Knowing the NISM Series XV syllabus — and which chapters carry the most weight — lets you study smart instead of just hard. This 2026 breakdown walks through every major area of the NISM Research Analyst workbook, what each covers, and how to approach it.
How the NISM Series XV syllabus is structured
The syllabus follows the research process end to end: understanding markets, analysing the economy and industry, evaluating the company, valuing the stock, and finally writing a compliant research report. Here is the chapter-wise map.
1. Introduction to research analysis
The role, responsibilities and importance of a research analyst, and the difference between buy-side and sell-side research. Easy, scoring — read once and practise a few questions.
2. Terminology in equity and debt markets
Key terms across equity, debt and derivatives — primary vs secondary markets, instruments, indices. Build your vocabulary here; later chapters assume it.
3. Fundamentals of research
Top-down vs bottom-up approaches and the overall research framework. Conceptual; understand the logic rather than memorising.
4. Economic analysis
GDP, inflation, interest rates, fiscal and monetary policy, and key economic indicators. Expect questions linking indicators to market impact.
5. Industry analysis
Porter's five forces, industry life cycle, and competitive positioning. A favourite for application-style questions.
6. Company analysis — qualitative
Business model, management quality, corporate governance and competitive moat. Pairs with the quantitative chapter below.
7. Company analysis — quantitative (financial statements & ratios)
Reading the P&L, balance sheet and cash-flow statement, plus financial ratios (profitability, leverage, efficiency, valuation multiples). High weightage — invest serious practice time here.
8. Fundamentals of valuation
DCF, relative valuation, P/E, P/B, EV/EBITDA, CAGR. This is one of the highest-weighted, most-tested areas. Practise numerical questions until the formulas are automatic. See our deep dive on DCF valuation for NISM XV.
9. Technical analysis
Charts, trends, support/resistance, moving averages and indicators. Learn the core patterns and signals. See technical analysis basics for NISM XV.
10. Corporate actions
Dividends, bonus issues, stock splits, buybacks, rights issues — and how each affects price and shareholding. Scoring once you understand the mechanics.
11. Behavioural finance
Cognitive and emotional biases (anchoring, herding, overconfidence) that affect investment decisions. Conceptual and usually straightforward.
12. Research report writing & ethics
Structure of a research report, disclosures, and conflict-of-interest management.
13. Legal and regulatory framework
The SEBI (Research Analysts) Regulations, 2014 and the Code of Conduct — registration, obligations, and trading restrictions (e.g., the 30-day rule). High weightage and very scoring — memorise key thresholds. See SEBI Research Analyst regulations explained.
High-weightage areas to prioritise
If you are short on time, prioritise these:
- Fundamentals of valuation (DCF, multiples, CAGR).
- Company & financial-statement analysis (ratios).
- SEBI regulations & Code of Conduct (thresholds, disclosures).
These three clusters typically account for a large share of marks and are very practice-rewarding.
Smart way to study the syllabus
Rather than reading the workbook cover to cover, practise questions chapter by chapter and review the explanations. This active approach exposes weak spots immediately.
ScoreSetu organises all 620 NISM Series XV questions by exactly these topics, so you can drill one chapter at a time and track mastery on your dashboard.
Cover the syllabus systematically, weight your effort toward valuation, financials and regulations, and you will walk into the NISM Research Analyst exam prepared.