Test Objectives: 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.
- 1.1 Research services and their scope
- 1.2 Definition of research analyst
- 1.3 Definition of PARS
- 1.4 Role of PARS in supporting analysts, including client query handling and data assistance.
- 1.5 Basics of Indian securities markets: equity, debt, derivatives, and market participants.
- 1.6 Key terminologies and market structure (exchanges, regulators like SEBI).
- 1.7 Skills for PARS: Basic communication with clients on market overviews.
Session 2: Fundamentals of Research, Market Terminologies and Market Analysis.
- 2.1 Data sources and basic tools for research support.
- 2.2 Economic indicators (GDP, inflation, interest rates) and their impact on markets.
- 2.2.1 Linking economic trends to industry and company performance.
- 2.3 Skills for PARS: Interpreting basic research terms to assist in client explanations and avoid miscommunication.
Session 3: Risk and Return Fundamentals.
- 3.1 Concepts of risk (systematic vs. unsystematic) and return metrics.
- 3.2 Portfolio basics and diversification.
- 3.3 Skills for PARS: Understanding risk disclosures in client discussions and ensuring accurate information relay.
Session 4: Research Reporting, Ethics, and Regulatory Environment.
- 4.1 Qualities of a good research report: Clarity, objectivity, and disclosure requirements.
- 4.2 Legal framework: SEBI (Research Analysts) Regulations, insider trading rules etc.
- 4.3 Ethical considerations: Conflicts of interest, confidentiality in client interactions.
- 4.4 KYC Compliance/Requirements
- 4.5 Skills for PARS: Handling client complaints ethically, and maintaining compliance records.
Session 5: Client Interaction and Relationship Skills.
- 5.1 Communication and Presentation Skills: Clear verbal/written communication, presenting research summaries to clients.
- 5.2 Negotiation and Objection Handling: Techniques for addressing client concerns, negotiating information requests without overcommitting.
- 5.3 Relationship Management and Networking: Building long-term client trust, leveraging networks for referrals and insights.
- 5.4 Crisis Management: Handling urgent client issues, de-escalating conflicts related to market volatility or research discrepancies.
- 5.5 Behavioural Finance and Bias Identification: Recognizing client biases (e.g., overconfidence, loss aversion) and guiding discussions objectively.
- 5.6 Code of Conduct: As per RA Regulations, Terms and Conditions as per RA regulations, MITC (as per RA Regulations)
- 5.7 Maintenance of records as required under RA Regulations
- 5.8 Handling of Investor grievance
- 5.9 Skills for PARS: Applying these in daily client interactions to enhance satisfaction and compliance.
Session 6: Professional Efficiency, Development, and Tools.
- 6.1 Day Planning and Time Management: Prioritizing tasks, scheduling client calls and research support activities.
- 6.2 Professional Development and Continuous Learning: Staying updated on market trends, pursuing certifications, and self-assessment.
- 6.3 Ethics and Compliance: Reinforcing regulatory adherence in tool usage, data privacy, and ethical decision-making in daily operations.
- 6.4 Skills for PARS: Integrating tools into workflows for efficient client service and personal career advancement.
