PGP(PM/IA/RA)
Post Graduate Program in Securities Markets
(Portfolio Management/ Investment Advisory/
Research Analysis)
Academic Year
2022-23
15-month Weekend Programme
Post Graduate Program
in Securities Markets
(Portfolio Management / Investment Advisory /
Research Analysis)
Be eligible for SEBI registered Portfolio Manager / Research Analyst
or Investment Advisor.
2013
Commemorative plaque of commencement of construction of NISM campus by
Dr. Manmohan Singh,
Former Prime Minister of India.
2016
Inauguration of NISM’s state-of-the-art Campus at Patalganga by
Shri. Narendra Modi,
Hon’ble Prime Minister of India.
CO
NT
EN
TS
01
Page
About
the Institute
02
Page
Board of Governors
Academic Council
03
Page
Message from
the Director
About Post Graduate Program in Securities Markets
04
Page
(Portfolio Management/ Investment Advisory/
Research Analysis) - PGP(PM/IA/RA)
For Whom?
05
Page Pedagogical Approach
Where does the
PGP (PM/IA/RA) leads to?
06
Page
Why NISM?
07
Page
Programme Architecture
09
Page Programme Schedule
Admission Process
10
Page Programme Fee
Fee Refund Policy
11
Page
Important Dates
About the Institute
National Institute of Securities Markets (NISM), is an educational institution registered as a public trust. It is
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 educational, research and capacity building activities
at various levels aimed at enhancing quality standards and professionalization of the securities markets. The
institute's six schools of excellence work in synergy towards achieving these goals.
The institute has six schools of excellence viz.
• School for Securities Education (SSE)
• School for Certification of Intermediaries (SCI)
• School for Regulatory Studies and Supervision (SRSS)
• School for Investor Education and Financial Literacy (SIEFL)
• School for Corporate Governance (SCG)
• School for Securities Information and Research (SSIR)
Vision
To lead, catalyse and deliver educational initiatives to enhance the quality of securities markets.
Mission
To engage in capacity building among the stakeholders in securities markets through professional education,
promoting financial literacy, enhancing governance standards and fostering policy research.
1
Board of Governors Academic Council
Chairperson Chairperson
Ms. Madhabi Puri Buch Prof. Abhay Pethe
Chairperson, SEBI Distinguished Fellow at ORF Mumbai and Visiting Senior
Fellow at the Mumbai School of Economics and Public
Policy (MSE&PP), University of Mumbai.
Members
Dr. CKG Nair Members
Director, NISM
Dr. CKG Nair
Mr. S.K. Mohanty Director, NISM
Whole Time Member, SEBI
Prof. Ashok Banerjee
Mr. Girraj Prasad Garg Professor (Finance & Control), Faculty-in-charge,
Executive Director, SEBI The Financial Research and Trading Laboratory,
Director, IIM Calcutta Innovation Park (IIMCIP)
Mr. Ajit Balakrishnan
Chairman and CEO of Rediff.com and Former Chairman Mr. Girraj Prasad Garg
of the Board of Governors of IIM Calcutta Executive Director, SEBI
Mr. A Balasubramanian Prof. Ananth Narayan
Managing Director and Chief Executive Officer, Associate Professor (Adjunct) Head of Public Policy at S P
Aditya Birla Sun life AMC Ltd. Jain Institute of Management and Research
Ms. Ashu Suyash Dr. Sanjay Bahl
Former Managing Director and CEO, CRISIL Director General, CERT-In
Mr. Ishaat Hussain Shri. Madan Sabnavis
Former Director, Tata Sons and Tata Steels Chief Economist, CARE Ratings Ltd.
Mr. Uday Chitale
Independent Director, ICICI Bank Ltd. Secretary to the Academic Council
Prof. H. Krishnamurthy Mr. Sunil Jayawant Kadam
Registrar, NISM
Chief Research Scientist (Retired), IISc
Secretary to the Board
Mr. Sunil Jayawant Kadam
Registrar, NISM
2
Message from
the Director
The Vision of NISM is to impart in-depth knowledge on the financial
sector, focusing on the securities markets, to a broad spectrum of
participants- both academic and professional- and to build a robust
pool of skilled manpower for the Market Infrastructure Institutions,
market intermediaries, financial service providers, and other entities
in the financial/securities markets. Being an educational initiative of
the market regulator SEBI, NISM is uniquely positioned to assimilate
and disseminate knowledge on financial markets and related
subjects. NISM, through its academic courses, corporate training
programmes, certifications, workshops and industry interactions,
has been redefining financial education and awareness over the last 15 years. It has created a bouquet of tailor-made
academic programmes to develop new age professionals to cater to the expanding needs and requirements of the markets.
The PGP (PM/RA/IA) is designed to provide required conceptual understanding and exposure to theory, practices and
policies, required to excel as a portfolio manager/research analyst/investment advisor through the use of contemporary
learner-centric pedagogies. This program is also recognized under SEBI (Portfolio Managers) Regulations 2020, SEBI
(Investment Advisers) Regulations 2013 and SEBI (Research Analysts) Regulations 2014 as eligible qualification for Portfolio
Managers, Investment Advisers and Research Analysts. The program is offered in Hybrid mode. Classes will be held at
NISM's BKC center for those in Mumbai who choose to attend the program physically as well as offered through online mode
for participants joining from other locations.
I assure you that this program will be rewarding and enriching and will enable you to scale greater heights in your chosen
field – portfolio management/research analysis /investment advising. I take this opportunity to welcome you to NISM and
wish you the very best.
Dr. CKG Nair
Director, NISM
3
About Post Graduate
Program in Securities Markets
(Portfolio Management/ Investment Advisory/
Research Analysis) - PGP(PM/IA/RA)
Post Graduate Program in Securities Markets (Portfolio Management/ Investment Advisory/ Research Analysis), or
PGP(PM/IA/RA), is a 15-month weekend program. The relevant specializations of this program are 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.
For Whom?
PGP (PM/IA/RA) 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. Being a week-end capacity-building program, it is
suitable for working professionals.
This program is also useful for Individuals with an entrepreneurial bent of mind, who would like to start their own
Portfolio Management, or Investment Advisory, or Research Analysis practice. These individuals with a Graduate
degree and desirous to offer their own Portfolio Management, or 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, listed companies
(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.
4
Pedagogical Approach
The pedagogy of this program will be practice oriented with an objective of bringing real-life perspectives alongside
giving a robust conceptual foundation to the students.
The curriculum is designed in consultation with the Industry to ensure that the curriculum is in-line with the current
Industry practices and requirements.
The program covers the concepts, tools and techniques pertaining to both the foundational aspects of the securities
markets as well as in their chosen specialization area: Portfolio management, Investment advisory, or Research
Analysis.
Lectures and hands-on workshop sessions will be conducted by eminent faculty and industry leaders and experts.
Students will gain the research-based inputs and industry insights from a team of academicians, market experts
and policy makers.
Where does the
PGP (PM/IA/RA) leads to?
PGP (PM/IA/RA) program offers three specializations to the students 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 the
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 the 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.
5
Why NISM?
NISM, keeping line with its endeavors to induce and improve standards of
professionalism in Indian Securities industry, is offering Post Graduate Program
in Securities Markets with specialization in Portfolio Management/ Investment
Advisory/ Research Analysis. PGP (PM/IA/RA) provides an opportunity to study in
a pedigreed institute, under a team of top academicians and practitioners.
Over the years, the National Institute of Securities Markets has carved a niche for
itself in both education and research. Since 2009, it has conducted a number of
niche programs of durations ranging from one month to two years, with more
than 1500 alumni rendering their services in professionalizing the markets.
NISM has also fulfilled its research mandates through research projects for the
Ministry of Finance and SEBI and training projects for the Ministry of External
Affairs. It has also been conducting training programs for officers from IRS, IAS,
ICLS, CAG, SEBI, RBI, etc. The Institute's training programs have also benefitted
regulatory staff members from SAARC nations and the CLMV (Cambodia, Laos,
Myanmar and Vietnam) nations. Customized corporate training programs also
feature regularly as part of its ongoing activities.
With this rich experience in education and research over a decade, the program
has been carefully crafted to impart the complete set of knowledge and skills in
vital and emerging application areas, benchmarked with the best in India and
overseas.
The pedagogy and faculty will be more practice oriented with an objective of
brining real-life perspectives alongside giving a robust conceptual foundation to
the students.
In industry interaction sessions held at NISM, the participants get an opportunity to
interact with esteemed officers of SEBI, stock exchanges, market intermediaries
and industry experts from various domains of the financial markets.
NISM's Library has a collection of around 10,000 books, apart from various
periodicals. It has one of the richest collections in the country in Economics,
Finance, Securities Markets and Compliance. Subscription to electronic journals
through EBSCO is also available, for accessing scientific journals.
6
Programme Architecture
Design and Curriculum
The program is 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 student.
The program offers three specializations viz., Portfolio Management, Investment Advisory and Research Analysis.
Detailed Program Architecture
Trimester I
Subject Code Subject Name Credits Hours
101 Quantitative methods in Securities Markets 3 30
102 Overview of Securities Markets 3 30
103 Financial Economics 3 30
Total 9 90
Trimester II
Subject Code Subject Name Credits Hours
201 Financial Statement Analysis 3 30
202 Fixed Income Securities 3 30
203 A Behavioral Finance and Investors' Psychology 1.5 15
Ethical and Regulatory Requirements in
203 B 1.5 15
Securities Markets
Total 9 90
Trimester III
Subject Code Subject Name Credits Hours
301 Derivatives and Risk Management 3 30
302 Security Analysis and Valuation 3 30
303 A Fintech in Securities Markets 1.5 15
304 B SMART Lab 1.5 15
Total 9 90
7
Trimester IV (For Portfolio Management Specialization)
Subject Code Subject Name Credits Hours
Portfolio Management Strategies (Equity,
401 (PM) 3 30
Fixed Income and Alternative Investments)
Operational and Regulatory Aspects Specific
402 A (PM) 1.5 15
to Portfolio Managers
402 B (PM) ESG and Responsible Investing 1.5 15
403 (PM) Strategic Asset Allocation and Portfolio
3 30
Planning for investors
Total 9 90
Trimester IV (For Investment Advisory Specialization)
Subject Code Subject Name Credits Hours
Personal Financial Planning including
401 (IA) 3 30
Retirement and Estate Planning
Operational and Regulatory Aspects Specific
402 A (IA) 1.5 15
to Investment Advisors
402 B (IA) ESG and Responsible Investing 1.5 15
403 (IA) Personal Risk Management and Insurance
3 30
Planning
Total 9 90
Trimester IV (For Research Analysis Specialization)
Subject Code Subject Name Credits Hours
401 (RA) Technical Analysis 3 30
Fundamental Analysis (Economic, Sector and
402 (RA) 3 30
Company Analysis)
403 (RA) Equity Valuation Modelling and Equity
3 30
Research Report Writing
Total 9 90
Dissertation
Subject Code Subject Name Credits
501 Dissertation in the Area of Specialization 9
The performance of participants is assessed on continuous evaluation process in each trimester. Performance is evaluated
through quizzes, surprise tests, end-term examinations, class participation, 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 grades,
subject-wise as well as the CGPA.
8
Programme Schedule
The program will be offered on weekends in hybrid model i.e., the classes will be held in physical class room located
in NISM's BandraKurla Complex (BKC) facility in Mumbai and will be delivered online simultaneously. *
Indicative class timings would be as follows:
The class timings would be as follows:
Day Indicative Timings Teaching Hours
Saturday 6:00 pm to 9:15 pm 3 hours
Sunday 10:00 am to 5:00 pm 6 hours
* Students can attend the classes either online or in classroom mode (Offline classes in physical mode). Classes in
physical mode will be held subject to the developments in Covid-19 situation and till the situation improves classes
will be conducted in online mode. Further, it is to be noted by those opting for physical classes that limited number of
seats are available for physical mode and it will be allocated on a first in first serve basis.
Admission Process
Eligibility
Graduates from any discipline (completed with final degree certificates and mark sheet at the time of application)
from a recognized University under 10+2+3 stream are eligible to apply for this program.
Selection Criteria
Candidates will be selected based on their profile and their performance in the personal interview (online).
How to apply?
Candidates willing to apply should first register themselves on slims.nism.ac.in/
Step 1: New Registration: Upon successful registration, a User-ID and Password will be sent to registered email ID
and mobile number of the candidate.
Step 2: Application process: Thereafter, candidates are required to log-in and complete the application process by
paying application fee. After making the payment of application fee of Rs. 500/- the candidates may submit their
application.
9
Programme Fee
The consolidated program fee for PGP (PM/IA/RA) is Rs 2,75,000+ 18% GST. The break-up of the fees is as follows:
Particulars First Instalment (Rs) Second Instalment (Rs) Total (Rs)
Tuition fee 135,000 128,000 2,63,000
Exam fee 5,000 5,000 10,000
Alumni fund 2,000 - 2,000
Total Fee 1,42,000 (plus GST) 1,33,000 (plus GST) 2,75,000 + GST
Within 7 calendar
Due Date days from issue of Before 01-Jan-2023
admission Letter
Group Discounts:
10% discount on Tuition Fee for groups of 2 participants from the same organization
15% discount on Tuition Fee for groups of 3 participants or more from the same organization.
Group discounts will be adjusted in the second instalment fee payment.
Fee Refund Policy
If any applicant requests to withdraw his/her admission, the Institute will refund the collected fees after deducting
Rs. 10,000/- towards processing fees, provided such withdrawal request is made before the commencement of the
program. The last date for withdrawal of admissions for the purpose of refund of fees is 2nd May 2022. There will be
no refund of fee, after the commencement of the program.
Percentage of Refund of Aggregate fees Point of time when notice of withdrawal of
admission is served to the Institute
100% less Rs.10,000/- Before commencement of the program
0% After commencement of the program
10
PGP(PM/IA/RA)
Post Graduate Program in Securities Markets
(Portfolio Management/ Investment Advisory/
Research Analysis)
15-month Weekend Programme
Important Dates
Start Date for Application January 24, 2022
Last Date for Application April 30, 2022
Date of commencement of interviews May 07, 2022
Declaration of 1st Merit List May 09, 2022
Declaration of 2nd Merit List May 16, 2022
Commencement of Programme May 22, 2022
11
NATIONAL INSTITUTE OF SECURITIES MARKETS
REGISTERED OFFICE
5th floor, NCL Cooperative Society,
Plot No. C-6, E-Block, Bandra Kurla Complex,
Bandra East, Mumbai, 400051
CAMPUS
Plot No. IS 1 & IS 2, Patalganga Industrial Area,
Mohopada, District Raigad,
Maharashtra - 410222.
BRANCH OFFICE https://bit.ly/34UOFty
Plot No. 82, Sector-17, Vashi, Navi Mumbai - 400 703. Download NISM App
Admission Helpdesk: Email at: Dowload Prospectus from:
+91-8268002412 pgpipr@nism.ac.in www.nism.ac.in/pgpipr
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