Examination Overview – NISM Series XXI-B: Portfolio Managers Certification
The NISM-Series-XXI-B: Portfolio Managers Certification Examination has been developed to create a minimum knowledge benchmark for Principal Officers and key employees of Portfolio Management Services (PMS) firms, as required under SEBI regulations.
This certification ensures that professionals involved in PMS distribution and operations possess a strong understanding of market structure, investment products, portfolio strategies, ethical conduct, risk assessment, and performance analytics — all essential to deliver top-tier PMS solutions.
The exam equips candidates with conceptual and practical knowledge in both equity and debt portfolio strategies, capital market theories, behavioral finance, and operational compliance, enabling them to serve high-net-worth clients more effectively and responsibly.
Examination Objectives
On successful completion of the examination, the candidate should:
Know the basics of investments, securities markets, stocks, fixed income securities, derivatives, and mutual funds.
Understand indices, information efficiency, behavioral finance, and core portfolio management theories.
Learn operational and regulatory aspects of PMS including taxation, governance, and ethical compliance.
Be capable of measuring, analyzing, and improving PMS performance through real-world techniques.
For more details, please visit the official website of
NISM.
Assessment Structure
| Component |
Details |
| MCQs | 90 questions × 1 mark = 90 marks |
| Case-Based Questions | 6 cases × 5 questions × 2 marks = 60 marks |
| Total Marks | 150 |
| Duration | 3 Hours |
| Passing Criteria | 60% (Minimum 90 marks) |
| Negative Marking | 25% of the marks assigned to the question |
Syllabus Outline with Weightages
| Units |
Name of Units |
Marks |
| 1 | Investment Landscape | 3 |
| 2 | Introduction to Securities Markets | 2 |
| 3 | Investing in Stocks | 5 |
| 4 | Investing in Fixed Income Securities | 5 |
| 5 | Derivatives | 5 |
| 6 | Mutual Funds | 5 |
| 7 | Role of Portfolio Managers | 10 |
| 8 | Operational Aspects of Portfolio Managers | 10 |
| 9 | Portfolio Management Process | 10 |
| 10 | Taxation | 5 |
| 11 | Regulatory, Governance and Ethical Aspects of Portfolio Managers | 10 |
| 12 | Introduction to Indices | 5 |
| 13 | Concept of Informational Efficiency | 5 |
| 14 | Behavioural Finance | 5 |
| 15 | Introduction to Modern Portfolio Theory | 5 |
| 16 | Introduction to Capital Market Theory | 5 |
| 17 | Risk | 10 |
| 18 | Equity Portfolio Management Strategies | 15 |
| 19 | Fixed Income Portfolio Management Strategies | 15 |
| 20 | Performance Measurement and Evaluation of Portfolio Managers | 10 |
| 21 | Portfolio Rebalancing | 5 |
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Frequently Asked Questions – NISM Series XXI-B: Portfolio Managers Certification
Finding a high-quality NISM XXI-B Portfolio Managers Certificate Mock Test is essential due to the exam's complexity, which includes both MCQs and case studies. A reliable test must accurately reflect this format. At nismexams.in, our package is specifically designed for this, featuring over 700+ practice questions and 16 case study-based questions that mirror the real exam's structure and difficulty.
The NISM Series XXI-B exam is a comprehensive, 3-hour test with a total of 150 marks. The structure is a mix of:
90 standard Multiple Choice Questions (MCQs) of 1 mark each.
6 caselets (short case studies), with 5 questions per caselet, and each question carrying 2 marks (totaling 60 marks for case studies).
There is a 25% negative marking, and the passing score is 60% (90 marks).
Yes, trying a NISM XXI-B Demo Test is highly recommended, especially to get a feel for the 2-mark case study questions. A good demo should give you a clear idea of how a scenario is presented and the analytical questions that follow. While our main offering at nismexams.in is a premium package, a demo helps you see the value you'll get from our full Portfolio Managers Practice Test, particularly our extensive case study bank.
A smart study plan must prioritize the modules with the highest weightage. For the NISM Series XXI-B exam, you should concentrate on:
Equity Portfolio Management Strategies (15 Marks)
Fixed Income Portfolio Management Strategies (15 Marks)
Role of Portfolio Managers (10 Marks)
Operational Aspects of Portfolio Managers (10 Marks)
Portfolio Management Process (10 Marks)
Performance Measurement and Evaluation (10 Marks)
Regulatory, Governance and Ethical Aspects (10 Marks)
Risk (10 Marks)
Mastering these modules is critical as they form the core of the exam.
A NISM XXI-B Mock Test is significantly different because of its heavy focus on high-value case studies. Unlike purely MCQ-based exams, this test requires a platform that can accurately simulate reading a caselet and then answering five 2-mark questions. Our mock tests at nismexams.in are specifically designed to replicate this unique, high-stakes structure, which is something a generic Portfolio Managers Model Test might overlook.
Relying solely on a free Portfolio Managers Mock Test is extremely risky for this advanced certification. The complex case-study format and the vast syllabus require a structured preparation plan. Free resources are often not updated, may contain errors, and almost never include a sufficient number of high-quality case studies for practice.
Case studies are critical because they make up 60 marks out of the total 150 (40% of the exam), and each question is worth 2 marks. They are designed to test your practical application of portfolio management theories and strategies. Your success in this exam is heavily dependent on your ability to analyze these scenarios correctly, which is why our course includes 16 specific case study-based questions.
To successfully pass the NISM Series XXI-B Certification Exam, you must score a minimum of 60%, which translates to 90 marks out of the total 150. Achieving this score requires a strong performance in both the 1-mark MCQ and the 2-mark case study sections, especially with the 25% negative marking.
You can find a complete Portfolio Managers Model Test, including a rich bank of case studies, within the comprehensive preparation package at nismexams.in. Our platform is specifically designed to provide an authentic exam experience. Each NISM XXI-B Model Test is created by industry experts to accurately reflect the difficulty, question format, and topic distribution of the actual NISM exam.
The 25% negative marking means that for every 1-mark question you get wrong, 0.25 marks are deducted, and for every 2-mark question you get wrong, 0.5 marks are deducted. This makes random guessing a very poor strategy, especially on the high-value case studies. It is crucial to be confident in your answers. Practicing with our NISM XXI-B Practice Test helps you develop the accuracy needed to navigate this.
This certification is designed for Principal Officers and other key employees working in firms that offer Portfolio Management Services (PMS). It is for the professionals who are actually involved in managing portfolios, making investment decisions, and ensuring operational compliance, as opposed to just distribution.
NISM Series XXI-A is the certification for PMS Distributors—the individuals who sell or distribute PMS products. NISM Series XXI-B, the Portfolio Managers Certification, is a more advanced exam for the Principal Officers and key personnel who are involved in the actual management, operations, and compliance of the portfolio itself.
Yes, absolutely. The syllabus includes dedicated chapters on "Behavioural Finance," "Introduction to Modern Portfolio Theory," and "Introduction to Capital Market Theory." This shows that the exam goes beyond just products and regulations to test your understanding of the core academic theories that underpin professional portfolio management.
The syllabus has two distinct, high-weightage chapters—"Equity Portfolio Management Strategies" (15 marks) and "Fixed Income Portfolio Management Strategies" (15 marks)—because these are the two primary asset classes in most portfolios. The exam requires you to have specialized knowledge of strategies for both, such as active vs. passive equity management and duration management for bond portfolios.
Our package is designed for thorough practice. We offer 15 test attempts per set, which allows you to retry the tests multiple times. This repetition is key to identifying your weak areas, learning from your mistakes, and tracking your improvement, ensuring you are fully confident on exam day.
Yes. Our concise notes are created specifically for quick and effective revision. They summarize the most critical concepts, theories (like MPT and CAPM), and regulatory points from the extensive 21-chapter syllabus into an easy-to-digest format. This makes them the perfect tool for last-minute preparation.
After you successfully pass the exam, the NISM Series XXI-B: Portfolio Managers Certification is valid for a period of three years. To maintain your certification, you will need to either pass the exam again before expiry or complete a Continuing Professional Education (CPE) program as specified by NISM.
Yes, our NISM XXI-B Practice Test gives significant importance to the "Performance Measurement and Evaluation of Portfolio Managers" module, which carries a 10-mark weightage. Our question bank includes practical questions on calculating returns and understanding risk-adjusted measures like Sharpe Ratio, Treynor Ratio, and Jensen's Alpha.
A Portfolio Managers Demo Test is a short, free sample designed to give you a preview of our platform, especially how we handle the 2-mark case studies. In contrast, a full mock test is a complete 3-hour, 150-mark simulation of the actual exam. A demo is for a quick look, but only the full mock tests can properly prepare you for the endurance and complexity of the real exam.
Our course provides exceptional value, especially for an advanced exam like NISM Series XXI-B. For just Rs. 599, you get a complete and expertly designed preparation toolkit, including a large bank of both MCQs and crucial case studies, concise revision notes, and multiple test attempts. This affordable package offers a structured and reliable path to passing a mandatory SEBI certification.
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