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What is the primary purpose of the workbook?
What is the name of the institution that developed the workbook?
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What is the website of the National Institute of Securities Markets?
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Which of the following is NOT included in the definition of 'securities' under the Securities Contracts (Regulation) Act, 1956?
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What is the primary function of securities markets in the context of resource allocation?
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Which of the following is NOT considered a key component of the financial market?
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What is the main purpose of securities markets according to the provided text?
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Which of the following is an example of a 'pooled investment vehicle' as defined in the Securities Contracts (Regulation) Act, 1956?
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What is the role of regulatory bodies in the financial market?
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What does the term 'securities' encompass according to the provided definition?
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What is the significance of the Securities Contracts (Regulation) Act, 1956 (SCRA) in the context of securities markets?
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What is the primary purpose of a market index?
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What is the main criterion used for weighting stocks in most leading indices?
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Which of the following is NOT a reason why stocks included in an index are generally quite liquid?
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What is the main difference between warrants and convertible warrants?
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Which of the following indices is NOT included in the list of widely tracked indices in India?
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What is the significance of the 'floating stock' factor in selecting stocks for an index?
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What does the term 'market cap weighted' mean in the context of indices?
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Why is it important for indices to be reviewed and modified periodically?
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Which index is specifically designed to track mid-cap stocks in India?
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What does NAV stand for in the context of mutual fund units?
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Which of the following is NOT a major use of stock market indices?
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What distinguishes an open-ended mutual fund scheme from a closed-ended scheme?
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Which of the following indices is designed for tracking the performance of the top 50 companies in India?
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Which regulator oversees the mutual fund industry in India?
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To which sector do indices for banking, information technology, and pharma belong?
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What is the main difference between fixed capital of closed-ended funds and that of open-ended funds?
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What is a key benefit of Commodity Linked Debentures (CLDs)?
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Which of the following statements about Mortgage Backed Securities (MBS) is true?
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What percentage of assets must Real Estate Investment Trusts (REITs) hold in real estate to meet regulatory requirements?
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What is a fundamental aspect of how Asset Backed Securities (ABS) work?
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What regulatory requirement must Infrastructure Investment Trusts (InvITs) meet regarding their unit capital?
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What is a characteristic of both REITs and InvITs regarding their income distribution?
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What is a common trait of commodities?
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What role do cash flows from financial assets serve in MBS and ABS?
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What are depositary receipts referred to when the issuing company delivers the securities and initiates the process?
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Where can unsponsored depositary receipts be traded?
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What is the feature of depositary receipts that allows shares to be bought in the local market and converted into DRs?
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What are Indian companies allowed to raise in the form of issue of ordinary equity shares through depository receipts?
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What is the restriction on the conversion of IDRs into shares in India?
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What are depositary receipts issued and traded in the USA called?
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Why are IDRs limited to resident Indian investors?
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What is the purpose of SEBI guidelines for IDRs?
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What is the primary role of a Research Analyst?
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Which of the following is NOT a primary responsibility of a Research Analyst?
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What is a key principle of interaction between a Research Analyst and a company?
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Which of the following qualities is NOT considered essential for a successful Research Analyst?
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In the analogy of choosing a new phone, what aspect of the Research Analyst's role does the process of comparing technical specifications represent?
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What does the term 'Research' encompass in the context of a Research Analyst's work?
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What is the role of 'Analysis' in the Research Analyst's work?
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Which of the following is NOT a key factor that a Research Analyst considers when helping clients make investment decisions?
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What is the primary function of securities markets in the context of resource allocation?
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What is a key benefit of securities for investors?
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Which of the following is a key characteristic of securities markets?
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How do securities markets contribute to liquidity in the financial system?
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What is the primary objective of the issuers of securities?
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Which of the following is NOT considered a key participant in the securities market?
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How does the process of dematerialization enhance efficiency in the securities market?
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What is the primary function of securities in the financial system?
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Which of the following is NOT a focus area for research analysts when understanding the economy?
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What is a key difference between industries?
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What is the primary role of a research analyst, as described in the text?
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Why is it important for research analysts to understand the economic environment?
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Which of the following factors is NOT mentioned as something research analysts need to understand when evaluating an industry?
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What is the primary focus of economic analysis for research analysts, as described in the text?
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Why is it important for research analysts to understand the industry in which a company operates?
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What is the analogy used to illustrate the importance of understanding individual companies?
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What is the primary goal of the NISM-Series-XV: Research Analyst Certification Examination?
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Which of the following is NOT covered in the NISM-Series-XV: Research Analyst Certification Examination workbook?
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Who is primarily responsible for developing the NISM-Series-XV: Research Analyst Certification Examination workbook?
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What is the primary purpose of the certification for Research Analysts under SEBI (Research Analyst) Regulations, 2014?
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According to the provided text, who is required to pass the NISM-Series-XV: Research Analyst Certification Examination?
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What is a key aspect of the NISM-Series-XV: Research Analyst Certification Examination workbook that contributes to its effectiveness?
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What is a potential benefit of passing the NISM-Series-XV: Research Analyst Certification Examination for individuals?
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Which of the following is NOT mentioned as a topic covered in the NISM-Series-XV: Research Analyst Certification Examination workbook?
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Why is it essential for analysts to have clear and specific questions in mind while interacting with the management of a company?
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What is the primary role of Research Analysts?
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What should analysts avoid in their research reports?
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Why is it essential for Research Analysts to disclose conflicts of interest?
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What quality is expected of Research Analysts while performing their role?
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Why is it recommended to use technology like recording devices while interviewing management and communicating with clients?
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What is the primary responsibility of Research Analysts while communicating with clients?
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What skill set is required for the job of Research Analysts?
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What is the primary purpose of debentures/bonds/notes?
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What is the characteristic of fully convertible debentures?
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What are foreign currency bonds?
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Who are the investors in debentures/bonds/notes?
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What is the regulator for debentures/bonds/notes in India?
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What is the medium for issuing debentures/bonds/notes?
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What are partly convertible debentures (PCDs)?
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What are short-term debt instruments used for?
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What is one advantage for companies in emerging markets when issuing USD bonds?
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When an issuer issues a Masala bond, what type of currency risk do they face?
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What distinguishes an external bond from other types of bonds?
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In what year were Masala bonds first issued?
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What happens if the foreign currency of a bond appreciates against the local currency?
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What is the primary function of a depository in the Indian securities market?
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What is a characteristic of both Masala bonds and external bonds?
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Which of the following entities act as an intermediary between investors and depositories in the Indian securities market?
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Which type of bonds are denominated in Indian Rupees but issued outside of India?
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What is a potential disadvantage for issuers of USD bonds?
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What is the primary function of a Depository Participant (DP) in the Indian securities market?
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Which of the following is NOT a service provided by depositories in the Indian securities market?
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Who maintains the company-level accounts of securities issued in the Indian securities market?
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What is the primary purpose of Stock Exchanges in the Indian securities market?
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What role do clearing and settlement agencies play in the Indian securities market?
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What is the primary difference between Depositories and Depository Participants?
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What do securities primarily allow investors to do with their savings?
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Which of the following best describes the main function of the securities market?
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How do securities serve the interests of both issuers and investors?
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Which of these is NOT considered a type of security?
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What does the concept of dematerialization in securities refer to?
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What is the role of the securities market in facilitating capital movement?
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Which statement about securitization is true?
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What advantage does the issuance of securities provide to borrowers?
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What is the purpose of the disclaimer in the publication?
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Why do the publishers of the publication make best efforts to avoid errors?
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Which of the following is a primary responsibility of a Research Analyst?
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What is the primary market used for by companies?
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What does an Initial Public Offering (IPO) involve?
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Which regulatory body defines the eligibility criteria for companies raising capital from the public in India?
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What is the minimum percentage of shares that must be allocated to retail investors in an eligible issue according to SEBI regulations?
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What is the maximum percentage of shares that can be allocated to qualified institutional investors in an eligible issue according to SEBI regulations?
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What is the primary purpose of an IPO for a company?
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What is the main difference between a public issue and a private placement in the primary market?
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What does SEBI's regulation regarding the proportion of shares allocated to different classes of shareholders aim to achieve?
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What type of debenture offers a complete conversion into ordinary shares of the issuing company?
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What is the main characteristic of short-term debt instruments like Treasury Bills, Commercial Papers, and Certificates of Deposit?
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Which of the following is NOT a characteristic of Foreign Currency Bonds?
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Which of the following is a type of debenture that has a portion convertible into ordinary shares and a non-convertible portion that is repaid at maturity?
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What is the primary function of a regulator like RBI or SEBI in the context of debentures/bonds/notes?
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What is the primary difference between Non-Convertible Debentures (NCDs) and Fully Convertible Debentures?
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In what way are debentures/bonds/notes similar to short-term debt instruments like Treasury Bills, Commercial Papers, and Certificates of Deposit?
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Which of the following is a key difference between Domestic and Foreign currency bonds?
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What is the primary function of securities markets as described in the text?
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Which of the following is NOT considered a key component of the financial market, according to the text?
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What does the term 'securities' encompass, according to the definition provided in the Securities Contracts (Regulation) Act, 1956?
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Which of the following is NOT explicitly included in the definition of 'securities' as per the Securities Contracts (Regulation) Act, 1956?
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What is the primary role of regulatory bodies in the financial market?
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Which of the following is a key benefit of securities markets for investors?
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How do securities markets facilitate the conversion of savings into investments?
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Which of the following is NOT a characteristic of the securities market as described in the text?
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What is the term used to describe depositary receipts when the issuing company delivers the securities and initiates the process?
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Where can unsponsored depositary receipts be traded?
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What is the feature of depositary receipts that allows shares to be bought in the local market and converted into DRs?
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What are Indian companies allowed to raise in the form of issue of ordinary equity shares through depository receipts?
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What is the restriction on the conversion of IDRs into shares in India?
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What are depositary receipts issued and traded in the USA called?
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Why are IDRs limited to resident Indian investors?
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What is the purpose of SEBI guidelines for IDRs?
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What is the primary difference between Foreign Currency Convertible Bonds (FCCBs) and convertible bonds?
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What is the underlying asset on which the interest of Equity Linked Debentures (ELDs) is based?
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What is the main characteristic of Commodity Linked Debentures (CLDs) similar to Equity Linked Debentures (ELDs)?
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What is the regulatory requirement for the issue of Foreign Currency Convertible Bonds (FCCBs)?
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What is the risk that investors still carry despite capital protection in Equity Linked Debentures (ELDs)?
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What is the underlying asset on which the interest of Commodity Linked Debentures (CLDs) is based?
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What is the feature of Equity Linked Debentures (ELDs) that provides exposure to equity returns?
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What is the repayment obligation in Foreign Currency Convertible Bonds (FCCBs)?
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What is the objective of issuing ESOPs?
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What is the primary function of the secondary market?
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What is the main difference between OTC markets and Exchange Traded Markets?
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What is the role of the clearing corporation in the Exchange Traded Market?
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What is trading?
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What is the feature of the electronic order-matching system in stock exchanges in India?
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What is the benefit of an active secondary market?
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What happens when an employee chooses to exercise the option in an ESOP?
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Which of the following is a characteristic that makes precious metals, like gold and silver, suitable investment options?
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What is a key difference between hard commodities and soft commodities?
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What is a primary advantage of investing in commodity ETFs compared to directly investing in physical commodities?
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Why are commodities considered a potential hedge against inflation?
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Which of the following is a potential drawback of investing in commodities?
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What is a key characteristic that distinguishes commodities from other types of assets?
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Which of the following is an example of a soft commodity?
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How do commodity ETFs typically track the performance of the underlying commodities?
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What is a primary function served by a rights issue?
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Which of the following is a characteristic of a stock split?
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What is the primary purpose of a merger and acquisition?
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What does the objective of a buyback of shares typically aim to achieve?
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What is a significant feature of a demerger?
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In valuation principles, what does the concept of 'market risk (beta)' measure?
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Which valuation approach focuses on estimating intrinsic value using projected cash flows?
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What aspect of investments does the concept of 'margin of safety' relate to?
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What is a primary challenge associated with measuring risk in investments?
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What is a key quality of a good research report?
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What is the primary purpose of an Exchange Traded Fund (ETF)?
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How are the units of an Exchange Traded Fund (ETF) traded?
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What is a characteristic of preference shares?
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Why do preference shares resemble equity?
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What is the primary role of a Research Analyst?
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What is the process similar to that of a Research Analyst when buying a new phone?
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What is a key benefit of Exchange Traded Funds (ETFs)?
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What regulates Exchange Traded Funds (ETFs) in India?
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What is the analysis stage of a Research Analyst's work involved with?
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How are Exchange Traded Funds (ETFs) issued?
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What quality is desired in a Research Analyst?
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What is the primary difference between an Exchange Traded Fund (ETF) and an index fund?
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What is the primary responsibility of a Research Analyst?
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What is the role of a Research Analyst similar to when evaluating options for a new phone?
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What is the importance of interaction with companies and clients in a Research Analyst's role?
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What is the process of a Research Analyst involved with?
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Who is responsible for appointing Depository Participants?
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Which of the following can be registered as a Depository Participant?
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What is the primary role of a Trading Member?
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What is an Authorised Person?
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What happened to sub-brokers with effect from April 01, 2019?
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What is the primary purpose of the approval process for Authorised Persons?
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What is the role of SEBI in the context of Depository Participants and Trading Members?
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What is the key difference between a sub-broker and an Authorised Person?
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What is the main purpose of underwriters in the primary market?
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What is the difference between hard underwriting and soft underwriting?
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Which of the following is NOT a type of Institutional Investor?
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What is the role of Foreign Portfolio Investors (FPIs) in the Indian securities market?
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Which of the following is a key function of an underwriter in an IPO?
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What is the main purpose of a credit rating agency in the context of an IPO?
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What is the main difference between retail investors and institutional investors?
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What does the term "hard underwriting" refer to in the context of an IPO?
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What is the total number of marks available in the examination?
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What is the passing score required to pass the examination?
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How many multiple choice questions are included in the examination?
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Which software should candidates be proficient in for numerical computations during the examination?
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What percentage of marks is deducted for each wrong answer in the examination?
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How many case-based questions does the examination include?
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What is a key focus area of the examination in relation to research?
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What is one of the fundamental topics candidates should understand for the examination?
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What is the role of a Research Analyst?
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Which of the following factors significantly affect analysis and decision-making for Research Analysts?
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What is NOT a key quality desired in a good research analyst?
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Which of the following is a key skill required for a Research Analyst to effectively analyze financial data?
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What type of data do Research Analysts primarily analyze to assess a company's financial health?
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Which of these skills is NOT a crucial aspect of effective communication for a Research Analyst?
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What is a key benefit of using spreadsheets and data analytical tools for Research Analysts?
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What is the primary objective of a Research Analyst when evaluating an industry or company?
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What is the main function of a Depository Participant (DP) in the securities market?
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Which of the following is NOT a depository service provided by institutions like CDSL and NSDL?
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What is the primary purpose of stock exchanges like NSE, BSE, and MSEI?
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Which of the following statements is TRUE regarding MTM margin?
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Who manages the funds and securities settlement resulting from trades on stock exchanges?
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Which of the following entities is responsible for maintaining company-level accounts of securities issued?
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What is the significance of anonymous order matching on stock exchanges?
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How are securities held by investors through a Depository Participant (DP)?
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Which approach involves analyzing the overall economic conditions before focusing on specific companies?
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What is a fundamental principle of risk and return in financial analysis?
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Which component is essential in writing a good research report?
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What is one of the key drivers used in company analysis?
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Which of the following is NOT a regulatory framework governing research analysts in India?
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What does the fundamental analysis of a company include?
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In what context is the term 'corporate actions' significant?
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Which of the following best describes 'valuation principles' in financial analysis?
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What is the primary advantage of Commodity Linked Debentures (CLDs) for investors?
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What is the key characteristic that makes Asset Backed Securities (ABS) and Mortgage Backed Securities (MBS) distinct from other debt instruments?
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How do REITs (Real Estate Investment Trusts) ensure they meet regulatory requirements for tax benefits?
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Which of the following is a key difference between REITs and InvITs?
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What is the primary function of cash flows generated from financial assets in the context of MBS and ABS?
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What is a common characteristic of commodities that distinguishes them from other types of assets?
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What is the main purpose of creating liquidity in otherwise illiquid assets through securitization, as exemplified by MBS and ABS?
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Which of the following is a key benefit of investing in REITs and InvITs for investors?
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What is the primary reason why both REITs and InvITs are required to distribute at least 90% of their distributable surplus cash flow to unit holders?
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Which of the following entities are NOT eligible to be registered as a Depository Participant (DP)?
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What is the primary role of a Trading Member in the stock market?
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What is the purpose of an Authorised Person in the stock market?
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What was the SEBI Board's decision regarding sub-brokers in 2018?
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Which of the following is NOT a requirement for a sub-broker to become an Authorised Person (AP) or Trading Member?
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What is the primary role of SEBI in the context of Depository Participants (DPs)?
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Which of the following entities is most likely to be classified as a 'Trading Member' under the stock market regulations?
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Which of the following is a key difference between an Authorised Person (AP) and a sub-broker?
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What is the main purpose of stock market indices?
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What is the regulator of mutual funds in India?
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What is the key difference between open-ended and closed-ended mutual fund schemes?
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What do indices for banking, information technology, and pharma belong to?
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What is the Net Asset Value (NAV) of a mutual fund?
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What is a key use of stock market indices?
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Which of the following indices is designed to track mid-cap stocks in India?
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What do mutual funds pool together?
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Which of the following is a type of depositary receipt traded in the Indian stock market?
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What is the primary reason for companies to issue depository receipts?
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Which of the following is NOT a characteristic of holding depository receipts?
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What is the main difference between ADRs and IDRs?
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Which of the following is a benefit for investors who hold depository receipts?
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What is the primary purpose of Foreign Currency Convertible Bonds (FCCBs)?
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Where are GDRs typically issued and traded?
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What is a key advantage of issuing GDRs for companies?
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What is the main difference between initial margin and MTM margin?
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What is the primary role of a stock exchange in the securities market?
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Which of the following is NOT a service provided by a depository?
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What is the primary role of a depository participant (DP)?
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Which of the following is NOT a depository currently registered with SEBI in India?
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What is the main difference between investor-level accounts and company-level accounts of securities?
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What is the primary benefit of holding securities in dematerialized form?
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Which of the following statements about market intermediaries is TRUE?
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What implication does the disclaimer state regarding the views expressed in the publication?
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What should a user consider before following any steps suggested in the publication?
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What responsibility does NISM and SEBI disclaim in relation to the publication's content?
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Which of the following is NOT stated as a purpose of the publication?
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What type of information does the publication contain regarding its sources?
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Which of the following is NOT a requirement for a company to issue bonus shares?
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What percentage of the portion allocated to Qualified Institutional Buyers (QIBs) can anchor investors be allocated?
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For which purpose does a company generally engage in a Follow on Public Offer (FPO)?
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Which of the following is a reason for a company to raise equity capital through a follow-on public offer?
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What encompasses Qualified Institutional Buyers (QIBs)?
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Which of the following is NOT a form of private placement?
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What should analysts do before meeting a company's management?
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What is the primary advantage of CLDs for investors?
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What is the primary purpose of MBS and ABS?
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What is the main purpose of analysts meeting with a company's management?
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What is the minimum percentage of assets that REITs must hold in revenue-generating real estate?
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What is the characteristic of commodities?
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What is a key benefit of REITs and InvITs?
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What is the regulatory requirement for InvITs regarding their unit capital?
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What type of margin is charged by the clearing corporation to handle the risk of default by buyers and sellers?
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What do REITs and InvITs invest in?
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What is the role of the clearing corporation in reducing counterparty risk in exchange traded transactions?
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How do OTC transactions differ from exchange traded transactions in terms of settlement?
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What is the purpose of the obligation report provided by the Clearing House to brokers and custodians?
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What is novation of contracts in the context of clearing corporations?
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Why do clearing corporations charge margins to counterparties?
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What is the primary difference between a public issue of securities and a private placement?
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What are the three options available to an investor who has been awarded right shares?
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What is the key difference between rights issues and bonus issues?
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What is the main requirement for a company to issue bonus shares?
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Which of the following is NOT a characteristic of a preferential issue?
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Which of the following is NOT a valid option for an investor who has been awarded rights shares?
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What is the primary purpose of a rights issue?
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What is the impact of issuing bonus shares on a company's financial statements?
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What is the primary purpose of qualitative company analysis, as described in the text?
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Which of the following is NOT mentioned as a benefit of direct interaction with company management?
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What is a potential risk associated with direct communication with company management?
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What is the main difference between qualitative and quantitative analysis of companies?
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How does the comparison between athletes and companies in the text illustrate the importance of company analysis?
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Which of the following is NOT a factor mentioned in the text that could affect a company's performance compared to its peers?
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What is the significance of the statement "only with probability and not with certainty" in relation to analyzing company performance?
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What is the primary message conveyed by the text about the role of internet in company analysis?
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What is the main purpose of corporate actions?
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What is the difference between price and value?
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What is the Discounted Cash Flows Model used for?
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What is the concept of risk in investments?
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What is the purpose of a research report?
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What is the role of regulatory bodies in the financial market?
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What is the purpose of the Code of Conduct for Research Analysts?
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What is the purpose of exchange surveillance mechanisms?
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What is the primary way in which Equity Linked Debentures (ELDs) provide equity participation to investors?
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Which of the following accurately describes the interest payment structure of both Equity Linked Debentures (ELDs) and Commodity Linked Debentures (CLDs)?
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What is the main difference between Foreign Currency Convertible Bonds (FCCBs) and Equity Linked Debentures (ELDs) in terms of their underlying asset?
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How does the issuer of an ELD ensure principal protection for the investor?
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Which of the following statements is TRUE regarding the credit risk associated with Equity Linked Debentures (ELDs)?
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What is the currency in which dividend payments are made when an FCCB is converted into equity?
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Which regulatory body oversees the issuance of Foreign Currency Convertible Bonds (FCCBs) in India?
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Which of the following instruments is MOST similar to an Equity Linked Debenture (ELD) in terms of its structure and risk-reward profile?
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What should research analysts avoid in their suggestions to clients?
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Which of the following is essential for communicating findings in research reports?
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What must research analysts disclose if a conflict of interest arises?
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Which quality is NOT typically required from a research analyst?
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When should analysts prepare a questionnaire for management meetings?
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Which statement best reflects the ethical responsibilities of research analysts?
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What is a recommended practice when interviewing management?
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What is a critical component of producing a research report?
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What is a preferential issue?
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Which of the following is NOT included in the definition of preferential issue?
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What is one requirement imposed by SEBI for preferential issues?
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Which option is NOT a choice available to investors awarded right shares?
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What must companies have in order to issue bonus shares?
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What happens to the retained earnings when a bonus issue is made?
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What distinguishes a rights issue from a bonus issue?
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Which statement is true about private placement of securities?
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Which of the following is NOT considered a key component of the Financial Market, as outlined in the text?
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Which of the following is included in the definition of 'securities' under the Securities Contracts (Regulation) Act, 1956 (SCRA)?
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What is the primary function of securities markets in terms of resource allocation?
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Which of the following is NOT a type of 'securities' as defined by the Securities Contracts (Regulation) Act, 1956 (SCRA)?
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Which of the following best describes the primary role of regulatory bodies in the financial market?
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Which of the following is a key reason for the existence of securities markets?
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What is the primary purpose of the financial market?
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Which of the following is NOT a benefit provided by securities markets to investors?
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Which type of analyst works for firms that provide investment banking, broking, and advisory services for clients, and their reports are available to the public?
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Which of the following is NOT a common client for Independent Research Analysts?
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What is the primary purpose of research reports generated by Buy-side Analysts?
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Which of the following best describes the role of Independent Research Analysts?
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Which of the following is a key difference between Sell-side and Buy-side analysts?
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Which type of analyst is LEAST likely to have their research reports widely distributed to the public?
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Why might a company seeking to understand the competitive landscape in its industry hire an Independent Research Analyst?
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What is a key reason why the research reports of Buy-side Analysts are generally not available to the public?
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What is the main role of a custodian?
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What is the primary function of a clearing corporation?
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What is the primary role of a merchant banker?
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What is the responsibility of a clearing member?
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What is the result of a pay-out in a clearing bank?
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What is the role of a custodian in tracking corporate actions?
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What is the purpose of a clearing corporation?
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What is the primary focus of a research analyst when evaluating an industry?
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Which macro-economic factor is NOT typically considered by research analysts?
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How do research analysts aid investment decisions regarding companies?
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Which of the following aspects is NOT a key consideration for research analysts when understanding the economy?
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Which economic component directly affects the growth potential of companies, according to research analysts?
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What role does understanding consumer behavior play for research analysts?
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Which factor is least likely to be analyzed by research analysts when predicting future company performance?
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What key outcome is expected from a research analyst's evaluation of a company's performance?
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What are securities primarily used for by issuers?
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Which key feature of securities markets facilitates the buying and selling of securities?
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What is the primary benefit to investors from owning securities?
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What is the first step an analyst should take before meeting a company's management?
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What type of financial instruments are included in the definition of securities?
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Which principle should analysts follow to maintain an unbiased opinion during their research?
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How do securities markets benefit both issuers and investors?
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What is dematerialization in the context of securities?
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What aspect of management communication is essential for analysts to ensure clarity?
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What should analysts avoid revealing during their meeting with management?
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What is the primary aim of NISM certification examinations and educational programs?
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How many certificates have been issued by NISM till March 2023?
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What is the concept on which initial margin is based?
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What is the role of a Depository in the securities market?
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What is the purpose of a Depository Participant?
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Who manages the funds and securities settlement?
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What is the purpose of a Stock Exchange?
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What is MTM margin?
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How many Depositories are registered with SEBI in India?
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Who holds and maintains company-level accounts of securities?
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What is the primary role of a Custodian?
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What is the purpose of Clearing Corporations?
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What is the primary function of Merchant Bankers?
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What is the responsibility of a clearing member in relation to a clearing bank?
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What does a Custodian do on behalf of its clients?
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What is the role of Clearing Corporations in ensuring settlement of transactions?
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What is a key characteristic of gold ETFs compared to other commodity ETFs?
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What advantage does a managed futures contract provide to investors?
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What is the primary function of a warehouse receipt?
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What is the primary role of the primary market in the securities market?
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Which of the following statements accurately describes managed futures contracts?
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What is a fundamental feature of the secondary market?
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What distinguishes a negotiable warehouse receipt from a non-negotiable one?
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What is a characteristic that makes precious metals a viable investment option?
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What is the primary reason investors prefer one design of jewellery over another?
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What type of commodities are grown?
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What is the purpose of an Initial Public Offer (IPO)?
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What is the minimum percentage of shares that should be allocated to retail investors in an eligible issue?
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What is the primary market used for?
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What is the key benefit of Commodity Linked Debentures (CLDs)?
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Which of the following is NOT a characteristic of both REITs and InvITs regarding their income distribution?
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What is the feature of depositary receipts that allows shares to be bought in the local market and converted into DRs?
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What is the purpose of SEBI guidelines for IDRs?
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Which of the following is NOT a primary responsibility of a Research Analyst?
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What is the main difference between warrants and convertible warrants?
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Which of the following indices is specifically designed to track mid-cap stocks in India?
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What is the primary purpose of the Discounted Cash Flows Model for Business Valuation?
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What is the main difference between Rights Issue and Bonus Issue?
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What is the purpose of the Price-to-Earnings (P/E) ratio in Relative Valuation?
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What is the main purpose of the Capital Asset Pricing Model (CAPM)?
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What is the term for the process of reorganizing a company's capital structure?
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What is the purpose of the concept of Margin of Safety?
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What is the primary purpose of a Share Consolidation?
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What is the primary purpose of the Sum-Of-The-Parts (SOTP) Valuation?
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What do analysts aim to understand through qualitative analysis of companies?
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What kind of financial metrics would analysts consider in quantitative company analysis?
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Which of the following is NOT a component of qualitative analysis?
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What is a key difference between qualitative and quantitative analysis in the context of company assessment?
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Which financial metric helps assess a company's profitability relative to its total assets?
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Which ratio indicates how effectively a company is managing its short-term liabilities?
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Which financial statement provides a snapshot of a company's financial position at a specific point in time?
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Which ratio best indicates the proportion of revenue that exceeds the cost of goods sold?
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Which metric is crucial for understanding a company's ability to generate cash from its operations?
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What does a high inventory turnover ratio imply about a company?
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Which financial statement reflects a company's performance over a specific period, showing revenues and expenses?
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Which ratio is commonly used to assess the efficiency of a company's asset utilization?
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What is the concept behind initial margin?
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What is the primary function of a Stock Exchange?
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What is the role of a Depository?
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What is the function of a Depository Participant?
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How many Depositories are registered with SEBI in India?
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How does a clearing corporation manage the risk of default by buyers or sellers?
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Which of the following is NOT a type of margin typically charged by a clearing corporation?
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Which entity acts as a legal counterparty to all trades on a stock exchange, ensuring the settlement of transactions?
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What is the main function of a Clearing Bank in the financial market?
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Which of the following entities is NOT directly involved in the process of settling transactions on a stock exchange?
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What is the primary feature of Foreign Currency Convertible Bonds (FCCBs)?
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How do Equity Linked Debentures (ELDs) generate returns for investors?
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What is the principal mechanism through which Equity Linked Debentures (ELDs) provide capital protection?
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In which currency is the repayment of principal for Foreign Currency Convertible Bonds (FCCBs) made?
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What defines the underlying asset structure of Commodity Linked Debentures (CLDs)?
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What is the main purpose of securities markets?
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Who are the providers of funds in the financial market?
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What is included in the definition of 'securities' under the Securities Contracts (Regulation) Act, 1956?
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What is the role of regulatory bodies in the financial market?
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What is the primary function of intermediaries in the financial market?
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What is the term used to describe the broader universe of savers with surplus to invest?
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What are the two types of entities that participate in the financial market?
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What is a preferential issue?
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What happens to savings through the securities market?
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What is the primary requirement for a company to issue bonus shares?
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What happens to the amount equivalent to the value of shares issued in a bonus issue?
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What are the options available to an investor who has been awarded rights shares?
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What is a requirement for a privately placed security to be listed on a stock exchange?
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What is the key difference between rights and bonus shares?
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What is the purpose of SEBI regulations with respect to preferential issues?
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Can a company issue securities through a private placement even if it has not made a public offer of shares?
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What is the reason that NISM and SEBI do not assume responsibility for actions taken based on the publication's information?
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How should readers approach the recommendations made in the publication?
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What type of material does this publication NOT guarantee to provide?
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Why may the content in the publication not be fully reliable?
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What is explicitly stated about the views expressed by the authors or publishers?
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What is one reason provided for the potential errors or omissions in the publication?
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What is the implication of the disclaimer regarding the recommendations made in the publication?
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What aspect of this publication is highlighted by the disclaimer?
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What is a primary responsibility of a Research Analyst?
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Which aspect is NOT considered an important quality of a Research Analyst?
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What role does economic analysis play in fundamental analysis?
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Which of the following transactions is a characteristic of the securities market?
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In the context of industry analysis, which term refers to ongoing shifts or movements in the market over time?
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What is the focus of a SWOT analysis in company analysis?
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What does dematerialization in the securities market refer to?
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In the context of financial analysis, what is the primary objective of fundamental analysis?
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Which of the following is NOT a common source of information for economic analysis?
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What does the role of industry analysis imply in the context of understanding market dynamics?
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What is the primary purpose of a rights issue?
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Which valuation approach focuses on analyzing future cash flows to determine the current value of a business?
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What is a common risk associated with investments that are influenced by market sentiment?
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Which corporate action involves converting existing shares into a lesser number of shares, thereby increasing the nominal value per share?
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Which of the following is a method used to mitigate investment risks by analyzing potential exposure to market movements?
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What does the term 'margin of safety' refer to in the context of investments?
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Which valuation matrix emphasizes earnings as the primary metric for evaluating a company's performance?
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What is the main benefit of a buyback of shares for a company?
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Which of the following options would most likely indicate potential legal issues or financial distress in a company?
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Which of the following corporate actions allows shareholders to receive additional shares instead of cash dividends?
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Study Notes
Role of Research Analysts
- Research analysts collect data/information from different reliable sources, interpret the data/information, and convert it into recommendations that their clients can use.
- Research analysts must follow all the rules and regulations as specified by SEBI both in words and spirit.
- Research analysts are expected to perform their role with utmost sincerity, honesty, and ethics without any bias.
Important Qualities of a Research Analyst
- The job of research analysts requires quantitative and qualitative skills.
Debentures/Bonds/Notes
- Debentures/Bonds/Notes are instruments for raising long-term debt.
- Debentures are either unsecured or secured (backed by collateral support) in nature.
- There are various types of debentures/bonds such as fully convertible, non-convertible, and partly convertible debentures.
- Fully convertible debentures are fully convertible into ordinary shares of the issuing company.
- Partly convertible debentures (PCDs) are partly convertible into ordinary shares of the issuing company.
- Non-Convertible Debentures (NCDs) are pure debt instruments without a feature of conversion.
Foreign Currency Bonds
- Foreign currency bonds are bonds issued by a company in a currency that is different from the currency of its home country.
Securities Market
- Securities are transferrable financial instruments or contracts that show evidence of indebtedness or ownership interest in assets of an incorporated entity.
- Securities market brings together a large number of buyers and sellers and thus creates liquidity.
- Securities market allows investors and sellers to buy and sell securities at close to market prices.
Types of Research Analysts
- Sell-side Analysts: They work for firms that provide investment banking, broking, advisory services for clients.
- Buy-side Analysts: They work for Asset managers like mutual funds, hedge funds, pension funds, Alternative investment funds, Foreign Portfolio investors or portfolio managers.
- Independent Research Analysts: They work for research originators or boutique firms separate from full-service investment firms and sell their research to others on a subscription basis.
Intermediaries in the Securities Market
- Investment Bankers: They evaluate the capital needs of issuers, structure an appropriate instrument, get involved in pricing the instrument and manage the entire issue process until the securities are issued and listed on a stock exchange.
- Underwriters: They undertake to subscribe any portion of a public offer of securities which may not be bought by investors.
Institutional Participants
- Institutional Investors comprise domestic financial institutions, Banks, Insurance Companies, Mutual Funds, and Foreign Portfolio Investors.
- Foreign Portfolio Investors (FPIs): A Foreign Portfolio investor (FPI) is an entity established or incorporated outside India that proposes to make investments in India.### Commodities
- Commodities are interchangeable goods of the same type, e.g., a bar of gold is a commodity, but a piece of jewelry made of gold is not.
- Commodities can be hard (natural resources, metals, crude oil) or soft (agricultural products, grains, pulses).
- Investing in commodities can help protect the real value of an investment since inflation and commodity prices are directly related.
Precious Metals
- Precious metals like gold and silver are viewed as investments that can help preserve the real value of money.
- They have a long lifespan, and their storage cost is very small compared to their value.
Commodity ETFs
- Commodity ETFs (Exchange-Traded Funds) invest in a range of physical commodities.
- Investors can invest in commodity ETFs by buying units of the fund.
- The value of the units moves in line with the net asset value of the fund, which is influenced by commodity prices.
- Storage is handled by the fund, so investors do not have storage obligations.
External Bonds/Masala Bonds
- External bonds are bonds issued in a currency different from the currency of the country where they are issued.
- Masala bonds are external bonds denominated in Indian Rupees (INR) and issued outside of India.
- Masala bonds shift the currency risk from the issuer to the investor.
Securities Market
- Securities are transferrable financial instruments or contracts that show evidence of indebtedness or ownership interest in assets of an incorporated entity.
- Securities include equity shares, preference shares, debentures, bonds, and other such instruments.
- Securities are issued by companies, financial institutions, or the government and purchased by investors.
Functions of Securities Market
- Securities market allows issuers to raise money at a cost and provides investors with an opportunity to convert their savings into financial assets.
- Securities market brings together a large number of buyers and sellers, creating liquidity and making it easy to buy and sell securities at close to market prices.
Market Participants
- Market participants in the securities market include buyers, sellers, and intermediaries such as stock exchanges, depositories, and depository participants.
- Stock exchanges provide a trading platform for buyers and sellers to transact in already issued securities.
- Depositories hold securities of investors in electronic form and provide services related to transactions in dematerialized form.
Debentures/Bonds/Notes
- Debentures/Bonds/Notes are instruments for raising long-term debt.
- Debentures can be fully convertible, non-convertible, or partly convertible into ordinary shares of the issuing company.
- Non-Convertible Debentures (NCDs) are pure debt instruments without a conversion feature and are repayable/redeemable on maturity.
Research Analyst Profession
- Research analysts help clients take investment decisions by analyzing data and information.
- Primary responsibilities of a research analyst include collecting information, analyzing data, and providing recommendations to clients.
- Important qualities desired in a research analyst include the ability to read and understand financial statements, clarity in financial concepts, and the ability to communicate complex ideas effectively.
Primary Market
- Primary market is used by companies to raise fresh capital from investors.
- Primary market offerings may be public offerings or private placements to a select group of investors.
- Public issues involve issuing securities to the members of the public, while private placements involve issuing securities to a select group of investors.### Chapter 1: Introduction to Research Analyst Profession
1.1 Primary Role of a Research Analyst
- The primary role of a research analyst is to help clients take investment decisions
- The process of selection involves:
- Short-listing options
- Comparing technical specifications
- Prioritizing important factors
- Making an informed decision
- Research analysts follow a similar process to provide recommendations to clients
Chapter 2: Introduction to Securities Market
2.3.2 Secondary Market
- The secondary market provides liquidity to securities
- It promotes the growth of the primary market and capital formation
- The secondary market can be divided into:
- Over-The-Counter (OTC) Market
- Exchange Traded Markets
- Trading in securities can be done in either the OTC market or the Exchange Traded Market
Chapter 9: Corporate Actions
9.1 Philosophy of Corporate Actions
- Corporate actions include:
- Dividend
- Rights Issue
- Bonus Issue
- Stock Split
- Share Consolidation
- Merger and Acquisition
- Demerger / Spin-off
- Scheme of arrangement
- Loan Restructuring
- Buyback of Shares
- Delisting and relisting of Shares
- Share Swap
Chapter 10: Valuation Principles
10.1 Difference between Price and Value
- Valuation principles include:
- Discounted Cash Flows Model for Business Valuation
- Relative valuation
- Earnings Based Valuation Matrices
- Assets based Valuation Matrices
- Relative Valuations - Trading and Transaction Multiples
- Sum-Of-The-Parts (SOTP) Valuation
- Other Valuation Parameters in New Age Economy and Businesses
- Capital Asset Pricing Model
- Objectivity of Valuations
Chapter 11: Fundamentals of Risk and Return
11.1 Concept of Return of Investment and Return on Investment
- Fundamentals of risk and return include:
- Calculation of Simple, Annualized and Compounded Returns
- Risks in Investments
- Measuring risk
- Concepts of Market Risk (Beta)
- Sensitivity Analysis to Assumptions
- Concept of Margin of Safety
- Comparison of Equity Returns with Bond Returns
- Calculating risk adjusted returns
- Basic Behavioral Biases Influencing Investments
Chapter 12: Qualities of a Good Research Report
12.1 Qualities of a Good Research Report
- Qualities of a good research report include:
- A checklist-based approach
- A sample checklist for investment research reports
Chapter 13: Legal and Regulatory Environment
13.1 Regulatory infrastructure in Financial Markets
- Legal and regulatory environment includes:
- Important regulations in Indian Securities Market
- Code of Conduct for Research Analysts
- Management of Conflicts of Interest and Disclosure Requirements for Research Analysts
- Exchange surveillance mechanisms: GSM and ASM
NISM-Series-XV: Research Analyst Certification Examination
- This workbook is designed to assist candidates in preparing for the National Institute of Securities Markets (NISM) Certification Examination for Research Analyst.
About NISM
- NISM is a leading provider of high-end professional education, certifications, training, and research in financial markets.
- NISM engages in capacity building among stakeholders in the securities markets through professional education, financial literacy, enhancing governance standards, and fostering policy research.
- NISM works closely with all financial sector regulators in the area of financial education.
NISM Certification Programs
- NISM Certification programs aim to enhance the quality and standards of professionals employed in various segments of the financial services sector.
- NISM’s School for Certification of Intermediaries (SCI) develops and conducts certification examinations and Continuing Professional Education (CPE) programs that aim to ensure that professionals meet the defined minimum common knowledge benchmark for various critical market functions.
Workbook Content
- The workbook covers all important topics required to undertake research on companies, including:
- Basics of Indian securities markets
- Various terminologies used in the equity and debt markets
- Top-down and bottom-up approach to fundamental research
- Basic principles for micro and macro-economic analysis and key industry drivers
- Qualitative and quantitative dimensions with respect to company analysis
- Fundamentals of risk and return
- Valuation principles
- Corporate actions and the regulatory environment
- Essential aspects of writing a good research report
Disclaimer
- The contents of this publication do not necessarily constitute or imply its endorsement, recommendation, or favoring by the National Institute of Securities Markets (NISM) or the Securities and Exchange Board of India (SEBI).
- This publication is meant for general reading and educational purposes only and is not meant to serve as a guide for investment.
Commodities
- Commodities are largely traded goods that are meant for use in production of goods or for consumption.
- Inflation and prices of commodities are directly related, and investing in commodities can help protect the real value of investment.
- Hard commodities are natural resources that are mined or extracted, such as metals and crude oil.
- Soft commodities refer to commodities that are grown, such as agricultural products like grains and pulses.
- Precious metals like gold and silver are viewed as an investment that can help preserve the real value of money.
- Commodity ETF is an exchange-traded fund that invests in a range of physical commodities.
Primary Market
- Primary market is used by companies (issuers) for raising fresh capital from investors.
- Primary market offerings may be a public offering or an offer to a select group of investors in a private placement program.
- The shares offered may be new shares issued by the company, or it may be an offer for sale, where an existing large investor/investors or promoters offer a portion of their holding to the public.
- Public issue: Securities are issued to the members of the public, and anyone eligible to invest can participate in the issue.
- Initial Public Offer (IPO): An initial public offer of shares or IPO is the first sale of a corporate’s common shares to investors at large.
- Eligibility criteria for raising capital from public investors are defined by SEBI in its regulations and include minimum requirements for net tangible assets, profitability, and net-worth.
Introduction to Research Analyst Profession
- The primary role of a research analyst is to provide insightful and actionable research to clients
- Key responsibilities of a research analyst include:
- Interacting with companies/clients to gather information
- Analyzing data and making recommendations
- Communicating research findings to clients
- Important qualities of a research analyst include:
- Strong analytical and communication skills
- Ability to work independently and think critically
- Strong understanding of the securities market and instruments
Introduction to Securities Market
- A security is a financial instrument that represents an ownership or debt position
- Types of securities include stocks, bonds, and derivatives
- The securities market provides a platform for companies to raise capital and for investors to buy and sell securities
- Key market participants include:
- Investors (individual and institutional)
- Brokers and dealers
- Exchanges (e.g. stock exchanges, commodity exchanges)
- Regulators (e.g. SEBI in India)
Terminology in Equity and Debt Markets
- Equity market terminology includes:
- Stocks/shares
- IPOs (Initial Public Offerings)
- Dividend yield
- Earnings per share (EPS)
- Debt market terminology includes:
- Bonds
- Coupon rate
- Yield to maturity
- Credit rating
Fundamentals of Research
- Investing involves buying and holding securities with the expectation of earning returns
- Research plays a critical role in investment decisions by providing insights into the security's potential
- Types of research include:
- Technical analysis (charts and patterns)
- Fundamental analysis (financial statements, industry trends)
- Quantitative research (statistical models and algorithms)
- Behavioral approach to equity investing (psychological and emotional factors)
Economic Analysis
- Microeconomics studies individual economic units (e.g. households, firms)
- Macroeconomics studies the economy as a whole (e.g. GDP, inflation)
- Key macroeconomic variables include:
- GDP and its components
- Inflation and deflation
- Unemployment rate
- Interest rates
- Economic analysis is essential for fundamental analysis and investment decisions
Industry Analysis
- Industry analysis involves studying the industry in which a company operates
- Key aspects of industry analysis include:
- Understanding industry cyclicality
- Market sizing and trend analysis
- Secular trends, value migration, and business life cycle
- Key industry drivers and KPIs
- Regulatory environment and taxation
Company Analysis – Business and Governance
- Company analysis involves studying the company's business and governance
- Key aspects of company analysis include:
- Understanding business and business models
- Pricing power and sustainability
- Competitive advantages and points of differentiation
- Strengths, weaknesses, opportunities, and threats (SWOT) analysis
- Quality of management and governance structure
Company Analysis – Financial Analysis
- Financial analysis involves studying the company's financial statements and performance
- Key aspects of financial analysis include:
- Qualitative understanding of the company's financials
- Quantitative analysis of financial statements (e.g. income statement, balance sheet)
- Ratio analysis and financial metrics (e.g. ROE, ROCE)
- Cash flow analysis and financial modeling
Corporate Actions
- Corporate actions include:
- Dividend declarations
- Rights issues
- Bonus issues
- Stock splits
- Mergers and acquisitions
- Demergers and spin-offs
- Scheme of arrangement
- Loan restructuring
- Buyback of shares
- Delisting and relisting of shares
- Share swap
Valuation Principles
- Valuation involves estimating the intrinsic value of a security
- Key approaches to valuation include:
- Discounted cash flow (DCF) model
- Relative valuation (e.g. price-to-earnings ratio)
- Earnings-based valuation matrices
- Assets-based valuation matrices
- Sum-of-the-parts (SOTP) valuation
- Capital asset pricing model (CAPM)
Fundamentals of Risk and Return
- Return on investment (ROI) and return on equity (ROE) are important metrics
- Risk is an essential concept in investing, and can be measured using metrics such as beta
- Key concepts in risk and return include:
- Market risk (beta)
- Sensitivity analysis
- Margin of safety
- Risk-adjusted returns
- Behavioral biases in investing
Qualities of a Good Research Report
- A good research report should have:
- Clear and concise writing
- Well-structured and logical flow
- Relevant data and analysis
- Objective and unbiased tone
- Proper disclosure of conflicts of interest
Legal and Regulatory Environment
- The regulatory infrastructure in financial markets is essential for maintaining fair and efficient markets
- Key regulations in Indian securities market include:
- SEBI Act and rules
- Securities Contracts (Regulation) Act
- Companies Act
- Research analysts must comply with code of conduct and disclosure requirements
Examination Objectives
- Know the basics of Indian securities markets and different terminologies used in equity and debt markets
- Know the top-down and bottom-up approach to fundamental research
- Know the basic principles for micro and macro-economic analysis
- Know the key industry drivers and sources of information for industry analysis
- Understand qualitative and quantitative dimensions with regards to company analysis
- Know the fundamentals of risk and return, valuation principles, and the philosophy of various corporate actions
- Understand the qualities of a good research report
Assessment Structure
- The examination consists of 92 multiple-choice questions of 1-mark each and 2 case-based questions (each case having 4 questions of 1-mark each), adding to a total of 100 marks
- The examination should be completed in 2 hours
- The passing score for the examination is 60 marks (i.e., 60%)
- There shall be negative marking of 25% of the marks assigned to the question for each wrong answer
Important
- Test Centre workstations are equipped with either Microsoft Excel or OpenOffice Calc
- Candidates are advised to be well-versed with both software for computation of numericals
Foreign Currency Convertible Bonds (FCCBs)
- FCCBs are instruments that are generally optionally convertible and issued offshore in different denominations under guidelines defined by the Reserve Bank of India (RBI)
- The payment of interest and repayment of principal (if happens) on these bonds is in foreign currency
- However, once conversion of the instrument happens in equity, dividend is paid in Indian Rupees with conversion obligation (currency risk) lying with the investors
- FCCBs are regulated by RBI notifications under the Foreign Exchange Management Act (FEMA)
- The Issue of Foreign Currency Convertible Bonds and Ordinary Shares (Through Depository Receipt Mechanism), 1993 lays down the guidelines for such issues
Equity Linked Debentures (ELDs)
- ELDs are floating rate debt instruments whose interest is based on the returns of the underlying equity asset such as Nifty 50, S&P Sensex, individual stocks, or any customized basket of individual stocks
- The issuer of the bond invests a pre-determined part of the principal amount collected in fixed-income securities like bonds, which provide principal protection while the balance is used to buy options that provide the exposure to returns of equity
- These instruments are generally structured in a way to give full capital protection with a provision for equity participation to the investors
- Capital protection should not be read as non-existence of credit risk (risk of default by issuer)
- These instruments still carry credit risk and accordingly rated by credit rating agencies
Commodity Linked Debentures (CLDs)
- CLDs are floating rate debt instruments whose interest is based on the returns of the underlying commodity asset
- While the returns can be linked to any commodity, most of these papers globally are linked to precious metals – Gold and Silver
Clearing and Settlement
- Clearing and settlement are post-trading activities that constitute the core part of equity trade life cycle
- Clearing activity is all about ascertaining the net obligations of buyers and sellers for a specific time period
- Settlement is the next step of settling obligations by delivering shares (by the seller) and paying money (by the buyer)
- Clearing corporation provides full novation of contracts between buyers and sellers, which means it acts as buyer to every seller and seller to every buyer
- As a result, the counterparty risk is substantially reduced for the investors
- Risk Management: In OTC transactions, counterparties are expected to take care of the credit risk on their own
- In exchange-traded world, the clearing corporation, as defined above, gives settlement guarantee of trades to the counterparties (all buyers and sellers)
- This exposes the clearing corporation to the risk of default by the buyers and sellers
- To handle this risk, the clearing corporation charges various kinds of margins, most prominent among these margins are Initial or upfront margin, Peak Margin, and mark-to-market (MTM) margins
- Initial margin is a percentage of transaction value arrived at based on the concept of “Value At Risk” philosophy
- MTM margin is the notional loss which an outstanding trade has suffered during a specified period on account of price movements
Market Participants and Their Activities
- Market participants in securities markets include buyers, sellers, and various intermediaries between the buyers and sellers
- Market intermediaries:
- Stock Exchanges: Provide a trading platform where buyers and sellers can transact in already issued securities
- Depositories: Hold securities (like shares, debentures, bonds, government securities, mutual fund units) of investors in electronic form
- Depository Participant: An agent of the depository through which it interfaces with the investors and provides depository services
- Custodians: Entities that are charged with the responsibility of holding funds and securities of its large clients, typically institutions such as banks, insurance companies, and foreign portfolio investors
- Clearing Corporation: Ensures that members on the Stock Exchange meet their obligations to deliver funds or securities
- Clearing Banks: Act as an important intermediary between clearing members and the clearing corporation
- Merchant Bankers: Entities registered with SEBI and act as issue managers, investment bankers, or lead managers
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Prepare for the NISM Certification Examination for Research Analyst with this workbook. It assists candidates in understanding the exam content and helps them prepare.