No matter what your aspirations are, Hedge School of Applied Economics (HSAE) has a program designed just for you!


The examination seeks to create a common minimum knowledge benchmark for all associated persons registered as research analyst under SEBI (Research Analyst) Regulations, 2014, individuals employed as a research analyst and partners of a research analyst, engaged in the preparation and/or publication of research report or research analysis. An associated person shall be required to pass the NISM-Series-XV: Research Analyst Certification Examination to fulfill the requirements specified under Regulation 7(2) of the SEBI (Research Analysts) Regulations, 2014. The certification aims to enhance the quality of services provided by the research analyst in the financial services industry. On successful completion of the examination, the candidate should: Know the basics of Indian Securities Markets and different terminologies used in equity and debt markets

  • Know about the top down and bottom up approach to fundamental research
  • Know the basic principles for micro and macroeconomic analysis, the sources of different information for analysis and the various macroeconomic variables affecting the analysis.
  • Know the key industry drivers and sources of information for industry analysis.
  • Understand the Qualitative and Quantitative dimensions with regards to Company Analysis.
  • Know about the Fundamentals of Risk and Return, Valuation Principles and the philosophy of various Corporate Actions.
  • Understand the qualities of a good research report

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