Taxmann’s Research Analyst by National Institute of Securities Markets (NISM) – Edition August 2026.

Research Analyst (NISM-Series-XV) is an uncompromising, practitioner-written manual published by the educational initiative of SEBI. It traces the full arc of an analyst’s job: defining what an analyst owes the market, mastering the vocabulary of equity, debt, and commodity instruments, and executing the fundamental analytical funnel. What distinguishes this book is its complete reliance on reality—it teaches from real Indian corporate documents, real price charts, and real market history rather than theoretical models.

Learning from Real Indian Companies

This is not a book that hedges. It teaches you to read a balance sheet with trained skepticism.

• The Bharti Airtel Walkthrough: The critical financial-analysis chapter is anchored entirely to Bharti Airtel’s real consolidated annual report. You will compute every ratio—EBITDA margins, ROE, debt-to-equity—on actual numbers.

• The Kingfisher Red Flag: Contrasts healthy metrics with the five straight years of negative operating cash flow that doomed Kingfisher Airlines.

• Named Corporate Actions: Works through real market events, such as the SBI stock split and the Adani Enterprises demerger, computing exact adjusted prices and entitlement ratios.

The 360-Degree Analytical Funnel

The book structures fundamental research precisely how professionals execute it on the buy-side and sell-side:

• Economy & Industry: Teaches GDP, inflation, and monetary policy, followed by strategic frameworks like Porter’s Five Forces, PESTLE, and the BCG Matrix applied to sectors like IT and telecom.

• Company & Valuation: Moves from business models and corporate governance checklists to DCF valuation (FCFF/FCFE) and relative multiples (EV/EBITDA, PEG).

• Technical Analysis: A complementary 29-illustration masterclass covering Dow Theory, candlesticks, and indicators like MACD and RSI, mapped onto real Nifty and Reliance charts.

The Regulatory Core (SEBI Mandates)

Because this is a SEBI-mandated workbook, the regulatory and conduct chapters are exhaustively detailed. It doubles as a compliance handbook for risk staff, covering personal-trading blackouts, quiet periods, disclosure thresholds, the advertisement code, and new clauses on the use of Artificial Intelligence in research work.

Who Should Buy This Book?

• Candidates for NISM-Series-XV Certification: This is the mandatory, prescribed workbook to clear the SEBI exam.

• Working Research Analysts & Associates: At broking houses, AMCs, PMS, and wealth firms who need an on-the-job reference for valuation and compliance.

• Finance Students (MBA, CFA, CA): A rare, single-volume entry point into practical fundamental analysis built from first principles.

• Serious Individual Investors: For those who want to build their own investment thesis rather than borrow someone else’s.

About the Publisher

National Institute of Securities Markets (NISM)

The National Institute of Securities Markets (NISM) is an educational institution established in 2006 by the Securities and Exchange Board of India (SEBI). Guided by a vision to enhance the quality of securities markets, NISM develops capacity-building programs and administers the mandatory certification examinations for professionals engaged in India’s financial markets. Their certifications serve as the ultimate benchmark for knowledge and compliance in the industry.

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