Become a Certified Equity Research Analyst

Understand who a Research Analyst is, and learn the difference between Sell-Side and Buy-Side roles. This lesson explains how analysts contribute to the investment process, and where their work fits within the financial ecosystem.

Terms Covered:

• Research Analyst

• Sell-Side Analyst

• Buy-Side Analyst

• Investment Insights

• Analyst Reports

Explore the core responsibilities of a Research Analyst and the essential skills needed to excel in this role. Learn what analysts do day-to-day and the capabilities that drive successful investment research.

Terms Covered:

• Research Analyst Responsibilities

• Financial Data Analysis

• Risk Assessment

• Analytical Skills

• Communication Skills

Learn how SEBI's Code of Conduct governs the ethical practices of Research Analysts. Understand disclosure norms, consequences of biased reports, and how transparency protects investor interests.

Terms Covered:
SEBI Code of Conduct, Conflict of Interest, Biased Recommendations, Insider Trading, SEBI Disclosures, Regulatory Compliance

Learn about common pitfalls in equity research and how to avoid them. This lesson covers cognitive biases, over-optimism, ignoring macroeconomic factors, and the importance of risk-adjusted returns in investment analysis.

Terms Covered:
Analyst Bias, Over-Optimism, Macroeconomic Impact, Management Verification, Risk-Adjusted Returns, Investment Research Mistakes

Understand the role and structure of the securities market, including how it facilitates capital formation, liquidity, and price discovery. Learn how investors benefit and why the market is vital for economic growth.

Terms Covered:
Securities Market, Capital Formation, Liquidity, Price Discovery, Risk Management, Dividends, Capital Appreciation

Learn the key differences between the Primary and Secondary Markets, how each functions, and their roles in the financial system. Understand how companies raise capital and how investors trade securities post-issuance.

Terms Covered:
Primary Market, Secondary Market, IPO, FPO, Rights Issue, Liquidity, Stock Exchanges, Demand and Supply

Explore how stock exchanges like NSE and BSE operate, and understand the key players in the securities market. Learn about the roles of brokers, institutional investors, and SEBI in maintaining a fair and transparent trading environment.

Terms Covered:
Stock Exchange, NSE, BSE, Brokers, FIIs, DIIs, Market Participants, SEBI Regulation

Dive into SEBI’s critical role in regulating India’s capital markets. This lesson explains how SEBI enforces key regulations, prevents insider trading and fraud, monitors social media for stock scams, and ensures fair play through real-time surveillance mechanisms.

Terms Covered:
SEBI, Market Regulator, Insider Trading, SEBI (Prohibition of Insider Trading) Regulations, Listing Obligations & Disclosure Requirements, Fraudulent and Unfair Trade Practices, SEBI Mutual Fund Regulations, Graded Surveillance Measures (GSM), Additional Surveillance Measures (ASM), T+1 Settlement Cycle

Learn the basics of stock ownership, how investors earn through capital gains and dividends, and how companies are classified as large-cap, mid-cap, or small-cap based on market capitalization. Understand how the P/E ratio helps analyze whether a stock is undervalued or overpriced.

Terms Covered:
Stocks, Capital Gains, Dividends, Market Capitalization, Large-Cap, Mid-Cap, Small-Cap, P/E Ratio, Earnings Per Share (EPS), Stock Valuation

Compare corporate bonds and government bonds to understand their differences in risk, return, and reliability. This lesson explores key features, real-world examples, and how credit ratings help investors assess bond safety before investing.

Terms Covered:
Corporate Bonds, Government Bonds, G-Secs, Coupon Rate, Credit Ratings, AAA Rating, Junk Bonds, Default Risk, Bond Liquidity, Risk vs. Return

Learn how stock and bond prices are determined in the market. This lesson covers what drives stock prices, how bond yields react to interest rates, and how valuation models like P/E ratio and DCF help investors assess if assets are fairly priced.

Terms Covered:
Stock Pricing, Bond Pricing, Supply and Demand, Interest Rates, Bond Yield, Stock Valuation, P/E Ratio, Discounted Cash Flow (DCF), Present Value, Credit Risk

This lesson introduces the debt market and explains how bonds work as fixed-income investments. Learn how yields are calculated, why bond prices and yields move in opposite directions, and how credit ratings help investors assess bond safety and risk.

Terms Covered:
Debt Market, Bonds, Coupon Rate, Bond Yield, Face Value, Maturity Date, Credit Ratings, AAA Rating, Junk Bonds, CRISIL, ICRA, CARE

In this lesson, you’ll get a clear, practical overview of the most important financial instruments used in the Indian securities market. We break down equity, debt (both short-term and long-term), hybrid instruments, and market-linked products like mutual funds, ETFs, REITs, and derivatives. Each product is explained in a simple, conversational style with real-world Indian examples—helping you understand what it is, how it works, and when it’s used. This lesson is designed to strengthen your core knowledge as a future Research Analyst and is aligned with NISM exam expectations.

In this lesson, you’ll decode essential terms every research analyst must know in the equity market. From Face Value and Book Value to EPS, DPS, Enterprise Value, and DVRs, we break down what each term means, how it's used, and why it matters. You'll also learn the critical difference between Market Value and Intrinsic Value—a must for stock valuation.

Understand the two main approaches analysts use to evaluate stocks—Fundamental Analysis and Technical Analysis. Learn how long-term investors assess a company’s true value through financials, and how traders use charts and patterns to predict price movements.

Terms Covered:
Fundamental Analysis, Technical Analysis, P/E Ratio, EPS, ROE, Support and Resistance, Moving Averages, RSI (Relative Strength Index), Stock Valuation, Price Patterns

Understand the four most important metrics used in fundamental analysis—P/E Ratio, EPS, ROE, and Debt-to-Equity. This lesson explains how these indicators help evaluate a company’s valuation, profitability, efficiency, and financial risk.

Terms Covered:
P/E Ratio, Earnings Per Share (EPS), Return on Equity (ROE), Debt-to-Equity Ratio (D/E), Stock Valuation, Financial Performance Metrics

Learn the basics of Technical Analysis and how traders use charts, trends, and moving averages to predict stock price movements. This lesson covers chart types, trend directions, and key indicators like the 50-day and 200-day moving averages.

Terms Covered:
Technical Analysis, Line Chart, Candlestick Chart, Market Trends, Uptrend, Downtrend, Moving Average, Simple Moving Average (SMA), Exponential Moving Average (EMA), Golden Cross, Death Cross

Discover how emotions like fear and greed affect investment decisions. This lesson explores key behavioral biases such as loss aversion, herd mentality, and overconfidence, and provides practical strategies to avoid emotional investing and make rational financial choices.

Terms Covered:
Behavioral Finance, Loss Aversion, Herd Mentality, Overconfidence Bias, Anchoring Bias, Recency Bias, Emotional Investing, Stop-Loss Strategy, Investor Psychology

Learn how to analyze a company's competitive position using two powerful strategy tools: SWOT Analysis and the BCG Matrix. In this lesson, we break down how to assess strengths, weaknesses, opportunities, and threats (SWOT), and how to classify business segments using the BCG Matrix (Stars, Cash Cows, Question Marks, Dogs). Real-world examples make these strategic models simple, visual, and highly practical for equity research and investment decisions.

Discover how the Structure-Conduct-Performance (SCP) model helps evaluate an industry’s competitive landscape, company behavior, and profitability. In this lesson, we break down how market structure influences business conduct—and how both impact returns. With examples from telecom, pharma, FMCG, and more, you’ll learn to use SCP for smarter sector-level investment analysis.

Understand the key macroeconomic indicators that impact stock markets and investment decisions. This lesson covers GDP growth, inflation trends, interest rate movements, and the role of foreign investments (FDI and FPI) in shaping market behavior.

Terms Covered:
GDP, Nominal GDP, Real GDP, Inflation, Demand-Pull Inflation, Cost-Push Inflation, Interest Rates, RBI Policy Rates, FDI, FPI, Foreign Investments, Macroeconomic Indicators

Learn how the Reserve Bank of India (RBI) manages inflation, liquidity, and economic growth through monetary policy tools like the Repo Rate, CRR, SLR, and Open Market Operations. Understand how these policy decisions directly affect stock markets, interest rates, and business activity.

Terms Covered:
Monetary Policy, RBI, Repo Rate, Reverse Repo Rate, Cash Reserve Ratio (CRR), Statutory Liquidity Ratio (SLR), Open Market Operations (OMO), Inflation Control, Liquidity Management, Stock Market Impact

Explore how global events like pandemics, oil price fluctuations, US Federal Reserve rate decisions, and geopolitical conflicts influence Indian stock markets. This lesson helps learners understand why global news creates local market reactions and how investors can respond strategically.

Terms Covered:
COVID-19 Market Impact, Oil Prices, Crude Oil and Inflation, US Fed Rate Hike, FPI Outflows, Global Stock Market Volatility, Geopolitical Tensions, Trade Wars, Sanctions, Currency Fluctuations

Learn where research analysts get accurate and trusted economic data for market analysis. This lesson covers global sources like the IMF and World Bank, as well as India-specific data from the RBI, NSE, and BSE—explaining how each source supports better investment decisions.

Terms Covered:
IMF, RBI, World Bank, NSE, BSE, Monetary Policy Reports, GDP Data, Inflation Rates, Stock Market Indices, FII/DII Flows, Forex Reserves, Sector Performance

Learn how industries evolve through four key stages—Introduction, Growth, Maturity, and Decline—and why identifying where an industry stands can guide smarter investment decisions. This lesson also shows how to assess an industry’s growth potential using real-world factors like demand trends and government policy.

Terms Covered:
Industry Life Cycle, Growth Stage, Maturity Stage, Decline Stage, Market Size, Demand Trends, Technological Disruption, Industry Evaluation, Emerging Industries

Learn how to assess the competitiveness and profit potential of any industry using Porter’s Five Forces framework. This lesson breaks down each force—rivalry, new entrants, substitutes, supplier power, and buyer power—with real-world examples and investor tips.

Terms Covered:
Porter’s Five Forces, Industry Rivalry, Threat of New Entrants, Threat of Substitutes, Supplier Power, Buyer Power, Entry Barriers, Competitive Advantage, Industry Attractiveness

Discover how to assess external risks and opportunities in any industry using the PESTLE framework. This lesson breaks down Political, Economic, Social, Technological, Legal, and Environmental factors and shows how to apply them using real-world industry examples like EVs, FMCG, and Pharma.

Terms Covered:
PESTLE Analysis, Political Factors, Economic Trends, Consumer Behavior, Technological Disruptions, Regulatory Risk, Environmental Impact, Industry Risk Assessment, EV Industry, Macro Analysis

Explore how key economic trends like GDP growth, inflation, interest rates, and currency movements impact different industries such as Banking, IT, and Pharma. Learn which sectors perform best in various economic conditions and how to align your investments with macro trends.

Terms Covered:
Economic Cycles, GDP Growth, Inflation Impact, Interest Rate Trends, Rupee Depreciation, Banking Sector, IT Industry, Pharma Sector, Defensive Stocks, Sector Rotation

Learn how to find accurate and trustworthy data for industry research. This lesson covers top sources like government reports (RBI, IMF, NITI Aayog), financial databases (NSE/BSE, Bloomberg, Reuters), industry associations (NASSCOM, SIAM), and consulting reports (McKinsey, PwC). Understand how to verify and cross-check data before using it in your analysis.

Terms Covered:
Industry Research, Government Reports, Financial Databases, NSE, BSE, Bloomberg, NASSCOM, SIAM, Market Research Reports, Data Verification, Investor Presentations

Learn how to evaluate a company’s business model and competitive strategy to assess its long-term investment potential. This lesson covers revenue models like subscription, advertising, asset-light, and asset-heavy, and explains key competitive advantages like brand power, technology, and network effects.

Terms Covered:
Business Model, Revenue Model, Subscription-Based Model, Asset-Light Model, Asset-Heavy Model, Competitive Advantage, Brand Power, Cost Leadership, Technology Advantage, Network Effects

Learn how corporate governance practices impact investor trust, company stability, and long-term stock performance. This lesson explains the principles of good governance, red flags to watch for, and real-world case studies like Satyam, Yes Bank, and IL&FS that highlight the risks of poor governance.

Terms Covered:
Corporate Governance, Board of Directors, Transparency, Accountability, SEBI Disclosures, Auditor Reports, Promoter Share Pledging, Governance Red Flags, Satyam Scam, Yes Bank Crisis

Understand the three core financial statements—Balance Sheet, Profit & Loss (P&L), and Cash Flow Statement—and how to use them for evaluating a company’s financial health. This lesson explains key components like assets, liabilities, revenue, net profit, and operating cash flow with real company examples.

Terms Covered:
Balance Sheet, Profit & Loss Statement, Cash Flow Statement, Net Profit, Revenue, Assets, Liabilities, Shareholders’ Equity, Operating Cash Flow, Debt-to-Equity Ratio

Understand how ESG (Environmental, Social, and Governance) factors impact a company’s sustainability, ethics, and long-term investment potential. This lesson breaks down ESG pillars, provides real-world company examples, and explains how to assess ESG ratings, reports, and disclosures.

Terms Covered:
ESG Analysis, Environmental Factors, Social Responsibility, Corporate Governance, ESG Ratings, Carbon Footprint, Board Independence, SEBI ESG Disclosures, Sustainable Investing, Ethical Business Practices

Learn how corporate actions like dividends, stock splits, and share buybacks affect shareholders and influence stock market behavior. This lesson explains why companies initiate these actions and how investors can interpret them to make informed decisions.

Terms Covered:
Corporate Actions, Dividends, Cash Dividend, Stock Dividend, Dividend Yield, Stock Split, Share Buyback, Earnings Per Share (EPS), Investor Returns

Explore how corporate actions like dividends, stock splits, buybacks, bonus shares, and mergers & acquisitions affect stock prices. This lesson explains price movements before and after such events, helping investors understand market behavior and make informed decisions.

Terms Covered:
Dividends, Ex-Dividend Date, Stock Splits, Share Buybacks, Bonus Shares, Mergers & Acquisitions (M&A), Earnings Per Share (EPS), Stock Price Adjustment

Understand the three most commonly used stock valuation methods—P/E Ratio, P/BV Ratio, and Discounted Cash Flow (DCF). This lesson explains how to measure if a stock is overvalued or undervalued using simple formulas, real company examples, and industry-specific applications.

Terms Covered:
P/E Ratio, P/BV Ratio, Book Value, Discounted Cash Flow, DCF Valuation, Intrinsic Value, Earnings Per Share (EPS), Valuation Metrics, Market Price, Asset-Based Valuation

Follow a real-world equity research case study using Infosys (NSE: INFY) to learn how analysts determine a stock’s fair value. This lesson covers business model analysis, valuation ratio comparisons (P/E, P/BV), and Discounted Cash Flow (DCF) valuation to make a Buy, Hold, or Sell recommendation.

Terms Covered:
Infosys Valuation, P/E Ratio, P/BV Ratio, Discounted Cash Flow, DCF Intrinsic Value, Equity Research, Buy Recommendation, Target Price, Fair Value, Long-Term Investment, WACC, Cash Flow Forecast