NISM Research Analyst Mock Test 2025 – Free Chapter-Wise Practice Questions

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 Chapter 1: Introduction to Research Analyst Profession — Mock Questions


Q1. The primary role of a Research Analyst is to:

A. Provide investment advice to clients directly


B. Conduct research and make recommendations based on analysis


C. Trade on behalf of clients


D. Manage portfolios


✅ Answer: B
Explanation: A research analyst studies securities, industries, and markets to provide insights and recommendations — not to trade or manage portfolios directly.

Q2. Which of the following is NOT a typical function of a research analyst?

A. Data collection and analysis


B. Forecasting company performance


C. Execution of client trades


D. Writing research reports


✅ Answer: C
Explanation: Analysts do not execute trades — that’s done by brokers or dealers.

Q3. Sell-side analysts are typically employed by:

A. Mutual funds


B. Portfolio management companies


C. Brokerage or investment banks


D. Insurance companies


✅ Answer: C
Explanation: Sell-side analysts work for brokerages/investment banks and publish reports for their clients or the public.

Q4. Buy-side analysts primarily work for:

A. Stock exchanges


B. Institutional investors like mutual funds


C. Media houses


D. Brokerage firms


✅ Answer: B
Explanation: Buy-side analysts support investment decisions within institutions like mutual funds, pension funds, etc.

Q5. Which of the following best describes “Independent Research Analyst”?

A. Works only for one brokerage


B. Provides research independently to multiple clients


C. Works exclusively for SEBI


D. Manages client portfolios


✅ Answer: B
Explanation: Independent analysts are not tied to a brokerage; they sell their research to investors or firms directly.

Q6. The key difference between fundamental and technical analysts is that:

A. Technical analysts focus on financial statements


B. Fundamental analysts study charts and price trends


C. Fundamental analysts study company performance; technical analysts study price patterns


D. Both are the same


✅ Answer: C
Explanation: Fundamental = intrinsic value based on performance; Technical = market psychology and price action.

Q7. “Research Report” under SEBI (RA) Regulations refers to:

A. Any written communication containing investment recommendations


B. Only oral communication with clients


C. Private note for internal use


D. SEBI registration document


✅ Answer: A
Explanation: A research report is any written/electronic document with opinions or recommendations about securities.

Q8. Which SEBI regulation governs Research Analysts in India?

A. SEBI (Research Analysts) Regulations, 2014


B. SEBI (Investment Advisers) Regulations, 2013


C. SEBI (Prohibition of Insider Trading) Regulations, 2015


D. SEBI (Portfolio Managers) Regulations, 2020


✅ Answer: A
Explanation: The SEBI (Research Analysts) Regulations, 2014 define registration, conduct, and compliance norms.

Q9. A research analyst must be registered with:

A. RBI


B. SEBI


C. NSE


D. AMFI

✅ Answer: B
Explanation: Research analysts in India must be registered with SEBI before offering research or recommendations.

Q10. The ultimate goal of a research analyst’s work is to:

A. Predict market movements precisely


B. Provide data without conclusions


C. Help investors make informed decisions


D. Maximize firm profits only


✅ Answer: C
Explanation: The analyst’s core purpose is to help investors make rational, informed investment choices.

Q11. Ethical responsibility of a research analyst primarily includes:

A. Promoting a specific company


B. Avoiding conflicts of interest


C. Providing guaranteed returns


D. Recommending based on popularity


✅ Answer: B
Explanation: Analysts must disclose conflicts and act with integrity and independence.

Q12. Which of the following skills is least important for a research analyst?

A. Analytical ability


B. Communication skills


C. Physical strength


D. Financial knowledge


✅ Answer: C
Explanation: Analytical, communication, and financial skills are critical — physical strength is irrelevant.

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