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.

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.

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.

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:

*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:

*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,