(NISM)

The National Institute of Securities Markets (NISM) is a public trust established in 2006 by the Securities and Exchange Board of India (SEBI), the regulator of the securities markets in India. The institute carries out a wide range of capacity building activities at various levels aimed at enhancing the quality standards in securities markets.

Design and Curriculum

The program designed for a duration of 15 months split into 9 months towards foundation courses, 3 months towards specialization courses and 3 months for dissertation project in the field of specialization opted by the participant. The program offers three specializations i.e., Portfolio Management, Investment Advisory and Research Analysis. Program is also includes three days on Campus module at NISM campus located at Patalganga, Raigad.

Detailed Program Architecture

Trimester-I

Subject Code Course Title Credits Hours
101 Overview of Securities Markets 3 30
102 Quantitative Methods in Securities Markets 3 30
103 Financial Statement Analysis 3 30
Total 9 90

Trimester-II

Subject Code Course Title Credits Hours
201 Economics for Securities Markets 3 30
202 Financial Theories and Behavioral Finance 3 30
203 Fixed Income Securities and Alternative Asset Classes 3 30
Total 9 90

Trimester – III

Subject Code Course Title Credits Hours
301 Security Analysis and Valuation 3 30
302 Derivatives and Risk Management 3 30
303 Regulatory Ecosystem of Securities Markets 3 30
Total 9 90

Trimester-IV (PM)

Subject Code Subject Name Credits Hours
401(PM) Portfolio Management Strategy (Equity, Fixed Income and Alternative Investments) 3 30
402(PM) Quantitative Tools and Techniques in Portfolio Management 3 30
403(PM) Investment Management and Operational and Regulatory Aspects Specific to Portfolio Managers 3 30
Total 9 90

Trimester-IV (IA)

Subject Code Course Title Credits Hours
401(IA) Overview of Financial Planning (FP) & Wealth Management 3 30
402(IA) Building Blocks of Financial Planning (FP) & Wealth Management (WM) 3 30
403(IA) Risk Management, Practice Management and Regulatory Aspects 3 30
TOTAL 9 90

Trimester-IV (RA)

Subject Code Course Title Credits Hours
401 (RA) Fundamental Analysis, Valuation, Operational and Regulatory aspects specific to Research Analysts 3 30
402 (RA) Technical Analysis 3 30
403 (RA) Financial Modelling and Research Report Writing 3 30
TOTAL 9 90

Trimester-V

Course Code Course Title Credits
501 Project Report in the Area of Specialization 9

The performance of the participants is assessed on continuous evaluation process in each trimester. Performance is evaluated through quizzes, surprise test, end-term examinations, presentations, submissions, projects etc., as may be indicated by the faculty members in the course outline. At the end of the program, participants shall be awarded with subject- wise grades as well as the CGPA.

Program Schedule

The program will be conducted on weekends in hybrid model i.e., the classes will be held in offline class room located at NISM’s Bandra Kurla Complex (BKC) in Mumbai / Vashi (Navi Mumbai) facility and will also be delivered online simultaneously. *

Indicative class timings would be as follows:

Day Indicative Timings Teaching Hours
Saturday 6:00 pm to 9:15 pm 3 hours (including break)
Sunday 10:00 am to 5:15 pm 6 hours (including breaks)

**Those choosing physical mode of class should note that seating is limited and will be allocated on a first-come,first-serve basis.

Sessions for Trimester-IV (Specialization) will be conducted online mode only.

Eligibility

Stage I :Online Registration for PGP (PM/IA/RA) Admission 2026-27 (Batch VI), NISM

  • NISM invites online applications for admission to the for PGP (PM/IA/RA) Admission 2026-27(Batch-VI).
  • Registration will start on December 20, 2025 (1730 Hrs.) and the last date of online registration will be on May 15, 2026 (2359 Hrs).
  • Candidates need to create their Login ID (USERNSME & PASSWORD) for online registration at https://apply.nism.ac.in/pgp. Upon successful registration, a User-ID and Password will be sent to registered email ID and mobile number of the candidate.
  • Candidates need to submit an application/admission data form along with a non-refundable registration fee of 5,00/- (Rupees Five Hundred Only).
  • Applications in any other mode will not be

Stage II :Eligibility cum Shortlisting Criteria

  • Interested applicants who fulfil the below-mentioned are required to register for the PGP (PM/IA/RA) Admission 2026-27(Batch-VI) via the registration link https://apply.nism.ac.in/pgp.

Educational Qualifications

Eligibility Criteria:

Candidate must satisfy the following criteria to apply for the programme:

Bachelor’s Degree of minimum 3 years’ duration

Note: Candidates who are likely to complete Graduation or equivalent before the 04th of July, 2026 may also apply, subject to meeting the minimum eligibility criteria.

Stage III :Online Personal Interview (PI)

  • Shortlisted candidates from Stage-II will appear in Stage-III e Online Personal Interview.
  • All shortlisted candidates will be informed by Email or download their call letters to appear in the Online Personal Interview. All the required details like date, time and other guidelines will be mentioned in the call letter.
  • Eligible candidates will receive an Email for the Online Personal Interview process for PGP (PM/IA/RA) Admission 2026-27(Batch-VI).

Stage IV: Provisional Admission to PGP (PM/IA/RA) Admission 2026-27 (Batch VI), NISM.

  • Only selected candidates will receive a provisional offer letter for admission from apu@nism.ac.in on their registered email ID shortly after the declaration of the merit list. A candidate receiving an admission offer from NISM and accepting the offer within the stipulated date needs to deposit Rs.1,89,297/- as the OAA i.e. Offer Acceptance Amount (or as mentioned in the Offer Letter).
  • An automated receipt and a text message of the transaction will be shared by the associated bank on the registered email id/ mobile of the candidate.
  • On acceptance of the admission offer and payment of OAA, the candidate will receive his/her confirmation letter for provisional admission to PGP (PM/IA/RA) Admission 2026-27 (Batch VI) on his/her registered email ID. The paid OAA will be adjusted with the First Year Programme If a candidate fails to pay the First instalment of fees by the stipulated date mentioned in the admission confirmation letter, the seat will be cancelled.
  • The fee structure for PGP (PM/IA/RA) Admission 2026-27 (Batch VI) is appended below:

 

Fee Structure of PGP (PM/IA/RA) 2026-27 (Batch- VI)

Particulars 1st Installment 2nd Installment Total Fee
Tuition fee 1,44,650 1,44,650 2,89,300
Exam fee 5,000 5,000 10,000
GST @ 18 % 26,937 26,937 53,874
Accommodation Fee 6,600 6,600
GST @ 5% 330 330
Dining Fee 3600 3,600
GST @ 5% 180 180
Total Fee (Inclusive of GST) 1,87,297 1,76,587 3,63,884
Alumni fund 2,000 2,000
Total Fee 1,89,297 1,76,587 3,65,884
Due Date Within Ten Calendar Days from issue of Provisional Admission Offer Letter November 30, 2026

Stage V:3-day Campus Immersion

  • The academic session will tentatively begin from July 04, Campus Immersion dates will be communicated in advance at the time of commencement.
  • The Single Occupancy AC Room will be allocated at the time of three days immersion at NISM, Patalganga, Hostel rooms for the Differently Abled Persons (DAP) candidates will be preferably arranged on the ground floor or first floor Only PGP Program students will be allowed to participate in Campus Immersion. Family members, friends, relatives, etc. are NOT permitted to join the Campus Immersion.
  • Comfortable hostel accommodation, separate for Males and Females, is available in the
  • Accommodation and Dining Charges once paid by a student will not be refunded under any circumstances.
  • The hostels are well equipped with all the modern amenities and are under the charge of caring and experienced
  • NISM Dining Hall and Cafeteria: A spacious and well-ventilated cafeteria in the campus serves sumptuous and healthy food to the The variety of dishes which are both healthy and tasty and are crafted by a team of professional dieticians to ensure a well-balanced diet.
  • NISM Recreational Facilities: NISM has a world class sports complex and extensive sports facilities. NISM offers ample opportunities to students for a regular work-out and lifestyle management by providing a host of excellent sports facilities. It has facilities for games like cricket, basketball and volleyball as well as indoor games like chess, carom, table-tennis, badminton, etc. A Gymnasium and a swimming pool are also available for students to enhance their fitness
  • Medical Facilities: NISM provides visiting doctor within the Ambulance facility (on call) is available in case of any emergency.
  • Laundry facilities are available on payment basis at our

Refund Policy PGP (PM/IA/RA) 2026-27 (Batch- VI).

  • The last date for any withdrawal of provisional admission will be ‘On or before the Registration’ (online/ on campus, as the case may be). The entire fees received from the student, after deduction of the processing fee of 1000/- (one thousand only), will be refunded to the candidate by the mode of bank transfer to the candidate’s own savings bank account provided by the candidate. The refund requests will be accepted only through the institute’s admission portal, i.e. https://apply.nism.ac.in/pgp.

 

Sr. No Refund Amount Point of time when notice of withdrawal of admission is served to the Institute
 

01

The fee paid will be refunded after a flat deduction of Rs. 1,000/- Before commencement of the programme or July 04, 2026 whichever is earlier
 

02

The fee paid will be refunded after a flat deduction of Rs. 10,000/- After July 04, 2026 and the vacant

seat is filled by another student from wait list.

 

03

The student will not be eligible for any refund, except the refund of the refundable deposits included in the fees After commencement of the programme or after July 04, 2026, and the seat remained vacant.
  • Refunds will be made within 60 days from the date of commencement of the program i.e from July 04, 2026. Please provide your own (i.e. candidate’s) correct banking details (Beneficiary Name, Saving Bank Account Number, Bank Name, IFSC code, PAN, Cancelled Cheque copy) through the institute’s admission portal i.e. . https://apply.nism.ac.in/pgp

 

  • The institute takes no responsibility in case the banking details provided by you are erroneous. Refund request(s) received from any other mode apart from the above-mentioned institute’s admission portal will not be considered under any No refund requests will be entertained after registration or the date and time mentioned in the offer letter for provisional admission.

 

Note:
  • The above-mentioned admission criteria, terms and conditions are subject to change at the discretion of
  • The information in this document is applicable only for the admissions cycle PGP (PM/IA/RA) Admission 2026-27 (Batch VI). NISM reserves the right to change, modify or adopt any new admission process that it deems necessary at any point.
  • Any dispute concerning Admission for the PGP (PM/IA/RA) Admission 2026-27 (Batch VI) would be subject to the jurisdiction of the competent courts within the territorial jurisdiction of the city of Mumbai only.
  • You will receive all admission offers in the form of a letter duly signed by the Academic Program Unit of NISM sent from apu@nism.ac.in. Any offer received from any other email is completely invalid and is not official. All admissions to NISM are provisional till you have completed all formality upon reporting to the institute.
  • If at any point of time it is found that the information provided by the candidate is false, incorrect, or misrepresented, the admission offer will stand cancelled.
  • (vi) NISM reserves the right to change, modify or adopt any new admissions process that it deems necessary at any point.

Important Timelines

Online Applications Open December 20, 2025 (17:30 Hrs)
Last Date for Submission of Online Application May 15, 2026 (23:59 Hrs)
Announcement of Call for Online Personal Interviews May 20, 2026
Date of Online Personal Interviews May 25, 2026 onwards
Announcement of First Selection List June 15, 2026 (17:30 Hrs)
Announcement of Second Selection List June 25, 2026 (17:30 Hrs)
Academic Session Begins July 04, 2026

Career

Q1: Who will find this program useful?

PGP (PM/IA/RA) in the Securities Market is ideal for Individuals with a passion for securities markets and keenness to acquire in-depth understanding of securities markets with a special focus on one of the specialization areas viz., Portfolio Management, Investment Advisory, or Research Analysis.

The relevant specialization of the PGP (PM/IA/RA) program is recognized as eligible professional qualification for Portfolio Managers, Investment Advisers and Research Analysts, under SEBI (Portfolio Managers)Regulations, 2020, SEBI (Investment Advisers) Regulations, 2013 and SEBI (Research Analysts) Regulations, 2014 respectively.

Specialization Regulation
Portfolio Management Securities and Exchange Board of India (Portfolio Managers) Regulations, 2020
Investment Advisory Securities and Exchange Board of India (Investment Advisers) Regulations, 2013
Research Analysis Securities and Exchange Board of India (Research Analysts) Regulations, 2014

SEBI (Portfolio Managers) Regulations, 2020 [Last amended on February 10, 2025] (page 8 of 78)

7. (2) (d) “……..or a professional qualification by completing a Post Graduate Program in the Securities Market (Portfolio Management) from NISM of a duration not less than one year…….”

Link: Securities and Exchange Board of India (Portfolio Managers) Regulations, 2020 [Last amended on February 10, 2025]

under SEBI (Portfolio Managers) Regulations, 2020 fulfils part of the educational requirements laid down in the regulations.

Participants are advised to check and confirm all the technical, legal, compliance and any other requirementsof the respective regulations for obtaining SEBI registration under the said regulations.

SEBI (Investment Advisers) Regulations, 2013 [Last amended on February 10, 2025] (page 12 of 44)

7. (1) (a) “………..or a professional qualification by completing a Post Graduate Program in the Securities Market (Investment Advisory) from NISM of a duration not less than one year…….”

Link: Securities and Exchange Board of India (Investment Advisers) Regulations, 2013 [Last amended on February 10, 2025]

specialization under the specific regulation e.g., under SEBI (Investment Advisers) Regulations, 2013 fulfilspart of the educational requirements laid down in the regulations.

Participants are advised to check and confirmall the technical, legal, compliance and any otherrequirements of the respective regulations for obtaining SEBI registration under the said regulations.

SEBI (Research Analysts) Regulations, 2014 [Last amended on February 10, 2025] (page 11 of 37)

7. (1) (ii) “……or a professional qualification by completing a Post Graduate Program in the Securities Market (Research Analysis) from NISM of a duration not less than one year…….”

Link: Securities and Exchange Board of India (Research Analysts) Regulations, 2014 [Last amended on February 10, 2025]

The PGP in the Securities Market (Research Analysis) specialization under the specific regulation e.g., under SEBI (Research Analysis) Regulations, 2014 fulfils part of the educational requirements laid down in the regulations.

Participants are advised to check and confirmallthe technical, legal, compliance and any otherrequirements of the respective regulations for obtaining SEBI registration under the said regulations.

Being a weekend capacity-building program, it is suitable for working professionals and practitioners.

This program is also useful for Individuals with an entrepreneurial bent of mind, who would like to start their own Portfolio Management, Investment Advisory, or Research Analysis practice. Those individuals with a Graduate degree and desirous to offer their own Portfolio Management, Investment Advisory, or Research Analysis services may find this program suitable for their knowledge requirements and skill enhancement.

Employees of PMS, Investment Advisory and Research Analyst firms who would like to enhance their skills in their respective functional areas will find this program relevant.

Employees of Mutual Funds (AMCs and Distributors), Merchant Bankers, Stock Broking firms, listedcompanies (employees who look after the treasury operations), Banks (employees who provide wealth and investment management services to the clients), etc. will also find this program very useful.

Individuals wanting to learn to manage their family investments will also benefit from this program

Q2: What will I learn in this Program?

The pedagogy of this program is practice-oriented and brings in real-life perspectives with a robust conceptual foundation to the participants. The curriculum is designed in consultation with the industry to ensure that it is in line with the current industry practices and requirements.

The program covers the concepts, tools and techniques related to foundational aspects of the securities markets as well as chosen specialization areas: Portfolio Management, Investment advisory, or Research Analysis.

Eminent faculty members, industry leaders, and experts will deliver lectures and hands-on training and workshop sessions.

Q3: Where will this PGP (PM/IA/RA) in the Securities Market program lead to?

PGP (PM/IA/RA) in the Securities Market program offers three specializations to the participant viz., Portfolio Management, Investment Advisory and Research Analysis. The program could lead the successful participants to the following career pathways:

  • Portfolio Management: Employment opportunities in Portfolio Management Services firms, PMS distributors, Asset Management Companies, Family Offices, etc. and also the scope to start own Portfolio Management Services for aspiring entrepreneurs.
  • Investment Advisory: Employment opportunities in Investment Advisory firms, Retirement and Estate Planners, Banks, Family Offices, etc. and also the scope to start own Investment Advisory Services for aspiring entrepreneurs.
  • Research Analysis: Employment opportunities as sell-side analysts (in Equity Research Firms, Stock Broking Firms, etc.), as buy-side analysts (in Asset Management Firms, Portfolio Management Services, Pension Fund Management Firms, Insurance Firms, Family Offices, etc.) and also the scope to start own Equity Research Services for the aspiring entrepreneurs.

Candidates are requested to make an informed decision (based on their interests, career goals, applicable Regulations, FAQs, etc.) and indicate their area of specialization at the time of application. Candidates may be allowed to change their specialization after completing Trimester II based on the availability of seats in the desired specialization. Please note that decision of NISM will be final and binding in case of a requested change in the specialization at the end of Trimester II.

Q4: What are the eligibility criteria for this Program?

Graduates from any discipline (completed with final degree certificates and mark sheet at the time of application) from a recognized University under the 10+2+3 stream are eligible to apply for this program. Please note final degree certificates and mark sheets will be required at the time of application.

Q5: Is there placement assistance?

This PGP (PM/IA/RA) in the Securities Market program is meant for working professionals and is in weekend format hence there is NO placement assistance. However, the program offers opportunities to connect with industry experts, a cohort of working professionals etc. to explore career opportunities.

Q6: Does the PGP (PM/IA/RA) in the Securities Market program fulfil job eligibility criteria?

With regards to eligibility criteria for jobs, note that the PGP (PM/IA/RA) curriculum, course structure, delivery etc. are rigorous and at par with any post-graduation degree/program. However, the final call on whether to consider the PGP (PM/IA/RA) in the Securities Market program for job applications is completely an employer’s decision. Please note there is NO placement assistance in the PGP (PM/IA/RA) program (Refer Section: Career – Q5).

Q7: Is the PGP (PM/IA/RA) in the Securities Market program also valid as a master’s degree?

Please note that the PGP (PM/IA/RA) in the Securities Market program and its specializations are recognized under respective SEBI Regulations (Refer Section: Career – Q1). PGP (PM/IA/RA) in the Securities Market program and its specializations are NOT recognized as a master’s degree or its equivalent under any University, UGC or AICTE Regulations.

Q8: Does the completion of the PGP (PM/IA/RA) in the Securities Market course in any way relax the work experience criteria for SEBI registration?

PGP (PM/IA/RA) in the Securities Market program ONLY fulfils part of the educational requirements laid down in the SEBI Regulations (Refer Section: Career – Q1) and NOT any other criteria for SEBI Registration. SEBI Registration is an independent & separate process completely managed by SEBI only. NISM is not involved in SEBI Registration process.

Age

Q1: Is there any upper age limit for this Program?

No, there is no upper age limit to pursue PGP (PM/IA/RA) in the Securities Market 2025-26.

Eligibility

Q1: I am in the final year of Graduation and waiting for my results. Can I apply?

Candidates joining this program are expected to complete their Graduation requirements and submit their academic credentials to NISM before the commencement of the PGP in the Securities Market program. Hence, it is advised that only those students who can produce their academic certificates (Graduation final mark list and degree certificate) before the program commencement should apply for this program.

Program Structure & Delivery

Q1: What is the structure of the Program?

PGP (PM/IA/RA) in the Securities Market is a 15-month weekend program with classes scheduled on Saturdays and Sundays. This makes it suitable for working professionals.

Q2: I am a working professional. Will I be able to pursue this Program?

In the academic year 2025-26, the program will be offered on weekends (for about 3 weekends every month) in a hybrid model i.e., the classes will be held in a physical classroom located in NISM’s Bandra Kurla Complex (BKC) in Mumbai/Vashi (Navi Mumbai) (to be decided by the management) facility in Mumbai and will be delivered online simultaneously.*

Indicative class timings:

Day Indicative Timings Teaching Hours
Saturday 6:00 pm to 9:15 pm 3 hours
Sunday 10:00 am to 5:15 pm 6 hours

*Participants may attend the classes either online or in classroom mode (Offline classes in physical mode). In case of exigencies such as Covid-19 pandemic, etc. sessions will be conducted in a suitable mode as per the direction of competent authorities at NISM.

*Further, it is to be noted by those opting for physical classes that a limited number of seats are available for physical mode and it will be allocated on a first-come, first-serve basis.

Q3: What is the medium of instruction during the program?

The medium of instruction for all classes and examinations is English. Hence candidates need to be comfortable with verbal and written communication in English.

Q4: If I can’t attend online classes regularly?

Participants are required to have a minimum attendance of 80% in each course. Detailed guidelines will be shared with participants before classes commence. Please note that internal assessment has marks for class participation and all participants are required to submit assignments, complete quizzes, etc. Therefore, attendance and participation are required for enhanced learning and successful completion of the program. Each PGP session is scheduled for 3 hours on weekends. Participants are required to be logged in for at least 90% of the session time i.e. approximately 160 out of 180 minutes.

Q5: Currently, I am not in India, can I pursue a PGP (PM/IA/RA) in the Securities Market program?

Yes, since the course is delivered in hybrid format participants outside India can attend all the sessions and the examinations in online mode.

Q6: Can I pursue Triple or Dual Specializations?

Yes, triple and dual specializations are permissible.

Candidates who wish to pursue triple or dual specialization will be exempted from taking the courses of the common Trimesters (I, II & III), within a period of three consecutive years. There will be no separate interview process.

E.g., a participant enrolled in NISM Post Graduate Program (PGP) in the Securities Market (Portfolio Management) in 2025-26 can pursue NISM Post Graduate Program (PGP) in the Securities Market (Research Analysis) in 2026-27 and NISM Post Graduate Program (PGP) in the Securities Market (Investment Advisory) in 2027-28. Thus, all three specializations can be completed in three consecutive years (without any gaps) (refer table below).

Please note that academic year gap is not allowed in triple specializations, all three have to be completed in three consecutive PGP (PM/IA/RA) batches only (refer table below). In case of a gap, participants will have to go through the entire admission and interview process and also complete the first three trimesters again.

Fees for Triple and Dual Specializations:

Academic Year Triple Specializations* Fees (Rs.) Dual Specializations* Fees (Rs.)
2025-26 Portfolio Management 3,36,348 Portfolio Management 3,36,348
2026-27 Investment Advisory 85,000 + GST#
2027-28 Research Analysis 85,000 + GST# Research Analysis OR Investment Advisory 85,000 + GST#

*NISM reserves the right to change the fees based on the directions of the competent authorities. Please refer the prospectus for a detailed breakup of fees. The consolidated program fees for PGP (PM/IA/RA) 2025-26 is Rs. 3,36,348/- All inclusive.

#GST + payment gateway charges, Processing fee, Transaction charges, applicable taxes etc.

Dual/second specialization is possible after completing the first/one specialization. For the first specialization, the fee is Rs. 3,36,348 (all inclusive). When the candidate goes for the dual specialization, he/she has to pay an additional 85,000 + GST & applicable taxes/charges#. Similarly, 85,000 + GST & applicable taxes/charges# to be paid for the third specialization.

Q7: Which asset classes are covered under the PGP program?

The PGP (PM/IA/RA) in the Securities Market program covers all the asset classes with a primary focus on securities regulated by the Securities and Exchange Board of India (SEBI). Based on the markets and regulatory developments, appropriate topics are included in the curriculum from time to time.

Q8: Is the cost of the study material included in the fees payable to NISM or do I need to purchase the same separately?

Relevant reading material including presentations, cases, regulations, etc. will be shared as and when required in SOFT COPIES only. Reference books for additional reading are NOT provided separately. Candidates may purchase reference books by themselves if desired.

Q9: Is the syllabus of PGP (PM/IA/RA) the same as NISM Certifications?

PGP is delivered in a hybrid mode (online + classroom from NISM office, BKC, Mumbai) wherein NISM in-house faculties, industry experts and guest faculties are invited for interactive & engaging sessions followed by continuous assessments (quizzes, assignments, presentations etc.) and end-term exam. Hence the syllabus, scope and coverage of the PGP (PM/IA/RA) in the Securities Market program are much more comprehensive than NISM certifications.

Q10: Apart from attending regular class hours in the Trimester, how many additional hours should one consider in a typical month for coursework and self-study?

Apart from the regular class hours set aside approximately 15 hours in the week for self-study. The self-study hours will vary depending on your educational background, experience, work profiles, etc.

Q11: Is there any hostel facility provided by NISM for PGP (PM/IA/RA) program?

Participants will have to make their own travel and stay arrangements for attending classes in person. NISM does NOT provide any hostel or travel facilities. (Refer Section: Section: Program Structure & Delivery -Q2)

Q12: With reference to the updated SEBI IA & RA Regulations on Dec 16, 2024 for SEBI Registration, are the following subjects applicable ONLY to Post Graduate Diploma or applicable to Graduate Degree also?

With reference to SEBI Registration, these subjects are applicable for professional qualification, graduate degree, PG degree as well as PG diploma. Since experience requirement has been removed, it is required that the Applicant has the qualification which has an orientation towards these subjects to effectively fulfil his/her role.

Those candidates who DO NOT have orientation and/or educational background in the areas mentioned above PGP (PM/IA/RA) 2025-26 program will be suitable. This program fulfills only the educational qualification requirements for SEBI Registration. The first three trimesters lay the foundation of securities market domain knowledge followed by Specialization and Dissertation in the fourth and fifth trimester. (Refer Section: Career (Q.1))

Q13: Can a person from a non-finance background holding a graduate degree (say in B.A. History, Psychology, etc.) be eligible for SEBI Registration?

NO, NOT Eligible since the orientation is not there in related fields mentioned in the regulation. Such candidates can complete the (PM/IA/RA) 2025-26 program in Investment Advisory (IA), Research Analysis (RA), and Portfolio Management Services (PMS) to fulfil the educational qualification requirement of SEBI’s Registration process.

Q14: Does a Part-time/Executive Post Graduate Diploma in the specified fields finance, accountancy, business management, commerce, economics, capital market, banking, insurance, actuarial science or other financial services fulfill the educational qualifications for SEBI Registration?

YES, Part-time/Executive Post Graduate Diploma fulfills the education requirement.

Q15: IA Regulation specifically requires PG Diploma (minimum 2 years duration) whereas this is not clearly specified in RA. Please clarify the duration aspect w.r.t SEBI Registration.

For IA, PG Diploma (with minimum 2 years duration) is required, whereas for RA, one year would also suffice.

Q16: IA Regulation specifies PG Diploma in “… insurance or actuarial science [or other financial services as may be specified]”. When and where will the financial services be specified and will these be periodically updated in SEBI Regulations?

These requirements will be specified via SEBI Circulars as and when required.

Q17: As a working professional, does the candidate have to bring NOC from their employer/organization at the time of documentation?

NISM does not need an NOC from your organization since it’s a weekend program for working professionals. Candidates need to ensure that they can find enough time to devote to the PGP (PM/IA/RA) program in Securities Markets from their respective work schedule and commitments.

To avail of group discounts, documents will be required from the employer/organization (Refer Section: Section: Fees -Q1 & Q2).

Q18: Are the fees for 3 days Campus Immersion Experience Included?

3 days Campus Immersion is part of the program curriculum and MANDATORY for all participants.

Please note that ONLY the ‘Accommodation Charges’ (in single occupancy AC room) of Rs 6,

Evaluation

Q1: How will the participants be evaluated?

The evaluation may include one or more of the following:

  • Online Assessment (using the remote proctored platform)
  • Case Study Discussions
  • Quiz/ class test
  • Individual and/or Group Assignments (along with presentations)

Q2: Nature of the certificate awarded for the PGP (PM/IA/RA) program

On successful completion of all submissions and course requirements participants will be awarded either:

  • Post Graduate Program in the Securities Market (Portfolio Management) OR
  • Post Graduate Program in the Securities Market (Research Analysis) OR
  • Post Graduate Program in the Securities Market (Investment Advisory)

Participants have to attend and participate in all courses and fulfil attendance and evaluation requirements to complete the PGP (PM/IA/RA) program, NO exceptions will be made in this regard. The program is rigorous and will need some time commitments during weekdays for the next 15 months to meet requirements hence please plan accordingly. Academic Calendar will be shared in advance at the initial stage of the program.

Q3: How will the exams be conducted (Online/Offline)? If the exams will be conducted offline, will I have to visit India for seating in the exams? If the exams will be conducted online, can you clarify for me how?

Exams are conducted online through a remote-proctored platform and will be scheduled as per Indian Standard Time (IST) on weekends. Dates and times of the exams will be communicated well in advance.

Fees

Q1: What is the fee for this Program?

The consolidated program fee for PGP (PM/IA/RA) in the Securities Market is Rs. 3,36,348/- all inclusive. For a detailed break-up of the fee, please go through the prospectus.

Further, for a group of two or more students joining from the same organization, group discounts are available as mentioned below:

  • 10% discount on Tuition Fees for groups of 2 participants from the same organization
  • 15% discount on Tuition Fees for groups of 3 participants or more from the same organization. Group discounts will be adjusted in the second installment fee payment.

Please note there are NO discounts for family members. Entire fee including the application charges are non-refundable.

Q2: What are the criteria for the organization to qualify for the discount?

Participants seeking the group discount shall fulfill the following requirements:

  • Participants seeking group discounts have to submit the registration/ incorporation certificate of the firm. The registration certificate/ incorporation certificate of the firm must be dated before the last date of application for the PGP (PM/IA/RA) in the Securities Market program.
  • Participants from Government organizations/ PSU/ Autonomous organizations/ Listed Companies may avail of the group discounts after submitting the ID proof of the company/organization.
  • Participants seeking group discounts have to apply along with the aforementioned documents at the time of the document verification process.

Q3: What is the application fee? Where can I pay for it?

The application fee is Rs. 500/-. The fee can be paid in https://apply.nism.ac.in/pgp upon completion of filling out the application form, using a Debit Card / Credit Card / Net Banking. The entire application process, including payment of the application fee, is online. *Application fee is exclusive of payment gateway charges, Processing fee, Transaction charges, applicable taxes etc.

Q4: Are fees related to any other NISM certification included in the PGP program fees?

NO fees related to any other NISM certification are NOT included in the PGP (PM/IA/RA) program fees. NISM offers certifications separately, details are available at https://www.nism.ac.in/nism-certifications/ Validity of each NISM Certification is mentioned on the above link & has to be renewed separately

Q5: Are there any scholarships available or educational loan tie-ups for PGP (PM/IA/RA) program?

NISM NEITHER provides any scholarships NOR any educational loan tie-ups for PGP (PM/IA/RA) program.

Application related

Q1: How can I apply for the Program?

The admissions for 2025-26 are now open. Candidates shall first register themselves online on https://apply.nism.ac.in/pgp. On registration, a User Id and a Password will be mailed to the registered email id. Candidates can use these credentials on the same link to fill up the application form. The application is considered complete only after the payment of the application fee of Rs. 500/-. The entire application process, including payment of the application fee, is online. *Application fee is exclusive of payment gateway charges, Processing fee, Transaction charges, applicable taxes etc.

Selection Process

Q1: What is the selection process for admission to this Program?

The selection is a two-stage process:

  • Stage 1: Applicants will be shortlisted for a personal interview based on their profile (application form).
  • Stage 2: The admissions offer is based on the relative performance in the personal interview (online).

Q2: When and where will personal interviews be held?

Interviews will be held online. The dates of the personal interviews will be communicated to the shortlisted applicants by email. The online interview panel consists of industry experts, faculty members, etc. Candidates passionate and willing to learn more about capital and financial markets with or without experience are welcome to apply. The interviews will be held online (via Zoom, WebEx, GoTo Webinar or similar platforms). Note that NISM reserves the right to change the date and time of personal interviews, shortlisted applicants will be communicated in case of any change.

Attendance

Q1: Will the online lectures be recorded and provided to me so that I can cover up my syllabus in case I missed a class?

Participants are required to have a minimum attendance of 80% in each course (Refer Section: Section: Program Structure & Delivery-Q4). Learning is enhanced by interactions, class participation and discussions with experienced faculty members from NISM as well as the industry hence it is advisable to attend all sessions and engage with everyone including cohorts. Recorded lectures are shared only for a limited time in case of absenteeism due to genuine reasons communicated in writing via email well in advance.

Q2: Will watching the videos after the live session be considered attendance?

NO watching videos after a live session is NOT considered for attendance purposes.

Q3: Do we need to attend online classes during Trimester-V?

In Trimester V, participants have to work on completing the Dissertation under the guidance and directions of their respective mentors. NO classes will be scheduled during Trimester-V

Validity

Q1: What is the validity of the PGP (PM/IA/RA) in the Securities Market program?

PGP (PM/IA/RA) in the Securities Market program is recognised as an educational qualification under the respective SEBI regulations (Refer Section: Section: Career -Q1) and hence there are NO renewal requirements pertaining to it.

Contact Us

Q1: Whom should I contact for my specific queries?

You may reach our Admission Counsellors on +91 82680 02412 or write to us at pgpipr@nism.ac.in.

Dr. Rachana Baid

Dr. Rachana Baid

Professor, Dean (Academics) & HOD - Centre for Capacity Building-1

Dr. Kirti Abhijeet Arekar

Dr. Kirti Abhijeet Arekar

Professor - Centre for Capacity Building

Dr. Dhiraj Jain

Dr. Dhiraj Jain

Professor - Centre for Capacity Building

Dr. Rajesh Kumar

Dr. Rajesh Kumar

Professor - Centre for Capacity Building-1

Dr. Jatin Trivedi

Dr. Jatin Trivedi

Associate Professor - Centre for Capacity Building-1

Dr. Kapil Shrimal

Dr. Kapil Shrimal

Associate Professor and Program Director (PGDM, PGPISM and PGCSM)

Mr. Vivek Dhandapani

Mr. Vivek Dhandapani

Associate Professor of Practice

Dr. Amol Agrawal

Dr. Amol Agrawal

Dr. Mohd Meraj Inamdar

Dr. Mohd Meraj Inamdar

Assistant Professor, CCB-2

Dr. Shreyas Vyas

Dr. Shreyas Vyas

Assistant Professor - Centre for Capacity Building-1

Mr. Madhav Mehta

Mr. Madhav Mehta

Adjunct Faculty

Mr. Vijay Kanchan

Mr. Vijay Kanchan

Adjunct Faculty

Mr. Amit Trivedi

Mr. Amit Trivedi

Adjunct Faculty

Mr. Rajesh Krishnamoorthy

Mr. Rajesh Krishnamoorthy

Adjunct Faculty

Ms. Shilpa Wagh

Ms. Shilpa Wagh

Adjunct Faculty

Mr. Sunil Madhusudan Gawde

Mr. Sunil Madhusudan Gawde

Adjunct Faculty

 

* Senior Professionals and Subject matter Experts from the Securities Markets would also be taking sessions as and when required.

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