NISM Series XXI-B Portfolio Management Services — Portfolio Managers— Mock Tests & Exam Prep
NISM Series XXI-B (Portfolio Management Services — Portfolio Managers) is a SEBI-recognised certification exam in investment advisory. The exam has 150 marks over 180 minutes, needs 60/150 to pass (negative marking of 0.25), and stays valid for 3 years.
Advanced PMS certification for SEBI-registered portfolio managers
- check_circle800+ exam-pattern questions
- check_circleFull-length mocks in the real 150-mark format
- check_circleWorked solution on every question
- How we compare to coaching, books & other apps
Total Marks
Duration
Pass Mark
Your Readiness
Series XXI-B · NISM
About This Certification
NISM Series XXI-B is the advanced certification for registered portfolio managers (not distributors) — covering portfolio construction, advanced risk management, investment policy statements, client reporting, and SEBI PMS Regulations 2020 from the portfolio manager's perspective. Fee: ₹3,000.
Quick Facts
- RegulatorSEBI
- Conducted byNISM
- Validity3 Years
- Negative Marking0.25%
- Fee₹3000 + GST
What You Get
800+ Questions
Exam-pattern practice with full-length timed mocks and negative marking.
AI Smart Notes
Concise chapter summaries generated from the NISM workbook.
400+ Flashcards
Spaced-repetition for key formulas and definitions.
Doubt Forum
Get answers from mentors and past exam-takers.
Which of the following correctly calculates Net Asset Value?
Click an option to check your answer — no login required.
3 Steps to Pass Series XXI-B
Diagnostic Quiz
15 questions to baseline your current knowledge across all topics.
Personalized Plan
A day-by-day path built around your weak topics — not a generic schedule.
Mock & Improve
Sit full mocks and watch your Readiness Score climb in real time.
Know exactly when you're ready.
Our AI tracks your mock scores, topic mastery, and study consistency to predict your Series XXI-B pass probability in real time.
Concepts 92%
Regs 54%
Exam Syllabus & Topic Weightage
savings01. PMS Regulatory Framework
SEBI (Portfolio Managers) Regulations 2020 — registration, net worth (₹5 crore), activities, restrictions
~15% weightage
storefront02. Investment Policy Statement
IPS construction, client risk profiling, investment mandate, benchmark selection, constraints
~20% weightage
gavel03. Portfolio Construction and Management
Security selection, factor investing, portfolio rebalancing, tax-efficient management
~25% weightage
receipt_long04. Performance Measurement and Attribution
TWRR, MWRR, performance attribution (Brinson model), GIPS standards for PMS
~20% weightage
savings05. Risk Management and Compliance
Portfolio risk metrics, SEBI reporting formats, client portfolio statements, custodian settlement
~20% weightage
Free Resources
NISM Series XXI-B Portfolio Management Services — Portfolio Managers Mock Tests
Sit free, full-length NISM Series XXI-B mock tests that mirror the real exam — 150 marks over 180 minutes, 0.25 negative marking. Each attempt is auto-scored against the 60% pass mark with instant solutions, so you know exactly when you are ready.
NISM Series XXI-BStudy Material & Notes
Chapter-wise Portfolio Management Services — Portfolio Managers study material and revision notes built from the official SEBI syllabus, with 800+ practice questions and previous-year style MCQs to lock in every high-weightage topic.
NISM Series XXI-B Syllabus 2025-26
- PMS Regulatory Framework15%
- Investment Policy Statement20%
- Portfolio Construction and Management25%
- Performance Measurement and Attribution20%
- Risk Management and Compliance20%
Frequently Asked Questions
What is the minimum net worth for a SEBI-registered portfolio manager?
As per SEBI (Portfolio Managers) Regulations 2020, the minimum net worth for a SEBI-registered portfolio manager is ₹5 crore. This is significantly higher than the ₹50 lakh minimum required under the old 1993 regulations, reflecting SEBI's intent to allow only well-capitalised players.
What is the difference between XXI-A and XXI-B?
XXI-A is for PMS distributors who introduce clients to PMS products but don't manage portfolios. XXI-B is for portfolio managers who actually manage client money. XXI-B is a harder exam (₹3,000 vs ₹1,500) and covers advanced portfolio management beyond distribution.
How we prepare you for Portfolio Management Services — Portfolio Managers
Everyone selling exam prep tells you that you'll pass. Here is the machinery underneath the claim - six things the product does, in the order you'll meet them.
A diagnostic, before a single lesson
Fifteen questions map what you already know against the syllabus.
Most people waste their first fortnight re-reading chapters they'd already pass. The diagnostic exists so your plan starts at the gaps, not at page one.
Chapters broken into five-minute cards
The syllabus is re-cut into sessions that fit a commute, not an evening.
A 600-page workbook asks you to find an hour you don't have. Bite-sized cards ask for the ten minutes you already lose to a queue - which is why the habit survives past week two.
Practice that follows your mistakes
The engine weights questions toward the topics you keep getting wrong.
A static question bank serves everyone the same 1,200 questions in the same order. Adaptive weighting means your revision time lands where it actually moves the score.
A worked solution on every question
Not just the right option - the reasoning, and the trap you fell for.
Knowing you picked C and the answer was B teaches you nothing. Every question carries the working, so a wrong answer is the most useful thing that happens in a session.
Mocks under real exam conditions
Full length, properly timed, with negative marking where the series has it.
The exam is as much a clock-management problem as a knowledge one. A mock that doesn't reproduce the pressure tells you how you'd do in an untimed, forgiving version of an exam that is neither.
One number: your Preparedness Score
Whether you'd pass today - and which chapters are holding it down.
Every other method leaves you guessing at the only question that matters before you pay the exam fee. The score is the answer, and it moves as you do.
Why people leave the alternatives
You have four other options, and each one genuinely beats us at something. Here is the whole picture - including the rows where they win.
| Dimension | PrepCleverPrepClever | Coaching centreClassroom batch | YouTube & PDFsFree material | Other prep appsTypical case | BooksSelf-study |
|---|---|---|---|---|---|
| What it costs to start | Free forever core - no card | ₹30,000–50,000 upfront | Free | Freemium; the real bank is paywalled | ₹500–1,500 per workbook |
| When you can study | Five-minute sessions, any time | Fixed batch timings, fixed venue | Any time | Any time | Any time |
| Does it know your weak areas? | Adaptive - weights toward what you miss | One pace for the whole batch | Nothing is tracked | Usually a static bank in fixed order | Nothing is tracked |
| Why was my answer wrong? | Worked solution on every question | Strong - if you can get the teacher's time | The comments section | Often an answer key only | Answer key at the back |
| Am I ready to book the exam? | Preparedness Score, updated per session | A mock rank, and instinct | No signal at all | Your raw score on the last test | No signal at all |
| Is the syllabus current? | Tracked against SEBI workbook updates | Depends entirely on the centre | Often years out of date | Varies; rarely dated on the page | Whatever the last reprint said |
| How many NISM series? | All 26 | The one or two that fill a batch | Patchy - the popular ones | Usually the popular ones | One book per series |
Rival columns describe the typical case, not every provider. A good coaching teacher will out-explain any app on the day you can actually reach them.
Rather judge it yourself? Take a free mock quiz or read a worked solution before you decide.
Ready to pass Series XXI-B?
Start your personalized prep today — 800+ practice questions, free to start.