst candidates, this is a core exam topic. This guide explains both approaches, their tools, time horizons, SEBI registration requirements, and limitations — with practice exam questions.
Understanding the Profit and Loss statement is a core skill for NISM Series XV Research Analyst candidates. This guide explains how research analysts read P&L statements line by line — from revenue to PAT — including EBITDA margin, interest coverage, and red flags to watch for.
The Price-to-Earnings ratio is the most widely used valuation metric in equity research. This NISM Series XV guide explains the P/E formula, trailing vs forward P/E, PEG ratio, sector benchmarks, and how research analysts interpret P/E in buy/sell recommendations — with exam practice questions.
Discounted Cash Flow (DCF) analysis is the cornerstone of equity valuation in the NISM Series XV syllabus. This guide breaks down the DCF formula, WACC, terminal value, and exactly how research analysts apply it — with a worked numerical example and practice exam questions.
Chapter 14 covers SEBI Research Analyst Regulations 2014, registration requirements, code of conduct, and conflict of interest rules — all tested for 11 marks in NISM Series XV.
Chapter 10 carries 16 marks — the highest of any chapter in NISM Series XV. Master P/E, P/B, DCF, EV/EBITDA, and DDM with exam-focused explanations and practice questions.
Chapter 12 carries 10 marks in NISM Series XV. Master standard deviation, beta, alpha, Sharpe ratio, Treynor ratio, and the difference between systematic and unsystematic risk with exam-ready examples.
Chapter 1 of NISM Series X-A carries 9 marks and lays the foundation for the entire Investment Adviser Level 1 syllabus. Here's what actually shows up in the exam — the financial planning process, life-cycle stages, and the adviser's fiduciary role.
Mutual fund tax rates (LTCG, STCG, Debt, ELSS) are updated for 2026. NISM V-A Chapter 8 covers rates changed in 2023 & 2024 for 4 marks.
Chapter 12, highest-weightage (15 marks) in NISM V-A, covers investor risk profiling, goal-based fund selection, and asset allocation for all life stages in India.
NISM V-A Chapter 11 evaluation techniques for mutual fund performance are crucial for 7 marks. Master benchmarks, rolling returns, and reading fund factsheets.
NISM V-A Chapter 10 carries 7 marks. Master Sharpe, Beta & Alpha metrics to interpret fund performance data. Learn how distributors compare funds and explain risk to clients.
Indian mutual funds operate under a 3-tier legal structure: Sponsor, Trust, and AMC. Chapter 3 of NISM V-A carries 4 marks & covers net worth requirements.
NISM V-A Chapter 7 covers NAV formula, TER limits (SEBI slabs), and cut-off rules. Get the 8 marks for calculation questions guaranteed on every paper.
NISM V-A Chapter 5 carries 10 marks and details 3 key mutual fund documents: SID, SAI & KIM. Learn SEBI fund categories and exit load rules.
NISM V-A Chapter 1, Investment Landscape, carries 8 marks. Understand asset classes, financial goals & risk-return to ace this high-weightage section.
NISM V-A Chapter 6 carries 6 marks on ARN registration, KYD norms & SEBI rules for fund distributors. Covers direct vs regular plans & compliance.
NISM V-A Chapter 9 carries 15 marks. Covers SIP, SWP, STP, redemption timelines, nominations, transmission, & SEBI SCORES grievance portal.
NISM V-A Chapter 2 explains mutual funds as trusts that pool investor money. This 6-mark chapter covers pooling, units, NAV, and fund manager roles.
NISM V-A Chapter 4 carries 10 marks and covers SEBI, AMFI, KYC, PMLA. Master this crucial regulatory framework for reliable NISM exam success in India.
NISM Series V-A certification is mandatory to legally distribute mutual funds in India & earn an ARN. Clear with 50% marks for your AMFI Registration Number.