Merchant Banking and Research Combo is a comprehensive, function-segmented professional reference set comprising two authoritative workbooks that together document how capital is raised, structured, evaluated, and analysed in India's regulated securities markets. Rather than treating merchant banking and equity research as isolated disciplines, this Combo recognises that capital markets operate through an interconnected chain—issue management and transaction execution on one side, and investment analysis and valuation on the other. Accordingly, it integrates a Merchant Banking volume that addresses issue management, underwriting, due diligence, acquisitions, buybacks, disinvestment, regulatory obligations, and operational discipline; and a Research Analyst volume that presents the complete lifecycle of equity research—from market structure and macro analysis to valuation, risk assessment, and compliant research reporting.

This Combo functions as a complete, operational and analytical library for professionals working across capital markets—bridging the transaction and research sides with regulatory precision and practical depth. It is particularly suited for:

• Merchant Bankers & Issue Managers handling public issues, underwriting, documentation, and due diligence
• Investment Banking Professionals involved in acquisitions, takeovers, buybacks, and disinvestment transactions
• Equity Research Analysts & Associates engaged in company coverage, valuation, and sector research
• Brokerage, Advisory, PMS & Institutional Research Professionals engaged in research, investment advisory, and portfolio decision support
• Compliance, Governance & Supervisory Professionals responsible for disclosures, investor protection, and regulatory adherence
• Risk, Operations & Record-Keeping Professionals responsible for maintaining books, records, and operational risk controls
• Students & Certification Aspirants preparing for NISM examinations or pursuing careers in merchant banking and equity research

This Combo comprises two authoritative workbooks developed by the National Institute of Securities Markets (NISM) and published exclusively by Taxmann. Each workbook has been prepared in close collaboration with NISM's Certification Team and seasoned industry experts, and rigorously reviewed by senior practitioners. The key features of this Combo include:

• [Function-segmented Coverage] Dedicated and clearly differentiated treatment of Merchant Banking functions and Research Analyst responsibilities, reflecting professional roles in capital markets
• [End-to-end Capital Market Lifecycle Orientation] Covers the complete capital flow—from issue management, underwriting, and corporate transactions to economic analysis, valuation, risk assessment, and compliant research reporting
• [Regulatory-integrated Framework] Embedded coverage of registration norms, code of conduct, due diligence standards, disclosure obligations, investor protection mechanisms, and surveillance expectations governing regulated market participants
• [Transaction-to-analysis Continuum] Bridges the operational execution side of capital raising with the analytical evaluation side of investment decision-making within a single integrated reference
• [Structured Analytical Methodologies] Integrates fundamental analysis, technical analysis, quantitative techniques, behavioural finance, valuation frameworks, and risk–return assessment into a coherent analytical discipline
• [Governance & Compliance Orientation] Incorporates ethical standards, conflict-of-interest disclosures, record maintenance requirements, grievance redressal processes, and operational risk considerations
• [Workbook-style Pedagogy] Designed with structured explanations, logically sequenced chapters, applied illustrations, and examination-aligned presentation to facilitate both certification readiness and professional application
• [Progressive Learning Architecture] Organised in a layered format—markets and instruments → transaction processes → analytical evaluation → valuation and decision-making → reporting and regulatory compliance
• [Professional Desk-Reference Utility] Designed not merely as examination material but as a long-term operational and analytical reference for continuous professional use
• [Practice-oriented Capital Markets Competency Building] Focuses on disciplined analytical thinking, structured interpretation of financial data, defensible decision-making, and ethical professional conduct across merchant banking and research functions

The coverage of the Combo is as follows:

• Merchant Banking-focused Workbook – Covers the regulatory, procedural, and operational framework governing capital raising and corporate transactions in India

• Capital Market & Merchant Banking Framework

• Covers capital market structure, merchant banking functions, registration requirements, code of conduct, and general obligations of merchant bankers

• Issue Management & Transaction Processes

• Covers issue management terminology, underwriting, due diligence responsibilities, public issue processes, acquisitions, takeovers, disinvestment, buybacks, and corporate restructuring

• Governance, Investor Protection & Operations

• Covers investor grievance redressal, compliance discipline, operational risk management, and maintenance of books and records

• Research & Investment Analysis-focused Workbook – Establishes a structured analytical and governance framework reflecting professional equity research practice in regulated markets

• Market Foundations & Professional Responsibilities

• Covers securities market framework, equity/debt/commodity terminology, and ethical responsibilities and professional standards for research professionals

• Analytical & Research Methodologies

• Covers fundamental, technical, quantitative, and behavioural approaches; macroeconomic and industry analysis; and qualitative and financial company evaluation

• Valuation, Risk & Decision Framework

• Covers valuation methodologies (DCF, relative and asset-based), corporate actions and shareholder value impact, and risk–return assessment and sensitivity analysis

• Reporting, Governance & Compliance

• Covers research report writing standards, disclosure and conflict management norms, investor protection and complaint reporting requirements, surveillance mechanisms, and cybersecurity and regulatory compliance expectations

The structure of the Combo is as follows:

• Foundational Layer—Market Architecture & Professional Framework – Covers the structure of India's securities markets, capital market instruments, participant roles, and the regulatory and ethical responsibilities governing merchant bankers and research analysts
• Execution Layer—Capital Raising & Corporate Transactions: Addresses issue management, underwriting processes, due diligence standards, acquisitions, takeovers, buybacks, disinvestments, and transaction-level regulatory discipline.
• Analytical Layer—Economic, Industry & Company Evaluation – Integrates macroeconomic analysis, industry assessment, company-level qualitative and financial analysis, and structured research methodologies used in professional investment evaluation.
• Valuation & Risk Layer—Decision-Making Discipline – Explains valuation principles, pricing versus intrinsic value, corporate actions, return measurement, risk assessment, and sensitivity analysis within a structured decision framework
• Governance, Reporting & Compliance Layer—Output & Regulatory Integrity – Covers research report preparation standards, disclosures, conflict-of-interest norms, investor protection mechanisms, record maintenance, and compliance obligations under the applicable regulatory framework