NISM Series XV : Research Analyst Certification Exam Notes

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  • Independent Analysts work for research originators or boutique firms separate from full service investment firms and sell their research on a subscription basis to investors, institutions, investment bankers, regulators, stock exchanges, fund managers etc
  • Financial Market consists of Investors (buyers of securities), Borrowers/Seekers of funds (sellers of securities), Intermediaries (providing the infrastructure to facilitate transfer of funds and securities), Regulatory bodies (responsible for orderly development of the market)
  • The term 'securities' has been defined in the Section 2(h) of Securities Contracts (Regulation) Act, 1956 to include Shares, scrips, stocks, bonds, debentures, debenture stock, any marketable securities , Derivative, Units or any other instrument issued by collective investment Scheme, Security receipt, Mutual Fund Units, any debt instrument issued to an investor by an issuer, Government securities, Rights or interest in securities.
  • Debentures/Bonds/Notes are Issued by Companies, Government, Special Purpose Vehicles (SPVs) ? regulated by RBI, SEBI.
  • Debentures are either unsecured or secured (backed by collateral support) in nature.