NISM Series XXI-A- Exam Pattern, Syllabus & Preparation
Become a SEBI-recognised certified PMS distributor equipped to sell and distribute Portfolio Management Services.
The NISM-Series-XXI-A certification sets the common minimum knowledge benchmark for individuals who distribute or sell Portfolio Management Services (PMS) on behalf of SEBI-registered portfolio managers. It is administered by the National Institute of Securities Markets (NISM), established by SEBI. Per SEBI's notification dated September 7, 2021, every associated person engaged by a portfolio manager as a PMS distributor must pass this examination.
100 MCQs (1 mark each)
Total Questions
100
Total Marks
60% (60/100)
Pass Mark
3 years
Certificate Validity
Eligibility Criteria
Education
No strict educational bar; open to anyone interested in PMS distribution. A graduate degree is recommended but not mandatory. (PAN is required to receive the certificate.)
Age Limit
No prescribed minimum age.
Nationality
Open to Indian nationals; primarily for persons engaged in PMS distribution in India.
Exam Pattern
A single online computer-based exam of 100 MCQs (1 mark each) for a total of 100 marks, to be completed in 120 minutes. The passing score is 60% (60 marks). Under the revised pattern effective March 15, 2025 there is negative marking of 10% of the marks assigned to a question (0.10 mark per wrong answer), reduced from the earlier 25%. The certificate is valid for 3 years.
NISM Series XXI-A Certification Exam
Online (NISM-authorised test centres)120 min| Section | Questions | Marks |
|---|---|---|
| Portfolio Management Services (PMS) — single paper (all chapters) | 100 | 100 |
Key Topics & Syllabus
Investment & Securities Markets Basics
- check_circleBasics of investments, return & risk
- check_circleOverview of securities markets
- check_circleEquity, debt & derivatives
- check_circleMutual funds and how PMS differs
Introduction to PMS
- check_circleWhat is PMS & the PMS ecosystem
- check_circleTypes: Discretionary, Non-Discretionary, Advisory
- check_circleRole of the Portfolio Manager
- check_circleRole of PMS distributors & associated persons
Products & Portfolio Construction
- check_circleInvestment products & asset classes
- check_circlePortfolio management process
- check_circleAsset allocation & construction
- check_circleInvestment strategies for PMS clients
PMS Regulations & Governance
- check_circleSEBI (Portfolio Managers) Regulations, 2020
- check_circleRegistration & obligations of portfolio managers
- check_circleDisclosure documents & client agreements
- check_circleEthics & code of conduct
- check_circleAPMI framework
Operations, Performance & Taxation
- check_circleClient onboarding & KYC
- check_circleFees & charges structures
- check_circleCustody, demat & fund accounting
- check_circleRisk & return / performance measurement & benchmarking
- check_circleTaxation of PMS
Career Roles & Salary
PMS Distributor / Relationship Manager
₹4–9 LPA (plus commissions/incentives)
Distributes and sells PMS products to HNI clients on behalf of portfolio managers, manages relationships and ensures suitability and compliance.
Wealth Manager
₹6–15 LPA
Advises HNI and UHNI clients across PMS, AIFs and mutual funds, building and reviewing holistic portfolios.
Portfolio / Investment Sales Manager
₹5–12 LPA
Drives sales of portfolio-management and investment solutions, onboarding clients and coordinating with portfolio managers.
Private Banker / HNI Advisor
₹8–20 LPA+
Serves affluent clients of a bank or wealth firm, cross-selling PMS and premium investment services.
How to Prepare
Register on the NISM certification portal
Create an account at certifications.nism.ac.in and complete your profile, including your PAN (required to issue the certificate).
Select the exam and pay the fee
Choose NISM-Series-XXI-A and pay the registration fee of ₹1,500 (inclusive of GST) online.
Book your test slot
Schedule the online exam at any available date, time and NISM-authorised test centre — offered on demand year-round.
Study the official workbook
Study the latest NISM Series XXI-A workbook covering PMS concepts, regulations, operations, taxation and ethics; practise mock tests.
Take and pass the exam
Appear for the 100-question, 2-hour online exam and score at least 60% (60 marks), keeping the 10% negative marking in mind.
Receive your certificate
On passing, download your certificate (valid for 3 years). Renew before expiry via the exam or the CPE programme.
Important Dates (Tentative)
| Event | Expected Date |
|---|---|
| Exam scheduling | On-demand year-round — book any available slot at a NISM test centre |
| Revised exam structure | In effect March 15, 2025 (100 MCQs; negative marking reduced to 10%) |
| Certificate validity | 3 years from passing |
| Renewal / CPE | Revalidate before expiry via re-examination or CPE |
* Dates are indicative based on historical patterns. Check the official website for confirmed dates.
Prepare for NISM Series XXI-A the smarter way
Free mock tests, chapter-wise practice questions and a personalized study plan, built around the latest NISM Series XXI-A pattern.
NISM Series XXI-A FAQ
Who needs to take the NISM Series XXI-A exam?
Any associated person engaged by a SEBI-registered portfolio manager as a distributor of PMS must pass it, per SEBI's notification dated September 7, 2021. It is also useful for wealth and relationship managers selling PMS.
What is the passing mark?
60% — that is, 60 marks out of 100.
Is there negative marking?
Yes. Under the revised structure effective March 15, 2025 there is negative marking of 10% of the marks assigned to a question (0.10 mark per wrong answer), reduced from the earlier 25%.
How long is the certificate valid and how do I renew it?
The certificate is valid for 3 years. Renew by re-taking the exam or completing NISM's CPE programme before it expires.
What is the exam fee?
The registration fee is ₹1,500, inclusive of GST (payment gateway charges extra).
Do I need a specific degree to take the exam?
No. There is no strict educational eligibility bar, though a graduate background is recommended. A PAN is required to receive the certificate.
Ready to crack NISM Series XXI-A?
Start with free practice questions today - no payment needed. Upgrade anytime for full mock tests and detailed solutions.