NISM Series XVResearch Analyst Certification
Become a certified Research Analyst recognized by SEBI. This certification enables you to publish research reports, provide investment recommendations, and build credibility as a professional market analyst.
Why Get NISM XV Certified?
Publish Research Reports
Legally publish investment research and recommendations under SEBI guidelines.
Maximum Stipend Tier
Unlock the highest stipend share percentages (up to 85%) on PropaTrade.
Professional Recognition
Gain credibility as a SEBI-registered Research Analyst.
Comprehensive Skills
Master both fundamental and technical analysis methodologies.
Complete Syllabus
NISM Series XV covers fundamental analysis, technical analysis, and the regulatory framework for research analysts in India.
Module 1: Introduction to Securities Markets
- Overview of Indian securities markets
- Market participants and their roles
- Primary vs secondary markets
- Market infrastructure and institutions
Module 2: Fundamental Analysis
- Economic analysis: GDP, inflation, interest rates
- Industry analysis and business cycles
- Company analysis: Financial statements
- Valuation methods: P/E, P/B, DCF, DDM
Module 3: Technical Analysis
- Chart patterns and trend analysis
- Technical indicators: RSI, MACD, Moving Averages
- Support and resistance levels
- Volume analysis and market breadth
Module 4: Financial Statement Analysis
- Reading and interpreting balance sheets
- Profit & loss statement analysis
- Cash flow statement analysis
- Ratio analysis and financial health assessment
Module 5: Research Report Writing
- Structure of a research report
- Investment recommendations and ratings
- Target price derivation
- Risk factors and disclaimers
Module 6: Regulatory Framework & Ethics
- SEBI Research Analyst Regulations
- Code of conduct for research analysts
- Conflict of interest management
- Investor grievance redressal
NISM Series VIII vs XV: Which Do You Need?
NISM Series VIII
Equity Derivatives
- • Focus on F&O trading mechanics
- • Required for derivatives advisory
- • Best for options/futures traders
- • Covers pricing, Greeks, strategies
NISM Series XV
Research Analyst
- • Focus on analysis and research
- • Required for publishing research
- • Best for research-oriented traders
- • Covers fundamental & technical analysis
Recommendation: Get both certifications for maximum credibility and the highest stipend tier on PropaTrade.
Preparation Resources
Official NISM Portal
Registration & Exam Booking
Visit PortalNISM Workbook
Official study material
FREE DownloadPractice Tests
Mock tests available on NISM portal after registration
Included with exam feeRegistration Requirement
After passing NISM Series XV, you may need to register with SEBI as a Research Analyst if you plan to publish research publicly. PropaTrade Research Consultants operate under our umbrella, but individual registration provides additional credibility. Consult SEBI guidelines for complete requirements.