National Institute of Securities Markets (NISM), Mumbai Courses and Fees
Courses
NISM Mumbai Courses & Fees
The National Institute of Securities Markets (NISM) offers a diverse range of long-term programs tailored for individuals aiming to build or advance their careers in the securities and financial markets. Below is an overview of these programs:
1. Post Graduate Diploma in Management (Securities Markets) – PGDM (SM)
-
Duration: 2 years (Full-time, AICTE-approved)
-
Focus Areas: Economics, Corporate Finance, Portfolio Management, Equity Valuation, Derivatives, Mutual Funds, Wealth Management, and more.
-
Eligibility:
-
Bachelor’s degree (minimum 3 years) with at least 50% marks (45% for reserved categories).
-
Final-year students can apply provisionally.
-
-
Career Opportunities: Roles in equity and debt markets, investment banking, mutual funds, compliance, risk management, and advisory services.
-
Placement Highlights:
-
Average CTC: ₹9.07 LPA
-
Highest CTC: ₹16.32 LPA
-
Top recruiters include ICICI Bank, SBI Mutual Fund, BSE Ltd., Federal Bank, and Axis Trustees.
-
2. LL.M. in Investment and Securities Law (in collaboration with MNLU Mumbai)
-
Duration: 1 year (Full-time, residential)
-
Eligibility:
-
LL.B. degree with a minimum of 50% marks (45% for SC/ST).
-
Final-year LL.B. students can apply provisionally.
-
-
Curriculum Highlights: Advanced Company Law, Securities Regulation, Competition Law, Banking, Foreign Investment, Insolvency Law, and a dissertation.
-
Career Pathways: Opportunities in legal advisory roles within financial institutions, regulatory bodies, and law firms specializing in securities law.
3. Post Graduate Program in Investment and Securities Markets (PGPISM)
-
Duration: 1 year (Residential)
-
Ideal for: Graduates and professionals seeking in-depth knowledge of securities markets.
-
Curriculum: Economics, Financial Statement Analysis, Corporate Finance, Portfolio Management, Equity Valuation, Fixed Income Securities, Derivatives & Risk Management, Investment Banking, Mutual Funds, and Wealth Management.
-
Career Opportunities: Roles such as Analysts, Investment Managers, Treasury Managers, Risk Managers, Compliance Officers, Financial Planners, and Wealth Managers.
4. Post Graduate Program in Portfolio Management, Investment Advisory & Research Analysis (PGP PM/IA/RA)
-
Duration: 15 months (Weekend, hybrid mode)
-
Specializations:
-
Portfolio Management
-
Investment Advisory
-
Research Analysis
-
-
Eligibility: Graduates with an interest in securities markets.
-
Program Structure: 9 months of foundational courses, 3 months of specialization, and 3 months of dissertation.
-
Career Pathways: Opportunities in portfolio management firms, investment advisory services, research analysis roles, and potential to start one’s own firm
5. Certificate Program in Data Science (Advanced)
-
Duration: 8 months (Online live sessions)
-
Eligibility:
-
Graduation with 50% marks.
-
Completion of a basic-level data science program (minimum 6 months).
-
-
Curriculum: Statistical Modeling, Machine Learning, Deep Learning, Financial Econometrics, Time Series & Forecasting, Artificial Intelligence, Big Data, Fintech, Algorithmic Trading, Financial Modeling, and Cyber Security.
-
Tools Used: Advanced Excel, R, Python, Power BI, and Tableau.
-
Fee: ₹99,500 (inclusive of GST and alumni fund).
6. Post Graduate Program in Financial Planning (PGPFP)
-
Focus Areas: Investment Planning, Tax Planning, Retirement Planning, Risk Management, and Estate Planning.
-
Ideal for: Individuals aiming to build a career in financial planning and wealth management.
7. Certificate Program in Merchant Banking (CPMB)
-
Objective: To provide comprehensive knowledge of the securities markets ecosystem and equip participants with skills related to SEBI-regulated activities such as IPOs, FPOs, Open Offers, Buy-backs, Delisting, Mergers, and Acquisitions.
-
Ideal for: Professionals seeking to specialize in merchant banking and related activities.
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. Post Graduate Diploma in Management (Securities Markets) – PGDM (SM)
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.
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:
- Segments: Equity Markets, Debt Markets, Currency and Currency Derivative Markets, Commodity Derivative Markets
- 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 post-graduate 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.
Eligibility Criteria
Educational Qualifications
-
Applicants must have a strong and consistent academic track record.
Performance in Class 10, Class 12, and each year of undergraduate studies will be evaluated during the selection process. -
Candidates must hold a Bachelor’s degree of at least 3 years’ duration in any discipline, with a minimum of 50% marks (45% for candidates from reserved categories).
-
Final-year students awaiting their undergraduate results are also eligible to apply. However, their admission will be provisional and contingent upon meeting the eligibility criteria within the stipulated deadline.
Entrance Test Requirement
Applicants must have qualified in at least one of the following national-level management entrance exams:
-
CAT
-
XAT
-
CMAT
-
ATMA
-
MAT
-
GMAT
-
MH-CET (for candidates from Maharashtra)
Note: Candidates awaiting the results of their entrance exams can still apply. However, their admission will remain provisional until the official score is submitted to the NISM Admissions Office.
Selection Process
The selection process considers the candidate’s:
-
Academic performance
-
Score in a valid management entrance test
-
Personal Interview (PI)
Candidates offered provisional admission must confirm their seat by paying the fees within the specified timeline. Failure to do so will result in automatic cancellation of the admission offer.
Programme Fee Structure for PGDM (SM) 2025–27
PGDM (Securities Markets) 2025–27
| Particulars | 1st Installment | 2nd Installment | 3rd Installment | 4th Installment |
|---|---|---|---|---|
| Tuition Fee | ₹1,38,000 | ₹1,38,000 | ₹1,38,000 | ₹1,38,000 |
| Library Fee | ₹10,000 | ₹10,000 | ₹10,000 | ₹10,000 |
| Examination Fee | ₹5,000 | ₹5,000 | ₹5,000 | ₹5,000 |
| Alumni Fund | ₹2,000 | – | – | – |
| Total Program Fee (A) | ₹1,55,000 | ₹1,45,000 | ₹1,45,000 | ₹1,45,000 |
| Refundable Library Deposit (B) | ₹10,000 | – | – | – |
| Total Including Deposit (A + B) | ₹1,65,000 | ₹1,45,000 | ₹1,45,000 | ₹1,45,000 |
Total Program Fee (2025–27): ₹6,00,000
Payment Schedule:
-
1st Installment: Within 7 days of receiving the offer letter
-
2nd Installment: November 01, 2025
-
3rd Installment: June 15, 2026
-
4th Installment: November 01, 2026
Fee Refund Policy
In case a student wishes to withdraw from the program, the following refund guidelines will apply:
| S. No. | Refund Amount | Timing of Withdrawal Notice |
|---|---|---|
| 1 | Full fee refunded after a deduction of ₹1,000 | Before the program starts or by July 15, 2025 (whichever is earlier) |
| 2 | Full fee refunded after a deduction of ₹10,000 | After July 15, 2025, provided the seat is filled by another candidate from the waitlist |
| 3 | No refund of fee paid (only refundable deposits will be returned) | After the program has started or after July 15, 2025, if the seat remains vacant |
LL.M (Investments and Securities Law)
The LL.M. program in Investment and Securities Laws is an advanced program of legal study that is customized to the needs of the students and working legal professionals. Having committed to provide the highest quality of education in the field of securities markets, the NISM has entered into collaboration with India’s premier Law University, Maharashtra National Law University, Mumbai (Hereinafter referred as MNLU) for offering this LL.M. program in Investment and Securities Laws. This specialized LL.M. program, designed primarily for the law students intending to work in the financial markets, offers full-time, intensive academic training in the legal regulation of securities and investments in India.
In line with our mission for the academic excellence, the course offers depth of background in a broad array of topics arising out of the corporate law and securities regulation topics including the regulation of issuance of securities, secondary trading of securities, market regulation, enforcement issues, corporate finance, investment by a person resident outside India, investment advisers, derivatives, regulation of banking and financial institutions, competition law and insolvency laws. This course offers an introduction to the three most important securities laws: The Securities Contract Regulation Act of 1956, Securities Exchange Board of India Act of 1992 and the Depositories Act of 1996. The course also explores the scope of more than 39 regulations framed by SEBI and its impact on structured growth of securities markets in India. The course also focusses on learning the tools of documentation related to the securities market transactions, which would be helping in understanding the nature of disputes that arise in a financial market.
The program will be delivered by the expert faculty members drawn from both NISM and MNLU. The course will also engage some of the nation’s leading advocates in the field of corporate law and securities laws, as well as officers from various financial services regulators, whose work is oriented more toward practice and the profession, as visiting faculty. The Institute also invites from time to time professors of the foreign universities and financial market experts of other countries to take guest lectures.
Dedicated to enhancing an interdisciplinary legal and securities market education for the academic community, as well as for experienced legal and business practitioners related to financial markets, the course provides a scope to the sharpening of skills and learning the tools to be an effective business lawyer.
For Whom?
Participants with a passion for securities markets, and willingness to immerse themselves over one year for in- depth knowledge will find the LLM program as an ideal platform to launch their long-term career in the corporate world, financial and securities markets. This program is suited for fresh graduates as well as experienced candidates.
The one year LLM 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 LLM Program, for taking leadership roles in the financial/securities markets domain.
Where does the LLM leads to?
LLM can lead the successful participants to the following careers pathways:
- Segments: Equity Markets, Debt Markets, Currency and Currency Derivative Markets, Commodity Derivative Markets.
- 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
- 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 of NISM for designing a program of this kind is “to create a cadre of securities market professionals”.
Eligibility Norms
An LL.B. Degree or an equivalent examination with a minimum of Fifty percent (50%) of marks or its equivalent grade in case of candidates belonging to General/OBC/PWD/NRI/PIO/OCI categories and Forty-Five percent (45%) of marks or its equivalent grade in case of candidates belonging to SC/ST categories. Candidates appearing /awaiting results of the qualifying examination in May/June 2025 can also apply and appear in the Admission Process. However, such candidates shall have to obtain the requisite eligibility by the cut-off date, which will be notified along with the notification of admission results. Candidate who is placed in compartment in the year of the admission would be treated as ineligible. Eligibility for Industry/ institutions sponsored Candidates
Eligibility for Industry/ institutions sponsored Candidates
The candidates who are working with the Regulators (SEBI, RBI, PFRDA, IRDA, IBBI, CCI, etc.), Market Infrastructure Institutions (NSE, BSE, MCX, NSDL, CDSL etc.), Banks and Financial Institutions, Securities Market Intermediaries, Government Departments, Judiciary and Advocates for a period of three years and above are eligible to apply under this category. The other criteria regarding the eligibility for admission for the industry/institutions sponsored candidates will be the same as applicable to the other candidates.
Selection Criteria
All the candidates (including the Industry/ Institutions sponsored and the Foreign national/NRI/NRI sponsored candidates) will be selected based on their performance in Online Test and Online Personal Interview.
Duration of Online test: 120 minutes
Types of Questions: Multiple Choice Questions
No. of Questions: 120
Syllabus: Questions will be asked from the following subjects in the online test:
| Sr No. | Subject | Weightage (Marks) |
| 1 | Constitutional Law | 20 |
| 2 | Jurisprudence | 20 |
| 3 | Law of Contract | 20 |
| 4 | Company Law | 40 |
| 5 | Current Affairs | 20 |
Test Location: Online test (Remote proctored) can be attempted by candidates from their own location.
For the candidates in the All India (including Maharashtra) category, based on the performance in the online test, top 150 candidates will qualify for the interview.
For Industry/ Institutions sponsored candidates, based on the performance in the online test top 60 candidates will qualify for the interview.
For the students under Foreign national/NRI/NRI Sponsored category, based on the performance in the online test, top 20 candidates will qualify for the interview.
The questions in the interview will be asked from the same subjects (Constitutional Law, Jurisprudence, Law of contract, Company Law and Current affairs) for all the categories.
Application Fee: Rs. 1000/-
How to Apply?
- New user need to click on https://apply.nism.ac.in/llm
- Upon successful registration, you will receive User ID and Password on the registered mobile number and Email ID.
- After registration you can Log-in and fill in the application form and pay the application fee of Rs 1,000 online.
Announcement of Selected Candidates
The selected candidates will be intimated via e-mail. Selected candidates would be required to pay the token money and remaining part of first instalment of fees within the due date mentioned therein. Provisional admission offered to selected candidates who do not pay the fees on or before the stipulated date would automatically stand cancelled.
Program Fee
| Sr. No | Particulars | 1st Instalment Amount | 2nd Instalment Amount | Total |
|---|---|---|---|---|
| A | Admission Fees | 3,000 | – | 3,000 |
| B | Tuition Fees All India Students (including Maharashtra students) & Industry/Institutions sponsored candidates | 60,000 | 60,000 | 1,20,000 |
| C Other charges | ||||
| Library, book and study material | 15,000 | – | 15,000 | |
| Journal fee | 6,000 | – | 6,000 | |
| Development fee | 10,000 | – | 10,000 | |
| Internet/IT facilities & Simulation Lab fee | 10,000 | 10,000 | 20,000 | |
| Outsourced services | 10,000 | 10,000 | 20,000 | |
| Student welfare | 10,000 | – | 10,000 | |
| Examination fees | 10,000 | 10,000 | 20,000 | |
| Alumni Association Fund | 2,000 | – | 2,000 | |
| Total C | 73,000 | 30,000 | 1,03,000 | |
| D Refundable Deposits | ||||
| Library caution money | 10,000 | – | 10,000 | |
| Hostel and Mess | 10,000 | – | 10,000 | |
| Total D | 20,000 | – | 20,000 | |
| E Hostel Fee | ||||
| Accommodation | 53,250 | 53,250 | 1,06,500 | |
| Mess Charges | 34,650 | 34,650 | 69,300 | |
| 5% GST on Mess charges | 1,733 | 1,733 | 3,466 | |
| Total E | 89,633 | 89,633 | 1,79,266 | |
| F | Grand Total | 2,45,633 | 1,79,633 | 4,25,266 |
| To be paid before | Within 7 days of offer letter | November 01, 2025 | ||
# Students admitted under Industry/institutions sponsored category are not eligible for placement/ internship assistance
Fee Refund Policy
Fee refund policy will be as per UGC/MNLU guidelines as may be applicable. However, the Hostel and mess charges are non-refundable in all circumstances.
Important Dates:
| Start Date for Application | April 12,2025 |
| Last Date for Application | June 2, 2025 |
| Date of online Test | June 13, 2025 |
| Date of Online Interview | June 24 – 30, 2025 |
| Declaration of 1st Merit List | July 04, 2025 |
| Last date for payment of fee | July 25, 2025 |
| Closure of Admission | July 31, 2025 |
| Commencement of Program | August 01, 2025 |
Note: All selected candidates are required to pay the first instalment of fee within the given time frame, failing which the seat will be offered to the waitlisted candidates belonging to any of the category.