NISM Series XV, Chapter 1. Updated Jun 2026, 8-minute read.

Introduction to Securities Research and the Research Analyst Role

Chapter 1 of the revised NISM Series XV (effective January 20, 2026) covers the regulatory framework for Research Analysts — who qualifies as a RA, SEBI's registration requirements, the difference between buy-side and sell-side research, and the key disclosure obligations that underpin all published research.

Key takeaways

Research Analyst is a SEBI-regulated role under SEBI (Research Analysts) Regulations, 2014 (last amended 2023)
An individual must register with SEBI as RA before publishing or distributing research reports commercially
Qualification: NISM Series XV + relevant post-graduate degree or 5 years' finance experience
Sell-side RA: employed at brokerages, produces research for clients; Buy-side RA: employed at fund houses, uses research for own portfolio decisions
Mandatory disclosures: own holdings, employer holdings, compensation conflicts, basis of recommendation
Research reports must be dated, must state basis and assumptions, and must be retained for 5 years

What is Securities Research?

Securities research is the systematic analysis of financial instruments (equity, debt, derivatives, commodities) to help investors make informed decisions. Research analysts study company financials, industry dynamics, macroeconomic factors, and market conditions to arrive at investment recommendations — typically Buy, Hold, or Sell — with a price target.

SEBI RA Regulations, 2014

SEBI introduced the Research Analyst framework in 2014 to professionalise equity research in India. Key provisions:

All individuals/firms publishing investment recommendations commercially must register with SEBI as RAs
NISM Series XV certification is mandatory (revised curriculum effective January 20, 2026)
Minimum qualification: PG degree in finance/economics OR 5 years relevant experience in financial analysis
Registration fee: ₹10,000 (individual); ₹5 lakh (body corporate)

Buy-side vs Sell-side Research

Feature	Sell-side	Buy-side
Employer	Brokerages, investment banks	Mutual funds, PMS, insurance, hedge funds
Client	External — fund managers, HNIs	Internal — portfolio managers of same firm
Output	Published reports, earnings models	Internal memos, portfolio recommendations
SEBI RA Registration	Mandatory (publishes for clients)	Not always required (internal use)
Revenue model	Brokerage income, subscription fees	Included in fund management role

Key Disclosure Requirements (2023 Amendment)

Personal holdings: Disclose if analyst/family member holds stock covered
Firm holdings: Disclose if employer holds >1% of company covered
Investment banking conflict: If firm managed IPO/FPO of covered company in past 12 months
Compensation disclosure: If RA's compensation is linked to investment banking revenue
Rating change: Any change from Buy→Hold or Hold→Sell must be explicitly flagged

Frequently asked questions

Can a mutual fund manager publish research reports without SEBI RA registration?

Internal buy-side research (for the fund's own portfolio) is exempt from SEBI RA registration. However, if the same research is distributed externally or published for subscribers/clients, SEBI RA registration is mandatory.

What changed in the January 2026 NISM Series XV revision?

The January 20, 2026 revision updated the Series XV curriculum to incorporate SEBI's 2023 amendments to the RA Regulations, including enhanced conflict-of-interest disclosure requirements, new rules on research report distribution via social media, and updated ESG research guidelines.

Written by Arpan Das.

Keep going with Series XV