NISM Series XXI-B Portfolio Managers: pattern, syllabus and eligibility
NISM Series XXI-B is the SEBI-mandated certification for the principal officer and investment staff of a SEBI-registered portfolio manager (PMS) who make or advise on investment decisions.
NISM-Series-XXI-B: Portfolio Managers Certification Examination is conducted by the National Institute of Securities Markets (NISM), the institute set up by SEBI. NISM Series XXI-B is the SEBI-mandated certification for the principal officer and investment staff of a SEBI-registered portfolio manager (PMS) who make or advise on investment decisions.
NISM Series XXI-B mock tests & question bank
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We're building NISM Series XXI-B practice on PrepClever. Until it launches, this page has the pattern, syllabus and eligibility.
Eligibility Criteria
schoolEducation
NISM publishes no minimum educational qualification for this exam.
cakeAge Limit
No prescribed minimum age.
flagNationality
No nationality condition is published. A PAN is needed to receive the certificate.
Exam Pattern
NISM Series XXI-B is a computer-based multiple-choice exam of 150 marks in 180 minutes. The pass mark is 60%, and each wrong answer costs 25% of a question's marks. The certificate is valid for 3 years.
NISM Series XXI-B Certification Exam
Computer-based, multiple choice180 min| Section | Questions | Marks |
|---|---|---|
| Full paper (all chapters of the NISM workbook) | - | 150 |
Key Topics & Syllabus
Investments and the PMS industry
- check_circleAsset classes and investment products
- check_circlePortfolio management services in India
- check_circleDiscretionary, non-discretionary and advisory PMS
Portfolio construction
- check_circleInvestment policy and asset allocation
- check_circleEquity portfolio management
- check_circleFixed income portfolio management
Analysis and behaviour
- check_circleFundamental and technical analysis
- check_circleRisk and return measures
- check_circleBehavioural finance
Performance and operations
- check_circlePerformance measurement and benchmarking
- check_circleFees, charges and client reporting
- check_circleOperational aspects and custody
Regulation and ethics
- check_circleSEBI (Portfolio Managers) Regulations, 2020
- check_circleTaxation of PMS investors
- check_circleCode of conduct and grievance redressal
How to Prepare
Register on the NISM certification portal
Create an account on NISM's certification portal and complete your profile with your PAN.
Select the exam and pay the fee
Choose NISM-Series-XXI-B: Portfolio Managers Certification Examination and pay ₹3,000 plus payment gateway charges online.
Book your test slot
Pick a test centre, date and time from the available slots.
Study the official workbook
NISM's workbook for the series is the syllabus. Download the current version from the NISM website.
Take and pass the exam
150 marks in 180 minutes. Score at least 60%.
Important Dates (Tentative)
| Event | Expected Date |
|---|---|
| Exam availability | On demand, year-round at NISM test centres |
| Certificate validity | 3 years from passing |
* Dates are indicative based on historical patterns. Check the official website for confirmed dates.
Prepare for NISM Series XXI-B the smarter way
NISM Series XXI-B practice is coming soon. Use the pattern and syllabus on this page to plan your study.
NISM Series XXI-B guides
- SyllabusFull NISM Series XXI-B (Portfolio Managers) syllabus: all 21 chapters of the current workbook and what each one covers, plus free practice.
- Exam PatternNISM Series XXI-B exam pattern: 150 marks in 3 hours, 25% negative marking, pass at 90 out of 150 (60%). Verify with NISM.
- Registration & DatesHow to register for NISM Series XXI-B: there are no fixed exam dates, so you book your own slot. Fee ₹3,000, 3-year validity, re-attempt rules.
- Study MaterialNISM Series XXI-B study material reviewed honestly: the official workbook, what it does and doesn't cover, and what to add. Free practice included.
- Previous Year PapersNISM publishes no past papers for Series XXI-B. What the 150-mark, 6-case Portfolio Managers paper looks like, what each chapter asks, how to practise.
- Formula SheetThe 10 formulas NISM Series XXI-B questions use most: portfolio variance, beta, alpha, tracking error and information ratio. With a worked example.
NISM Series XXI-B FAQ
Who needs NISM Series XXI-B?
NISM Series XXI-B is the SEBI-mandated certification for the principal officer and investment staff of a SEBI-registered portfolio manager (PMS) who make or advise on investment decisions.
What is the pass mark?
60%, which is 90 of 150 marks.
Is there negative marking?
Yes. Each wrong answer costs 25% of a question's marks.
What is the exam fee?
₹3,000 plus payment gateway charges, paid directly to NISM.
How long is the certificate valid?
3 years from the date of passing.
How is XXI-B different from XXI-A?
XXI-A certifies people who distribute PMS products. XXI-B certifies the portfolio manager's principal officer and investment team, who run the portfolios.
Does PrepClever have NISM Series XXI-B mock tests?
Not yet. NISM Series XXI-B practice is coming soon. Until then, this page covers the pattern, syllabus and eligibility.
Ready to crack NISM Series XXI-B?
NISM Series XXI-B practice is coming soon. Until then, this page covers the pattern, syllabus and eligibility.