Under SEBI (Research Analysts) Regulations, 2014, which NISM certification examination establishes the base qualification requirement for an individual to register as a Research Analyst?

[ A ]NISM-Series-XV: Research Analyst Certification Examination[ CORRECT ]

[ B ]NISM-Series-V-A: Mutual Fund Distributors Certification Examination

[ C ]A CFA Level 3 charter, with no NISM alternative recognized

[ D ]No certification is required if the individual holds a postgraduate degree in finance

Takeaway

Option A is correct: the NISM-Series-XV: Research Analyst Certification Examination.

Derivation

SEBI (Research Analysts) Regulations, 2014 require an individual (or, for a body corporate, its designated compliance/research personnel) to hold a valid certification from the NISM-Series-XV: Research Analyst Certification Examination as the base qualification for registration as a Research Analyst, in addition to the regulation's other qualification and experience criteria. This certification specifically tests the valuation, research methodology, and regulatory-compliance knowledge relevant to publishing investment research, distinguishing it from certifications aimed at distribution-focused roles like mutual fund distribution.

Why the others fail

B — NISM-Series-V-A: Mutual Fund Distributors Certification Examination

The NISM-Series-V-A examination certifies mutual fund distributors, an entirely separate SEBI-regulated intermediary role from a Research Analyst.

C — A CFA Level 3 charter, with no NISM alternative recognized

SEBI's Research Analyst framework is built around its own NISM-Series-XV certification pathway; a foreign professional charter is not the regulation's defined base requirement.

D — No certification is required if the individual holds a postgraduate degree in finance

A postgraduate finance qualification alone does not substitute for the NISM-Series-XV certification requirement under the SEBI (Research Analysts) Regulations, 2014.