Examination Overview - NISM Series XXI-A: PMS Distributors Certification
The NISM-Series-XXI-A: Portfolio Management Services (PMS) Distributors Certification Examination is a mandatory exam introduced by NISM and mandated by SEBI for individuals engaged in the distribution of Portfolio Management Services on behalf of SEBI-registered Portfolio Managers.
This certification aims to establish a minimum knowledge benchmark for PMS distributors to ensure quality representation, informed product distribution, and client-centric advisory in the portfolio management industry.
The examination covers a wide range of topics, including investment fundamentals, capital market instruments, portfolio management operations, regulatory frameworks, taxation aspects, performance measurement techniques, and ethical practices required for engaging clients and managing compliance under SEBI regulations.
Passing this examination is compulsory as per SEBI Notification Ref. No. SEBI/LAD-NRO/GN/2021/48 dated September 7, 2021, and is essential for anyone acting as a distributor of PMS offerings.
Examination Objectives
On successful completion of the Portfolio Management Services (PMS) Distributors certification examination, the candidate should:
Know the basics of investments, securities markets, investing in stocks, understanding fixed income securities, derivatives and mutual funds.
Understand the role of portfolio managers, operational aspects of portfolio management services and the overall portfolio management process, including performance measurement and evaluation.
Get oriented to the taxation aspects and regulatory, governance and ethical aspects of portfolio managers and PMS distributors.
For more details, please visit the official website of
NISM.
Assessment Structure
| Component |
Details |
| Number of Questions | 100 |
| Marks per Question | 1 mark |
| Total Marks | 100 |
| Exam Duration | 2 Hours |
| Passing Criteria | 60% |
| Negative Marking | 10% of marks assigned per question |
Syllabus Outline with Weightages
| Chapters |
Chapter Name |
Proposed Weightages |
| 1 | Investments | 7 |
| 2 | Introduction to securities markets | 5 |
| 3 | Investing in stocks | 10 |
| 4 | Investing in fixed income securities | 5 |
| 5 | Derivatives | 5 |
| 6 | Collective Investment Vehicles | 5 |
| 7 | Role of portfolio managers | 10 |
| 8 | Operational aspects of portfolio managers | 13 |
| 9 | Portfolio management process | 15 |
| 10 | Performance measurement and evaluation of portfolio managers | 10 |
| 11 | Taxation | 5 |
| 12 | Regulatory, governance and ethical aspects of portfolio managers | 10 |
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