Test Objectives: NISM-Series-XXV-A: Persons Associated with Research Services (Sales and Other Non-Core Services) Certification Examination.

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.