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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