NISM 15 Chapter 13: Qualities of a Good Research Report | Notes by Dhaval Visariya

NISM Series XV - Chapter 13: Qualities of a Good Research Report

The Research Report is the final "product" of all your hard work. It is a multipurpose document that provides market perspective and detailed company analysis to help an investor make a decision.

1. The Three Stages of Report Writing

Just like software development, a report goes through a lifecycle:

  1. Planning: Gathering data and defining the scope.

  2. Drafting: Writing the initial version of the analysis.

  3. Editing: Refining the language and checking for accuracy.

2. Structure of a Professional Report

A standard report is divided into two types of sections:

Fact-Based Sections (Data-Driven)

These are objective and come from sources like Annual Reports or Search Console-like financial databases.

  • Peer Group Analysis

  • Shareholding Pattern

  • Company Fundamentals & Financial Indicators

  • Historical Financial Statements

View-Based Sections (Analysis-Driven)

These are subjective and come from the analyst’s personal understanding and management interactions.

  • Company Business Outlook

  • Key Strengths & Core Concerns

  • Industry Overview & Future Trends

3. What is NOT a "Research Report"? (SEBI Exclusions)

According to SEBI, not every piece of financial writing is a "Research Report." The following are excluded:

  • General market trend comments or discussions on indices (like Nifty/Sensex).

  • Economic or political commentaries.

  • Internal communications not meant for clients.

  • Statistical summaries without a recommendation.

  • Technical analysis of demand/supply in a sector.

4. Standard Rating Conventions

When an analyst finishes a report, they must give a clear "Rating." Different agencies use different terms, but the most common are:

RatingWhat it means
Buy / OverweightExpected to outperform the market or peers.
Hold / NeutralExpected to perform in line with the market.
Sell / UnderweightExpected to underperform the market or peers.

Pro-Tip: Always read the "Definition of Ratings" at the end of a report, as one firm's "Accumulate" might be another firm's "Buy."

Dhaval Visariya

AMFI Registered Distributor (ARN-327925) | Software Developer & Finance Enthusiast

Connect with me:
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Disclaimer: I am an AMFI Registered Mutual Fund Distributor. Views expressed here are for educational purposes. Mutual Fund investments are subject to market risks, read all scheme related documents carefully.
📧 Contact: info.apollofinancialservices@gmail.com

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