NISM Research Analyst PAPER XV 2026

Research Analyst is a comprehensive professional handbook on equity research and investment analysis, designed to present the research analyst function as it is actually performed in regulated capital markets. The book is structured as a complete research analyst’s desk reference, integrating market structure, analytical methodologies, economic and industry assessment, company evaluation, valuation, risk analysis, research reporting standards, and regulatory obligations into a single, coherent framework. The publication captures the full analytical lifecycle of equity research—beginning with understanding securities markets and instruments, progressing through economy–industry–company analysis, and culminating in valuation, risk assessment, and the preparation of a compliant research report. Its editorial philosophy reflects the view that high-quality research is not the result of isolated techniques, but of disciplined analytical thinking, structured data interpretation, professional judgment, and ethical conduct, all of which are embedded throughout the book.

This book is intended for the following audience:

• Equity Research & Investment Professionals seeking a structured, practice-oriented reference
• Research Analysts & Associates involved in company coverage, valuation, or sectoral research
• Professionals in Brokerage, Advisory, PMS, & Institutional Research Functions
• Students & Early-Career Entrants aiming to build a strong conceptual and analytical foundation in equity research
• Compliance, Governance, & Supervisory Professionals requiring clarity on research analyst obligations and disclosure standards
• Academics & Trainers delivering applied courses on securities markets and investment research