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.
Post Graduate Diploma in Management (Securities Markets) – PGDM (SM)
Post Graduate Diploma in Management (Securities Markets) – PGDM (SM)
About the Program:
PGDM (SM) is an AICTE approved two-year Post-Graduate Diploma Programme in Management, where the students get exposure to varied subjects and verticals of securities markets including Economics, Financial Statement Analysis, Corporate Finance, Portfolio Management, Equity Valuation, Fixed Income Securities, and Derivatives & Risk Management, Investment Banking, Mutual Funds, and Wealth Management, benchmarked with the best and contemporary texts.
The carefully crafted curriculum, along with application-based teaching pedagogy and industry internship, serves as a strong foundation for further grooming and growth into various career paths in the corporate/financial/securities markets. PGDM (SM) students are positioned to take up a wide range of roles and responsibilities, such as Analysts, Investment Managers, Investment Bankers, Treasury Managers, Risk Managers, Compliance Officers, Financial Planners, Wealth Managers etc.
For Whom?
Participants with a passion for securities markets, and willing to immerse themselves over two years for in-depth knowledge and a long-term career in the corporate world, financial and securities markets will find the PGDM (SM) programme as an ideal platform. This programme is ideally suited for fresh graduates as well as experienced candidates. The two year PGDM (SM) is an ideal platform for those with a passion for financial/securities markets, aspiring for in-depth knowledge and a long-term career in these and related areas.
Graduates from various disciplines, such as Commerce & Accounting, Management, Economics, Law, Mathematics, Statistics, Engineering, etc. will develop their analytical capabilities, together with practical insights, in this PGDM Programme, for taking leadership roles in the financial/securities markets domain.
What do I learn?
The PGDM (SM) programme is a unique blend of specialized securities markets inputs and managerial insights. The key takeaways from the programme are:
Structured and comprehensive insights into the equity, debt, currency and commodity markets, and their derivative markets, in a well-designed and rigorously delivered environment
Insights from Finance, Accounting, Economics, Computing, Quantitative Methods and Law
Comprehensive coverage of the latest developments in FinTech
Developments in ESG
An enviable repertoire of knowledge, skills and applications in various segments of the securities markets leading to various career pathways
Development of analytical skills, critical thinking, problem solving and reporting, as is required of a contemporary professional
Learning to learn, which is the hallmark of a global professional. This in turn, could help the participant in adding other nationally and internationally relevant professional certifications to his/her Resume, during the course of PGDM (SM) or in the future, to remain current and contemporary.
Who Do I Learn from?
The faculty pool at NISM comprises in-house faculty team of seasoned academicians, visiting faculty from leading management institutions and universities and markets experts. NISM regularly engage with practitioners, creating opportunities for its students to learn from their prospective recruiters. NISM has also initiated a leadership lecture series wherein eminent market experts/Regulatory Chiefs/ Judges/and CEOs are invited to address the students and faculty on relevant contemporary issues. This provides students of PGDM (SM) an opportunity to interact with the best in various relevant fields.
How Do I Learn from?
The course curriculum and teaching pedagogy for PGDM (SM) ensure sound theoretical understanding and practical application of several areas of finance focusing on securities markets.
Faculty teach subjects through the case based teaching pedagogy. In addition to having its own case study centre, NISM has subscribed to cases from Harvard Business Publishing. Case-based teaching method facilitates experiential learning among the students. It facilitates application of knowledge; prepare students to come up with solutions to real-world problems and challenges.
Students are regularly evaluated through class participation, quizzes, tests, assignments, group work, projects etc.
Where does PGDM(SM) lead to?
PGDM (SM) can lead the successful participants to the following careers pathways. Some illustrative career opportunities available for PGDM (SM) graduates are as under:
Market Infrastructure Institutions: A wide range of roles (Business Development, Operations, Compliance, Risk Management, etc.) in Market Infrastructure Institutions including Stock Exchanges, Commodity Exchanges, Clearing Corporations and Depositories
Research and Analytics: Credit Research & Ratings, Economic Research, Policy Research, Analytics and Computing in Risk Management & Derivatives
Banking: Commercial banking, Treasury Operations, Treasury Management etc.
Advisory: Investment Advisor, Personal Financial Planner, Wealth Manager
Mutual Funds: Business Development, Distribution, Operations, Compliance, Risk Management, etc. in the Mutual Funds Industry
The objective for designing a programme of the status of a Post Graduate Diploma is “to create complete securities market professionals”. Since the field of securities markets represents the confluence of several related areas, the postgraduate programme in securities markets rests on the following pillars:
Economics, including financial economics
Finance
Accounting and Reporting
Quantitative Methods and Computing
Law and Compliance
FinTech
Each of the above-mentioned fields is fully represented in the proposed programme, with a balance between elegance and rigour. Based on SSE’s prior experience, but also after infusion of fresh thinking, the architecture of the PGDM (SM) has been conceived. Each course is benchmarked with the best-in-class textbook (recommended text) to arrive at the chosen content.
The programme has a globally benchmarked curriculum deliberated by a council of academicians and market practitioners. Divided into six trimesters, the curriculum is designed to provide research-based inputs and industry insights through a team of academicians and market experts.
PGDM-SM 2026-2028 (Batch VIII)
Trimester – I
Subject Code
Trimester – I
Hours
Credits
101
Business Economics and Environment
30
3
102
Financial Reporting
30
3
103
Financial Institutions & Markets
30
3
104
Mathematics for Securities Markets
30
3
105
Statistics for Securities Markets
30
3
106
Organisation Behaviour and Management
30
3
107(A)
Excel Skills for Management
15
1.5
107(B)
Market Infrastructure Institutions
15
1.5
Total Teaching Hours in Trimester-I
210
21
Trimester – II
Subject Code
Trimester – II
Hours
Credits
201
Economics for Securities Markets
30
3
202
Financial Statements Analysis
30
3
203
Corporate Finance
30
3
204
Business Communication
30
3
205
Corporate and Allied Laws
30
3
206
Financial Analytics
30
3
207(A)
Smart Lab I
15
1.5
207(B)
Mutual Funds
15
1.5
Total Teaching Hours in Trimester-II
210
21
Trimester – III
Subject Code
Trimester – III
No. of Hours
Credits
301
Securities Analysis and Equity Valuation
30
3
302
Securities Market Laws and Regulations
30
3
303
Banking & Financial Services
30
3
304
AI & ML in Financial Markets
30
3
305
Derivatives & Risk Management I
30
3
306(A)
Marketing of Financial Products & Services
30
3
306(B)
Research Methods and Data Analytics
30
3
Total Teaching Hours in Trimester-III
210
21
Trimester – IV
Subject Code
Trimester – IV
No. of Hours
Credits
401
Fixed Income Securities
30
3
402
Derivatives & Risk Management II
30
3
403
Portfolio Management
30
3
404
Treasury Management
30
3
405
Forex Markets and International Finance
30
3
406
Summer Internship
–
6
Total Teaching Hours in Trimester-IV
150
21
Trimester – V
Subject Code
Trimester – V
No. of Hours
Credits
501
Corporate Restructuring and Valuation
30
3
502
Commodities Markets
30
3
503
Financial Planning & Wealth Management
30
3
504
Financial Modelling and Research Report Writing
30
3
505(A)
Smart Lab – II
15
1.5
505(B)
Investment Banking
15
1.5
Total Teaching Hours in Trimester – V
150
15
Trimester – VI
Subject Code
Trimester – VI
No. of Hours
Credits
601
ESG Factors and responsible investing
30
3
602
Corporate Governance and Business Ethics
30
3
603
Portfolio Management Services and Alternate Investment Funds
30
3
604
Project Dissertation (Off Classroom)
–
6
605
Professional Certifications (Off Classroom)
–
6
Total Teaching Hours in Trimester-VI
90
21
Total Teaching Hours in a Year (Timester-I to VI)
1020
120
Embedded NISM Certifications
Sr. No.
Embedded NISM Certifications
Trimester
1
NISM Series VII: Securities Operations and Risk Management Certification Examination
I
2
NISM Series V A: Mutual Fund Distributors Certification Examination
• Students need to complete all the above mandatory certifications within the deadlines indicated by the Program office.
• The examination fee for the aforementioned mandatory certifications is not included in the program fee of PGDM (SM). Students will have to appear and pass all examination on their own. A student will earn 6 program credits (as part of Course ‘604 Professional Certifications’) on successful completion of all six mandatory certifications.
Embedded Workshops
In addition to the courses and certifications listed above, the program will be continuously enriched further through focused advanced workshops and sessions from industry speakers and alumni.
The workshops to be organized for the batch would be predominantly identified based on the recruiters’ feedback, the industry feedback, and the contemporary developments in the securities markets landscape. The following are some of the indicative topics on which workshops would be organized for the batch:
a) Equities Research
b) Credit Risk Analysis
c) Compliance function at MIIs and other intermediaries
d) Surveillance and Risk Management functions
e) Treasury Operations at Banks
f) Private banking and Wealth management
g) Algorithmic and High frequency trading
h) Quantitative applications in securities markets
i) Data Science Applications in securities markets
j) REITs, InVITs and Alternate Investments
k) Other area(s), as needed, based on the industry feedback and contemporary developments
Stage I Online Registration for PGDM-SM Admission 2026-28 (Batch VIII), NISM
(i) NISM invites online applications for admission to the PGDM (Securities Markets) 2026–28 (Batch VIII).
(ii) Registration will start on December 20, 2025 (1730 Hrs) and the last date of online registration will be on March 23, 2026 (2359 Hrs).
(iii) Candidates need to create their Login ID (USERNAME & PASSWORD) for online registration at https://apply.nism.ac.in/pgdm. Upon successful registration, a User-ID and Password will be sent to registered email ID and mobile number of the candidate.
(iv) Candidates need to submit an application/admission data form along with a non-refundable registration fee of Rs. 1,000/- (Rupees One Thousand Only).
(v) Applications in any other mode will not be accepted
Stage II Eligibility cum Shortlisting Criteria
Interested applicants who fulfil the below-mentioned eligibility criteria are required to register for the PGDM-SM 2026-28 (Batch-VIII) via the registration link . https://apply.nism.ac.in/pgdm.
Applicants for admission to the programme will be shortlisted on the basis of their scores in ANY of the following entrance examinations:
Educational Qualifications
Valid Common Entrance Test Score
Eligibility Criteria:
Candidate must satisfy the following criteria to apply for the programme:
Bachelor’s Degree of minimum 3 years’ duration and obtained at least 50% marks.
Note:Candidates who are likely to complete Graduation or equivalent before the 13th of July, 2026 may also apply, subject to meeting the minimum eligibility criteria. If selected, such candidates will be offered admission to the programme provisionally. At the time of registration for the programme, such candidates must produce X and XII and Graduation mark sheets (securing minimum marks i.e. 50%) along with school leaving certificate/ migration certificate, failing which the candidate’s admission offer may stand cancelled.
The candidates are required to qualify in anyone of the four all India Common Admission Tests i.e. CAT 2025, XAT 2026, CMAT 2026, MAT 2025/2026.
Who all will be called for interview? Is there a cut-off score? How will XAT, CMAT and MAT scores be converted to CAT equivalent?
CAT will be the benchmark for screening of applicants. The scores secured by applicants in an approved competitive exam conducted in the most recent year will only be considered after converting the score into equivalent of CAT. The conversion factor will be decided every year by the institute.
Therefore, candidates seeking admission to the PGDM (SM) of NISM must have appeared for any one of the above mentioned tests and submit the score secured in the test in his/her application
Stage III Online Personal Interview (PI)
(I) Shortlisted candidates from Stage-II will appear in Stage-III i.e Online Personal Interview.
(ii) 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.
(iii) Eligible candidates will receive an Email for the Online Personal Interview process for PGDM-SM Admissions 2026-28 (Batch VIII).
Stage IV Final Selection List Based on Entrance Score, Online Personal Interview & Diversity Scores
(I) The offer of admission to the candidate will be made strictly on the basis of merit/ rank list.
(ii) The Merit List will be generated based on the valid composite score of Entrance score 2025, Online Personal Interview, Past Academics and Gender Diversity. The merit list for the admissions is prepared as per the weightage given below:
Past Academics (Xth / SSC) or Equivalent Examination
5
Past Academics (XII / HSC) or Equivalent Examination
5
Past Academics (Graduation)
5
Profile (Academic Diversity and Gender Diversity)
5
Total
100
Stage V Provisional Admission to PGDM-SM 2026-28 (Batch VIII).
(i) NISM follows reservation policy as per AICTE Norms.
(ii) 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. 2,86,950/- as the OAA i.e. Offer Acceptance Amount (or as mentioned in the Offer Letter).
(iii) An automated receipt and a text message of the transaction will be shared by the associated bank on the registered email id/ mobile no. of the candidate.
(iv) On acceptance of the admission offer and payment of OAA, the candidate will receive his/her confirmation letter for provisional admission to PGDM-SM 2026-28 (Batch VIII) on his/her registered email ID. The paid OAA will be adjusted with the First Year Programme Fee. If a candidate fails to pay the 1st instalment of First Year Programme Fees by the stipulated date mentioned in the admission confirmation letter, the seat will be cancelled.
(v) The fee structure for PGDM-SM 2026-28 (Batch VIII) is appended below:
Fee Structure of PGDM-SM 2026-28 (Batch- VIII)
Particulars
1st Installment
2nd Installment
3rd Installment
4th Installment
Tuition Fee
1,45,200
1,45,200
1,45,200
1,45,200
Lab & Library Fee
15,000
15,000
15,000
15,000
Exam Fee
5,000
5,000
5,000
5,000
Alumni Fund
2,000
–
–
–
Student Welfare
6,000
–
–
–
Total Program Fees (A) *
1,73,200
1,65,200
1,65,200
1,65,200
Library Deposit – Refundable (B)
10,000
–
–
–
Total Fees including Refundable Deposits (A + B)
1,83,200
1,65,200
1,65,200
1,65,200
Gross Total
6,78,800
Due Date
Within 10 days of receiving offer letter
November 01, 2026
June 15, 2027
November 01, 2027
Stage VI Reporting for joining the PGDM-SM 2026-28 (Batch VIII).
(I) Final selected candidates who have deposited OAA and got a confirmation letter for provisional admission will be required to report physically (on the stipulated date and time) on the Institute campus for registration, followed by physical verification of educational documents and other testimonials as per checklist shared on later stage.
(ii) The academic session will tentatively begin from July 13, 2026.
(iii) The hostel room allocation to the candidate will be done on a sharing basis. Hostel rooms for the DAP candidates will be arranged on the ground floor or first floor (preferably). The fee structure for Hostel and Mess Charges for the PGDM SM 2026–28 (Batch VIII) is provided below.
Hostel and Dining Fee Structure of PGDM-SM 2026-28 (Batch-VIII)
Particulars
1st Installment
2nd Installment
3rd Installment
4th Installment
Accommodation Fee
57,000
57,000
57,000
57,000
Dining Fee
35,000
35,000
35,000
35,000
GST on Food (5%)
1,750
1,750
1,750
1,750
Total Accommodation & Dining Fee (A)
93,750
93,750
93,750
93,750
Hostel Deposit – Refundable (B)
10,000
–
–
–
Total Fees including Refundable Deposits (A + B)
1,03,750
93,750
93,750
93,750
Gross Total
3,85,000
Due Date
Within ten days of receiving offer letter
November 01, 2026
June 15, 2027
November 01, 2027
# AC accommodation on a twin-sharing basis. Centralized AC will be available between 9:00 pm to 06:00 am only
Note: Students are required to vacate the hostel during the internship period. Accordingly, hostel charges for this period have been excluded from the above fee. In case a student wishes to stay in the campus during the internship period, he/she has to bear additional charges for the same.
Note:
(I) Comfortable hostel accommodation, separate for boys and girls, is available in the campus.
(ii) Accommodation and Dining Charges once paid by a student will not be refunded under any circumstances.
(iii) The hostels are well equipped with all the modern amenities and are under the charge of caring and experienced Wardens.
(iv) NISM Dining Hall and Cafeteria: A spacious well lit and well ventilated cafeteria in the campus serves sumptuous and healthy food to the students. 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.
(v) 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.
(vi) Medical Facilities: NISM provides Student Safety Insurance and a visiting doctor within the Campus. Ambulance facility (on call) is available in case of any emergency.
(vii) Laundry facilities are available on payment basis at our campus.
Refund Policy PGDM-SM 2026-28 (Batch VIII).
(I) 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 Rs. 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/pgdm.
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 13, 2026, whichever is earlier
02
The fee paid will be refunded after a flat deduction of Rs. 10,000/-
After July 13, 2026 and the vacant seat is filled by another student from the 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 13, 2026, and the seat remained vacant
(II) Refunds will be made within 60 days from the date of commencement of the program i.e from July 13, 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/pgdm
(III) 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 circumstance. No refund requests will be entertained after registration or the date and time mentioned in the offer letter for provisional admission.
Note:
(I) The above mentioned admission criteria, terms and conditions are subject to change at the discretion of NISM.
(ii) The information in this document is applicable only for the admissions cycle PGDM-SM Admissions 2026-28 (Batch VIII). NISM reserves the right to change, modify or adopt any new admission process that it deems necessary at any point.
(iii) Any dispute concerning Admission for the PGDM-SM 2026-28 (Batch VIII) would be subject to the jurisdiction of the competent courts within the territorial jurisdiction of the city of Mumbai only.
(iv) 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.
(v) 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.
Our Past Recruiters
NISM, established by SEBI, has strong connect with the industry enabling bright placement and career opportunities for its students. The institute assists placement of the students by inviting banks, asset management companies, advisory firms, broking houses, other securities markets intermediaries and other select companies participate in the campus placement programme.
Important Dates
Online Applications Open
December 20, 2025 (1730 Hrs)
Last Date for Submission of Online Application
March 23, 2026 (2359 Hrs)
Announcement of Call for Online Personal Interviews
A1. Post Graduate Diploma in Management (Securities Markets), a Two-Year AICTE Approved Full-Time program by NISM focusing on the securities markets.
Q2. What are the Academic Eligibility Criteria for the PGDM(SM)?
A2. Interested applicants who fulfil the below-mentioned eligibility criteria are required to register for the PGDM- SM 2026-28 (Batch-VIII).
Applicants must hold Bachelor’s Degree of minimum 3 years’ duration and obtained at least 50% marks.
Applicants in the last year of their Bachelor’s Degree program and awaiting their final results can also apply. However, their admission will be considered as provisional and is subject to fulfilling the above- mentioned eligibility criteria within the specified timeframe.
Candidates are required to qualify in any of four All India Common Admission Tests i.e. CAT 2025, XAT 2026, CMAT 2026 and MAT 2025/2026.
Q3. Those who are in last year and are waiting for final results, can they apply?
A3. Yes! Admission will be provisional till graduation marks are submitted.
Q4. Who should apply for PGDM(SM)?
A4. The program is ideal for students pursuing graduation in Economics, Commerce, Finance, Engineering, or Management aspiring for a career in capital markets.
Q5. What is the Selection Process of NISM for PGDM(SM)?
A5. The offer of admission to the candidate will be made strictly on the basis of merit/ rank list. The Merit List will be generated based on the valid composite score of Entrance Score, Online Personal Interview (PI), Past Academics and Gender Diversity. The merit list for the admissions is prepared as per the weightage given below:
New Registration: Receive User-ID and Password via email/SMS.
Login and complete application with Rs.1,000/- (Rupees One Thousand Only) Fee Payment via Debit/Credit Card, Net banking, or UPI
Q9. What leads most students to choose this college?
A9:
Expert faculty with securities market knowledge
Strong infrastructure
Established by SEBI
Simulation lab for stock trading
Blend of faculty from academia, industry, and regulators
Regular industry interaction
Q10. May I visit the campus? If so, when?
A10. Yes, visits can be scheduled from Monday to Friday between 1000 Hrs and 1600 Hrs.
Kindly email apu@nism.ac.in to schedule an appointment. Campus details are available on the NISM website.
Q11. What certifcations are covered in the PGDM(SM) program?
A11. The program includes embedded NISM certifications:
Embedded NISM Certifications
S. No.
Name of Certificate
Trimester
1
NISM Series VII: Securities Operations and Risk Management Certification Examination
I
2
NISM Series V A: Mutual Fund Distributors Certification Examination
The NISM Campus placement drive started from December 1, 2021 for Post Graduate Diploma in Management (Securities Markets) – PGDM (SM) (2020-22). The placement process this year was done in online and offline mode with 40 companies participating in it. The students were offered various roles such as, Treasury Dealer, Compliance Officer, Surveillance & Investigation Officer, Wealth Manager, Financial Advisor etc. The placement cell has placed all students who have opted for placement, barring 05 students.
Salary Packages
CTC
Maximum
13.67 LPA
Average
7.8 LPA
The salary package (CTC) comprises of fixed, variable and allowances offered by the company.
Major Recruiters:
Post Graduate Diploma in Management (Securities Markets) Placement Report 2021-2023
Executive Summary
The campus placement drive for the PGDM(SM) program at NISM was conducted at the Patalganga Campus, attracting participation from over 30 companies. Out of a batch of 78 students, 75 chose to take part in the placement process and 73 students received offers across various roles.
Salary Packages
CTC
Maximum
14.14 LPA
Average
9.56 LPA
The salary package (CTC) comprises of fixed, variable and allowances offered by the company.
Major Recruiters:
Post Graduate Diploma in Management (Securities Markets) Placement Report 2022-2024
Executive Summary
The NISM campus placement drive for the PGDM(SM) program was held at the Patalganga Campus, with participation from more than 50 companies. From the batch size of 92 students, 81 students opted in placement drive and received offers for diverse roles. The placement cell successfully secured placements for all students who opted to participate.
Salary Packages
CTC
Maximum
16.32 LPA
Average
9.07 LPA
The salary package (CTC) comprises of fixed, variable and allowances offered by the company.
It is NISMs’ endeavour to make education more affordable for students from all walks of life and ensure that every deserving student gets an opportunity for quality education. Various categories of scholarships have been made available and designed to cater to different students. Following merit based scholarships and tuition fee waiver schemes are in place:
Sr. No
Name of the Scholarship
Description
01
Merit Scholarship
Students who have secured 1st rank at the preceding degree (in an examination where at least 120 students have taken exam in the respective University/ Institute) are eligible for 50% of the tuition fee waiver during the first year. Student shall secure at least 60% of marks along with 90% of attendance in each trimester of first year in order to continue to be eligible for 50% tuition fee waiver for the entire programme.
02
Economically Backward Students
Economically backward students, with meritorious academic record are eligible for 50% of tuition fee waiver in the first year, whose parent/guardian income is less than Rs. 4.00 lakh per annum. A student shall secure at least 60% of marks along with 90% attendance in each trimester of first year in order to continue to be eligible for such tuition fee waiver.
03
Students from local area
Students from Raigarh (MH) district securing admission in PGDM-SM program are eligible for 30% of tuition fee waiver in the first year. Student shall secure at least 60% of marks along with 90% of attendance in each trimester of first year in order to continue to be eligible for 50% tuition fee waiver for the entire program.
04
Best Performing Students
Students are eligible for 50% of tuition fee waiver for the second year for securing the first position/rank in the first year.
05
Fee waiver for Students based on admission Merit criteria
Students with 1st Class and above in graduation level along with CAT / XAT / GMAT score of 75 percentile & above and other eligible test scores of 80 percentile & above are eligible for tuition fee waiver up to 50% only in the first year of study.
06
SC/ST and backward class Students
Students from the SC/ST and Backward class category are eligible for a 50% tuition fee waiver in the first year, subject to the condition that they are selected through a competitive process in terms of prescribed eligibility criteria for selection.
07
Children of employees of SEBI Registered entities
are eligible for 30% of tuition fee waiver in first year of study.
08
Children and Spouse of SEBI and NISM Staff
Children and Spouse of Employees of SEBI/ NISM and support / outsourced staff of NISM are eligible for 40% of tuition fee waiver in the first year. They should secure at least 60% of marks along with 90% attendance in each trimester of the first year in order to continue to be eligible for such tuition fee waiver.
General Terms and Conditions for Scholarships and Fee Waivers
The students undergoing PGDM (SM) are only eligible for seeking tuition fee waivers/scholarships. Students undergoing joint/collaborative/ sponsored programmes are not eligible for any of the scholarships, waivers etc. as these programmes are offered based on mutual understanding between NISM and collaborating Institute/s.
In order to become eligible for tuition fee waiver, a student shall first secure admission to the program through competitive selection process as prescribed.
Students seeking tuition fee waiver under any of the above scheme shall pay first instalment of tuition and other fee in full at the time of admission.
Eligible students shall make an application within one month from the date of commencement of the programme attaching relevant documents as indicated under para (e) below. Students are not allowed to make multiple applications and such applications forthwith rejected.
Application for scholarship/ tuition fee waiver shall be submitted enclosing a) Rank Certificate issued by University/Institution for merit scholarship, b)Economically Backward Certificate issued by an Officer not below the rank of Tahasildar for Economically Backward category, c) residence certificate for local students issued by Tahasildar for local category, d) proof of score and copy of final graduation certificate for merit students, e) employees of SEBI, NISM and employees of SEBI registered entities shall make an application to the Registrar, NISM for considering tuition fee waivers and f) SC/ST and Backward class students shall submit a caste certificate issued by the Competent Authority authorised by the respective State or Central Govt. or UT Governments as per prevailing norms laid own for the purpose.
A Student is eligible for waiver of tuition fee under only one of the schemes above. No student is eligible for scholarship/waiver under multiple schemes.
All the Applicants and Students may note that, merely by submitting an application under any of the above scheme, will not become eligible for tuition fee waiver. All the applications received shall be scrutinised by a Committee duly constituted by the Director. The Committee shall submit its recommendations to the Director for approval. Only shortlisted candidates will be considering for award of scholarship. If more applications received under any of the scheme, the Committee has right to reduce the % of Scholarship/Waiver to accommodate more numbers students depending on the student’s merit. In all the matters relating to scholarship/tuition fee waiver, Director’s decision shall be final. There is no provision for any appeal under the scheme.
NISM reserves right to verify correctness of the application made with the respective authorities and if is found to be incorrect at any point of time, the student shall pay the entire fee along with penalty forthwith or institute has right to take disciplinary action.
Dr. Rachana Baid is Professor at National Institute of Securities Markets. She has been teaching, consulting, and training in financial markets since 1996. She has been a visiting faculty with XLRI Jamshedpur, S.P. Jain Global School of Management, Mumbai, Singapore and Dubai. Earlier she has taught courses at IIM-Indore, NMIMs Mumbai, and few other management schools. She has worked with Indian Institute of Capital Markets (IICM) for 9 years from 2001 to 2010. At IICM she has conducted more than 200 workshops and training sessions for the professionals in the Indian capital market as well as for the participants from other countries. She has conducted training sessions for the officers of IAS, IRS, and CBI as well as fund managers and senior bankers from the private sector banks and mutual funds.
She has been associated with consultancy assignments for clients in the public sector & private sector. She was the member of a team constituted by BankWorld Inc, Washington, DC as a local capital market expert to assess the United States Agency for International Development (USAID) assistance to Securities and Exchange Board of India (SEBI) and its future technical assistance needs. She has worked on assignments for the government of India in Investor Education & Protection. She has been involved in consultancy/advisory assignments for UTI mutual fund and the Association of Mutual Funds in India. She was part of the secretariat to assist the panel for National Award for Excellence in Corporate Governance 2001.
She has done Ph.D. in finance (2001) and Masters in Commerce (1995) from Osmania University
She has about a dozen research papers to her credit in leading journals.
Dr. Kirti Arekar is currently working with National Institute of Securities Markets as a Professor. She has been in teaching, research, training and consulting in Data and Statistical Analysis since 2000. Dr. Kirti worked with K.J. Somaiya Institute of Management, Welingkar Institute of Management (WeSchool) and Narsee Monjee Institute of Management Mumbai. She has been visiting faculty with SP Jain Global Institute of Management, Singapore and Manipal University, Dubai. She has conducted several training programs for corporates like BSE, NSE, BCCI, INS HAMLA, Lumiere, Mahindra & Mahindra and L&T etc. based on Decision Making, Statistics and Data Analysis etc. by using several Software’s i.e. SPSS, EXCEL, EXCEL Solver, MegaStat, Minitab, SAS, R, Python, SAS and QM3+ etc. She has 275 Research publications in International and National Journals. She has presented several Research Papers in many Universities like Harvard University, Manchester, University of Emirates, University of Wellington and Hull University etc.
She has done PhD. in Statistics in 2002 and Integrated Program in Business Analytics from IIM Indore. She has received an award for Best Research paper at Inter 3RD International conference on global independence and decision science, Administrative Staff College of India, Hyderabad, 2008; Best paper awarded by Global Economy and Finance Journal, Canada, 2013 & University of Boston, USA in 2012. Under her guidance two students was awarded Ph.D. degree.
Dr Kirti Arekar has been featured as the ‘Notable Women Personalities of India 2024’ on www.businesstalkz.com.
She was awarded as the Best Teacher Award for Excellence in Research & Teaching from Higher Education Forum in 2013; has been also awarded Fellowship from World Business Institute, Melbourne, Australia in 2013 and Best Researcher Award in Higher Education from K.J. Somaiya Institute of Management, Mumbai and Best Faculty Award in Teaching in Excellence from Bombay Management Association, BMA in 2019.
Dr. Dhiraj Jain is a Ph. D in Management and a Fellow of the Insurance Institute of India. He has a corporate experience of 10 years and an academic experience spanning nearly two decades. His areas of interest include Quantitative Techniques, Business Statistics, Investment & Portfolio Management, Mutual Funds & Financial Derivatives. He has been a Corporate trainer for Equity markets and Mutual Funds for various Financial Institutions, Mutual Funds and Broking Houses and others. He has taken various sessions on Statistics, Research Methodology, Security Analysis and Portfolio Management and Financial Derivatives for management professionals at Wipro, Infosys, Tata Motors, Citius Tech and the like. He is an avid researcher and has a number of research papers, case studies and publications to his credit. His book Marketing Techniques for Financial Inclusion and Development is also indexed in the Scopus database. He has presented papers in various National and International conferences and had also received the best paper award in many of them. He has been a Ph. D guide for the past 8 years. 5 students have completed their Ph. D under his guidance.
Dr. Rajesh Kumar is a skilled and qualified teacher of law with more than twenty-two years of experience in the field of law. After completing his LL.B. Degree from the Campus Law Centre, University of Delhi in 2001, he enrolled as an advocate with the Bar Council of Delhi and practiced mainly in Civil, Writ, Commercial, and Criminal matters before the High Court of Delhi and District courts of Delhi.
Subsequently, he completed his LL.M. from the University of Delhi, cleared the U.G.C. NET Examination, and started his teaching career in 2005. He taught corporate and investment laws at various law colleges and universities starting from IMS Unison Law School, Dehradun and ICFAI Law School, Dehradun, VIPS (affiliated with G.G.S.I.P. University, Delhi), Amity Law School, Delhi (affiliated with G.G.S.I.P. University, Delhi) and National Law University, Ranchi. Before joining this institute as an Associate Professor in February 2018, he was working as Assistant Dean of NLU, Ranchi. He was promoted to Professor in October 2023.
During his teaching career of more than 18 years, he held various administrative responsibilities including the positions of Chief Proctor, Controller of Examination, and Assistant Registrar.
He completed his Ph.D. in securities law in the year 2012 from the University of Delhi.
He has written many articles and four books on different subjects, including his books on securities law (ISBN No- 978365983044, Satyam Law International, Delhi, 2015) and Competition Law (ISBN NO -9789382823520, Satyam Law International, Delhi, 2017). His areas of expertise include Corporate Law, Securities Law, Corporate Finance, Competition Law, Mergers and Acquisitions, Banking and Insurance, and International Investment Law. He has also participated in various conferences and seminars organized by various institutions and has also been a speaker in many such conferences and seminars.
His teaching interest lies in various subjects and areas related to Securities Laws and regulations, Competition laws, corporate laws, Banking and Insurance, mergers and Acquisitions, and International Investment Laws. He teaches in various academic programs and courses conducted by NISM. Apart from teaching, he is actively involved in organizing training programs for the officers of SEBI, government officers, and the securities market regulator of the foreign jurisdiction. He is also engaged in developing Policy papers on various topics related to the financial markets.
Dr. Jatin Trivedi
Associate Professor - Centre for Capacity Building-1
Dr. Jatin Trivedi
Associate Professor - Centre for Capacity Building-1
Dr Jatin Trivedi is an Associate Professor at National Institute of Securities Markets. Before joining back NISM, he has worked as Nodal Officer for Queen Marry University of London, UK, and also Nodal Officer for Presidio Graduate School (Seattle and San Francisco – United States Campuses) as its program with Amity University. He has earned “Finance Guru” title and several awards for excellence in teaching the core courses for MBA graduates. MBA Finance and Global MBA programs during his teaching career for over two decades.
He holds Bachelor of Commerce in accounting & auditing, Bachelor of Education in Commerce (Position holder – specialization), Master of Commerce in accounting and financial management (Position holder – specialization), Master of Business Administrations in finance, G.I.T.W with Industrial Mathematics (First class first), DCA (First class first), Bachelor of Education in Commerce (Position holder in specialization) and Ph.D in Finance.
His research area includes Capital markets, International Relations, Corporate Finance, Financial Economics, and International Finance. He has been part of editorial board and invited reviewers in many reputed journals such as Journal of Sustainable Finance and Investment, Journal of Perspective Financing and Regional Development, International Journal of Asian Social Science, Journal of Applied Finance, Academic Research Journal of Finance etc.
Many of his research work that has been published with reputed journals which indexed in ABDC category, Scopus, Web of Science, SCI such as Journal of Business Economics and Management, Scientific Annals of Economics and Business, Annals of Economic Review, Mathematical Applications in Science and Mechanics, International Journal of Economics and Statistics etc. along with national and international authors. He has presented his research work to many national and international conferences which also includes several prestigious European and American conferences including Harvard Conferences, Boston, USA.
He holds membership with Indian Accounting Association, Finance & Accounting Professionals London, Charted Financial Analysts Network, New York, USA, etc. At NISM, he teaches in the areas of Accounting, Finance and Banking to full time post-graduate students in Securities Markets (PGDM – SM) and PGCSM.
Dr. Kapil Shrimal is Associate Professor and Program Director (PGDM, PGPISM and PGCSM) at National Institute of Securities Markets, a capacity building initiative of SEBI. He is having more than 17 years of experience of academics and 1-year experience of corporate. He has started his career with ICICI Prudential LIC and worked with Institutes like Prestige Institute of Management and Research, Indore, Symbiosis University of Applied Science Indore, Marwadi University Rajkot, etc.
His main area of teaching and research is Fixed Income Securities, Financial Planning, Portfolio Management, Derivatives, Financial Modelling, Financial Analytics, Financial Management, Advance Excel etc. He has conducted many Investment Awareness Program (IAP’s) on behalf of SEBI, NSE and ICAI India.
He has conducted MDPs on Excel for SEBI officers, Income tax officers, GST officers, IES officers etc. He has also conducted MDPs on Personal Financial Planning, Retirement Planning for the officers of RBI, Mazagon Dock Ltd., ICLS, IES Officers, and ICAS, ICICI Bank etc.
He is a member of working group committee review of SEBI for RTA, APs and KYC.
Dr. Shrimal has received Best Faculty award by Dainik Bhaskar in the year 2012. He has also received Best PhD Thesis award by Jaipuria Institute on Management Indore in the year 2018. He has presented and published research papers in International and National reputes and published one book. Some of his research papers got Best Research Paper awards in International Conferences.
He is into the editorial board and reviewer member of International Journal of Accounting and Financial Management Research. He is also associated with various Universities as a member of Board of Studies, Academic Council and PhD examiner.
Dr. Shrimal has done his PhD in Management (Finance) form Mohanlal Sukhadia University, Udaipur. He has also cleared UGC-NET and RPSC-SET in Management in the year 2012. He has cleared many NISM and NCFM modules.
Dr. Shrimal is the Alumni of IIM-Sirmaur, he has done Executive Program in Quantitative Finance and Risk Mitigation a joint program of NSE Academy and IIM Sirmaur.
Vivek Dhandapani is a seasoned analytics and AI leader with over 15 years of cross-functional experience spanning strategy, data science, and digital transformation. He holds an MBA in Analytics and Finance from the Indian Institute of Technology (IIT) Madras (2011) and a B.E. in Electronics and Instrumentation Engineering from Anna University, Chennai (2007). He is also a Doctoral Candidate at the Indian Institute of Management Shillong, deepening his research in analytics, digital transformation, and strategy.
Vivek has held leadership roles across top-tier organizations, most recently serving as a Senior Manager at Bain & Company. His diverse career includes roles such as Chief Operating Officer at Sri Ramachandra Institute of Higher Education & Research, Associate Professor at the Symbiosis Foundation, Director at YRS Intuitions Consulting Pvt. Ltd. (an IIT Madras–incubated company), Bid Manager at HCL Technologies, and Design Engineer at Sun Smart Systems Pvt. Ltd.
He brings deep domain expertise across BFSI, Healthcare, Education, FMCG, and B2C sectors, with specialization in business analysis, market research, competitive intelligence, and M&A support. Known for his strong client relations and stakeholder management, Vivek has consistently delivered ROI-driven, insight-rich solutions that enhance strategic decision-making.
A pioneer in applying cutting-edge Machine Learning and Generative AI, he builds high-impact solutions in predictive modeling, budgeting, customer insights, and risk analysis. His work blends traditional analytics with next-gen AI to drive innovation, operational efficiency, and measurable outcomes.
Vivek is also an accomplished educator, teaching courses in Machine Learning, Generative AI, Quantitative Techniques at premier institutions including IIT Madras, SP Jain, NMIMS, and Symbiosis. As a visiting/guest faculty and subject matter expert, he bridges academia and industry, fostering innovation and developing future-ready talent.With a passion for translating data into actionable insights, Vivek continues to empower organizations and learners alike with the tools and thinking needed to thrive in a data-driven world.
Dr. Amol Agrawal
Associate Professor, CCB (Academics)
Dr. Amol Agrawal
Associate Professor, CCB (Academics)
Dr. Amol Agrawal is an Associate Professor at National Institute of Securities Markets. He is a Ph.D. in Economics from Indian Institute of Management, Bangalore and also a fellow of the International Visitors Leadership Program. His Ph.D. Thesis on History of Banking in India's South Canara District (1906-69) was published as a monograph by Manipal Universal Press in 2023.
Before joining NISM, he has worked as a faculty member in Ahmedabad University. He has also taught at IIM Amritsar and Meghnad Desai Academy of Economics.
Apart from academic experience, Dr. Amol Agrawal also has industrial experience of nearly a decade mainly working as an economist in Mumbai's financial sector.
He has been writing for leading media outlets for nearly two decades now: Financial Express, Mint, Business Standard, Money control etc. His blog named 'Mostly Economics' is ranked as one of the leading economics blogs in the world The blog is archived at Library of Congress, US.
Dr. Amol Agrawal has deep interests in macroeconomics, financial markets, and history of all kinds
Dr. Inamdar is a faculty member at NISM. Prior to NISM, he worked for Indian Institute of Capital Markets, Institute of Cost Accountants of India chapter’s and IIT-Bombay CSE.
He has 11 years of experience in teaching & research and two years of corporate experience.
Dr. Inamdar has several publications in indexed journals and has won two best research paper awards in international conferences. He has conducted a various programs for international delegates as well as training programs for SEBI, RBI, IRS, IES officers and market intermediaries.
At NISM, Dr. Inamdar teaches ESG finance, quantitative methods and data analyses, derivatives options trading strategies (through algo trading simulator) and technical analysis. He is a member of the organising committee of NISM conferences. He has completed M.com, MBA (Finance), CWA (Final), and PhD in the field of ESG finance from Mumbai University
Dr. ShreyasVyas is an expert in business laws with a background in civil laws. He has completed his BALLB (Hons) from Nirma University. Then he completed his LLM in (Corporate Law) from Hidayatullah National Law University and subsequently his Ph.D. from Bhagwant University in area of Company Law. He also enrolled himself as an Advocate in Rajasthan State Bar Council and appeared before Hon’ble Rajasthan High Court for various cases.
In his span of more than 6 years he has taught various subjects like Company Law, Capital market Regulations, Arbitration Law, Civil Procedure Code, Drafting, Pleading etc in universities such as Hidayatullah National Law University and G D Goenka University etc. During his tenure, he has also been working in various administrative positions like Faculty Advisor for Moot Court Committee, internship placements, Program chair etc.
His written articles in various areas of Law like Company Law, Intellectual Property Laws, Contract Laws, Technology Laws, Human Rights Laws etc are published in various journals of National and International Repute. He has also participated in various Faculty Development Programs, Conferences organized various institutions and coached students & judged various Moot Court Competitions of National and International Repute in various areas of Laws.
His areas of teaching interests & research area includes subjects and area relating to Corporate Law, Securities market, Merger and Acquisition Law, Arbitration law, Technology laws and their inter-disciplinary implementation in various area of policy and Law.
Mr. Mehta is a Chartered Accountant and he has done his P.G.D. in Securities Markets, He has around 20 years of experience across Corporate Finance, Investment Banking (Private Equity, M&A), and Debt Arranging & Syndication.
Currently, he provides Virtual CFO services to several large clients and offers expertise in debt syndication, valuation services, and GST advisory. Previously, he held senior roles at Aditya Birla Finance, where he managed a portfolio of over INR 3,500 million, and at Karvy Investment Banking, leading deal origination and execution.
Mr. Mehta has a strong track record in deal advisory, having worked with high-profile clients across sectors such as infrastructure, retail, and finance.
Mr. Kanchan holds a post-graduate degree in finance from JBIMS and is certified in various NISM modules, including Equity Derivatives, Currency Derivatives, Fixed Income Securities, Research Analyst, and Investment Advisor.
With over 30 years of experience in capital markets, he has held leadership roles in Institutional Derivatives at top broking firms and brings expertise in areas such as Institutional Dealing, Derivatives Research, Proprietary Trading, and Depository Operations.
As a visiting faculty member at esteemed management institutes such as NMIMS, N.L. Dalmia Institute of Management Studies and Research, XLRI (Jamshedpur), and K.J. Somaiya Institute of Management and Research, Mr. Vijay has regularly taught core finance subjects, including Derivatives and Risk Management, Fixed Income Securities, International Finance, Forex Markets, Financial Risk Management, and Corporate Finance.
Mr. Kanchan has trained over 8,000 market participants as an NISM empanelled CPE trainer and has conducted MDPs for organizations such as SEBI, SBI MF, ICICI Bank, and Axis Bank. He is also a visiting faculty at several leading management institutes across India.
Mr. Trivedi holds a BE (Instrumentation and Control) and an MBA (Marketing), and brings over 30 years of experience in capital markets.
He has conducted over 1,700 workshops, training more than 400,000 participants, including professionals from regulatory bodies, employees of asset management companies (AMCs), insurance companies, banks, distribution firms, mutual fund distributors (MFDs), registered investment advisors (RIAs), students, and the general public.
Mr. Trivedi has authored several books, including Moneywise – Perspectives for Women and Personal Finance Lessons from the ICU. He has also written over 1,000 articles for mainstream media and Co-authored NISM Series V-A, V-B, V-C certification workbooks and contributed to various NISM projects, including developing certification programs and being part of the examination committees for multiple certification exams.
His work has been recognized through various awards, including:
– Featured as one of 50 Glorious Gujaratis by Chitralekha magazine (2019).
– Recognized as one of India’s 25 best finance teachers (2021).
– Awarded the Guru Gaurav Puraskar at the Artha Mitra Gurukulam National Conference (2023).
Mr. Rajesh Krishnamoorthy holds a Master’s degree in Business Administration from Mahatma Gandhi University and a Post Graduate Certification in Cyber Security from MIT xPRO. He has been conferred with an honorary membership as a Chartered Wealth Manager (CWM) by the American Academy of Financial Management. He holds the Licensed International Financial Analyst (LIFA) charter from the International Research Association, Massachusetts.
Mr. Krishnamoorthy is currently the Non- Executive Chairman of iFAST India Holdings, Singapore, an Independent Director on the Board of PGIM India Asset Management, Member of the Board of Studies at Rajagiri College of Social Sciences and a Board observer in the startup space. He is also the Senior Venture Partner at the VC Firm, Colossa Ventures. Previously, he served as the Country Head – India for Financial Planning Standards Board (US).
Mr. Krishnamoorthy was recognized as Top 50 Financial Services Marketing Professionals in 2018 and was also awarded with the 100 Top Most Influential BFSI Leaders citation at the World BFSI Congress in 2018 and 2019. He has also been featured on Forbes, writes columns for the Mint, Economic Times, Money Control and other industry publications and is a featured speaker/panelist in many conclaves of the industry.
Ms. Shilpa Wagh holds a bachelor degree in Statistics from Mumbai University and M.C.A. from SNDT Womens’ University.
Ms. Wagh, a Certified Financial Planner (CFPCM), conferred by Financial Planning Standards Board Ltd., Denver, USA, a Former SEBI Registered Investment Advisor is currently a Chief Financial Life Coach at August Catalyst Private Limited, a Training and Coaching Company.
Prior to that, Ms. Wagh has been Visiting/Guest lecturer at renowned management institutes like SNDT Womens’ university in Post Graduate Dept. of Computer Science, Narsee Monji Institute of Management Studies (NMIMS) , S.P. Jain institute for management studies and Welingkar Institute of Management. Ms. Wagh has a Marathi podcast and website ‘My money Dhyani mani’ based on personal finance.
Mr. Sunil Madhusudan Gawde
Adjunct Faculty
Mr. Sunil Madhusudan Gawde
Adjunct Faculty
Mr. Sunil Madhusudan Gawde is a Cost Accountant and holds a B.Com. degree. He is a seasoned financial market professional with 19 years of experience at the National Stock Exchange (NSE). At NSE, he was responsible for business development in Currency and Interest Rate Derivatives and the Debt Market, with prior experience in trading operations within Capital and Debt Markets.
Currently, he is a consultant for Risk and Operations at AMC Repo Clearing Ltd. and has been associated with the National Institute of Securities Markets (NISM) as a Resource Person for the past four years. In this capacity, he has contributed to updating certification examination workbooks for Securities Operations and Risk Management (SORM), Currency Derivatives, and Interest Rate Derivatives. He has also delivered presentations on various financial market topics.
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