Curriculum: NISM-Series-XXV-A: Persons Associated with Research Services (Sales and Other Non-Core Services) Certification Examination.
Session 1: Introduction to Research Analysis Profession and Securities Markets.
- A. Overview of research services.
- B. Definition of research analysts.
- C. Define PARS and explain its role in supporting analysts, including client query handling and data-related assistance.
- D. Overview of the Indian securities market, including equity, debt, derivatives, and market participants.
- E. Key market terminologies and structure, including exchanges and regulators such as SEBI.
- F. Basic PARS communication skills for explaining market overviews to clients
Session 2: Fundamentals of Research, Market Terminologies and Market Analysis.
- A. Overview of data sources and basic tools used for research support.
- B. Key economic indicators—GDP, inflation, and interest rates—and their impact on markets.
- C. Understanding how economic trends influence industry and company performance.
- D. PARS skills for interpreting basic research terminology to support client explanations and prevent miscommunication.
Session 3: Risk and Return Fundamentals.
- A. Concepts of systematic and unsystematic risk, along with return metrics.
- B. Fundamentals of portfolio management and diversification.
- C. PARS skills for interpreting risk disclosures during client discussions and ensuring accurate information communication.
Session 4: Research Reporting, Ethics, and Regulatory Environment.
- A. Key qualities of an effective research report: clarity, objectivity, and compliance with disclosure requirements.
- B. Legal framework, including SEBI (Research Analysts) Regulations and insider trading rules.
- C. Ethical principles: addressing conflicts of interest and ensuring confidentiality in client interactions.
- D. KYC compliance and associated requirements.
- E. PARS skills for ethically managing client complaints and maintaining compliance records.
Session 5: Client Interaction and Relationship Skills.
- A. Communication and presentation skills, including clear verbal and written communication and presenting research summaries to clients.
- B. Negotiation and objection-handling skills, including addressing client concerns and managing information requests without overcommitting.
- C. Relationship management and networking skills, including building long-term client trust and leveraging networks for referrals and insights.
- D. Crisis management skills, including handling urgent client issues and de-escalating conflicts arising from market volatility or research discrepancies.
- E. Behavioral finance and bias recognition, including identifying client biases (e.g., overconfidence, loss aversion) and guiding discussions objectively.
- F. Code of Conduct and Compliance: Understanding RA Regulations, including terms and conditions, MITC, maintenance of required records, and handling investor grievances.
- G. PARS skills: Applying these regulations and practices in daily client interactions to ensure compliance and enhance client satisfaction.
Session 6: Professional Efficiency, Development, and Tools.
- A. Day Planning and Time Management: Prioritize tasks and schedule client calls and research support activities efficiently.
- B. Professional Development and Continuous Learning: Stay updated on market trends, pursue certifications, and conduct self-assessment.
- C. Ethics and Compliance: Reinforce regulatory adherence in tool usage, maintain data privacy, and make ethical decisions in daily operations.
- D. PARS Skills: Integrate tools into workflows to provide efficient client service and support personal career growth.
