NISM Series XV Syllabus: Research Analyst
All 15 chapters of the Research Analyst workbook, with the weightage each carries in the exam.
The NISM Series XV workbook is 15 chapters long, and the exam draws from all of them. What varies is how much each one is worth. The weightage column below is the most useful thing on this page, because it tells you where revision time actually pays.
This page lists what each chapter covers. Marks, timing and the pass mark are on the exam pattern page.
All 15 chapters and their weightage
Weightage is the share of the 100-mark paper each chapter contributes.
01
Chapter
Introduction to Research Analyst Profession
Weightage
1%
02
Chapter
Introduction to Securities Market
Weightage
2%
03
Chapter
Terminology in Equity and Debt Markets
Weightage
2%
04
Chapter
Fundamentals of Research
Weightage
5%
05
Chapter
Economic Analysis
Weightage
5%
06
Chapter
Industry Analysis
Weightage
8%
07
Chapter
Company Analysis: Business and Governance
Weightage
6%
08
Chapter
Company Analysis: Financial Analysis
Weightage
12%
09
Chapter
Corporate Actions
Weightage
5%
10
Chapter
Valuation Principles
Weightage
12%
11
Chapter
Fundamental Analysis of Commodities
Weightage
5%
12
Chapter
Fundamentals of Risk and Return
Weightage
7%
13
Chapter
Qualities of a Good Research Report
Weightage
5%
14
Chapter
Legal and Regulatory Environment
Weightage
10%
15
Chapter
Technical Analysis
Weightage
15%
| # | Chapter | Weightage |
|---|---|---|
| 01 | Introduction to Research Analyst Profession | 1% |
| 02 | Introduction to Securities Market | 2% |
| 03 | Terminology in Equity and Debt Markets | 2% |
| 04 | Fundamentals of Research | 5% |
| 05 | Economic Analysis | 5% |
| 06 | Industry Analysis | 8% |
| 07 | Company Analysis: Business and Governance | 6% |
| 08 | Company Analysis: Financial Analysis | 12% |
| 09 | Corporate Actions | 5% |
| 10 | Valuation Principles | 12% |
| 11 | Fundamental Analysis of Commodities | 5% |
| 12 | Fundamentals of Risk and Return | 7% |
| 13 | Qualities of a Good Research Report | 5% |
| 14 | Legal and Regulatory Environment | 10% |
| 15 | Technical Analysis | 15% |
What each chapter covers
The workbook's own scope, chapter by chapter:
- 01. Introduction to Research Analyst Profession (1%)
- What a research analyst actually does, the responsibilities that come with the role, how to deal with companies and clients, and the qualities the job demands.
- 02. Introduction to Securities Market (2%)
- What securities are, the products traded, how the market is structured, who the participants are, kinds of transactions, and dematerialisation.
- 03. Terminology in Equity and Debt Markets (2%)
- The working vocabulary of the equity, debt and commodity markets, plus the main types of bonds and their features.
- 04. Fundamentals of Research (5%)
- What investing is, and the four approaches to research: technical, fundamental, quantitative and behavioural. Also covers commodity research and how commodity moves feed into equity.
- 05. Economic Analysis (5%)
- Micro and macro principles, the macroeconomic variables that move markets, secular, cyclical and seasonal trends, and where to source economic data.
- 06. Industry Analysis (8%)
- Defining an industry, cyclicality, market sizing, value migration and the business life cycle, the competitive landscape, key drivers and KPIs, regulation and taxation.
- 07. Company Analysis: Business and Governance (6%)
- Business models, pricing power, competitive advantage, SWOT, quality of management and governance, business risk, credit ratings and the ESG framework.
- 08. Company Analysis: Financial Analysis (12%)
- Reading the balance sheet, profit and loss, cash flow statement and notes to accounts, judging accounting quality from the audit report, then ratio analysis, DuPont, forecasting and peer comparison.
- 09. Corporate Actions (5%)
- Dividends, rights and bonus issues, splits and consolidations, mergers and acquisitions, demergers, schemes of arrangement, loan restructuring, buybacks, delisting and share swaps.
- 10. Valuation Principles (12%)
- Price versus value, discounted cash flow, relative valuation on earnings and on assets, trading and transaction multiples, sum of the parts, and valuing new age businesses.
- 11. Fundamental Analysis of Commodities (5%)
- New in the 2026 syllabus. Supply and demand dynamics, major producers and consumers, the dollar index, crop and inventory data, government policy and geopolitics, and hedging.
- 12. Fundamentals of Risk and Return (7%)
- Return calculations, the types of investment risk and how to measure them, beta, sensitivity analysis, margin of safety, risk adjusted returns, behavioural biases and liquidity.
- 13. Qualities of a Good Research Report (5%)
- What separates a good research report from a weak one, rating conventions, and a checklist to test your own reports against.
- 14. Legal and Regulatory Environment (10%)
- The regulatory framework, the main securities regulations, the code of conduct for research analysts, conflict of interest and disclosure, GSM and ASM surveillance, the SEBI investor charter, and the cybersecurity framework.
- 15. Technical Analysis (15%)
- New in the 2026 syllabus, and now the highest weighted chapter. Chart types, Dow Theory, market trends, reversal and consolidation patterns, support and resistance, trendlines and channels, and the main indicators.
Free account, this exam preselected.
Where the marks concentrate
The heaviest chapter here is Technical Analysis at 15%. With a pass mark of 60 out of 100 (60%) and no sectional minimum, scoring well on the top-weighted chapters gets you most of the way before the lighter ones are counted.