NISM Research Analyst Certification Exam Guide 2025

The NISM Research Analyst Exam is an essential certification for professionals aspiring to build a career in equity research and investment advisory. Conducted by the National Institute of Securities Markets, the NISM Research Analyst certification is mandatory for individuals seeking registration with SEBI as a research analyst. Eligibility typically includes graduation in finance-related fields or relevant professional qualifications.
The exam syllabus covers subjects such as securities markets, fundamental and technical analysis, valuation methods, financial statement analysis, and regulatory frameworks including SEBI orders and compliance guidelines. The exam fee is affordable, making it accessible to students and working professionals alike. Candidates can prepare using official NISM workbooks, online courses, mock tests, and practical case studies.
After clearing the exam, candidates can proceed toward SEBI registration, including BSE RA Registration, which enables analysts to legally publish research reports and recommendations. Understanding regulatory requirements and maintaining ethical standards are crucial for long-term success.
With structured preparation, the right study material, and awareness of SEBI regulations, aspirants can successfully clear the exam and establish a credible career as a SEBI registered research analyst.