NISM Series XXI-B Study Material: What to Use
The official NISM workbook, third-party notes and mock tests, and what each is genuinely good for.
The study material for NISM Series XXI-B is NISM's own workbook, and the soft copy is free. You download it from NISM's study material portal after filling in a short form. Printed copies are sold by Taxmann, NISM's publishing partner.
The workbook follows the 21-chapter curriculum NISM publishes for the exam, so it is the base for everything. Where it falls short is regulation. SEBI changes the rules for portfolio managers often, and a workbook edition is fixed on the day it is printed. The regulatory chapters are worth reading against SEBI's own two documents, named below.
What to use, and what each is good for
NISM workbook (free soft copy)
Use it for
All 21 chapters, worked examples and chapter-end sample questions
Watch out for
Any rule figure that may have changed after the edition you hold
SEBI (Portfolio Managers) Regulations, 2020
Use it for
Exact wording on registration, net worth, minimum investment, the client agreement, the principal officer and the code of conduct
Watch out for
Read the version SEBI lists as last amended on September 3, 2025. SEBI's new Portfolio Managers Regulations, 2026 take effect from April 1, 2027
SEBI Master Circular for Portfolio Managers (July 16, 2025)
Use it for
Current operating rules on fees and charges, onboarding, disclosures, reporting to clients and SEBI, and performance benchmarks
Watch out for
A master circular consolidates circulars up to its date; check SEBI's site for anything issued later
Printed workbook from Taxmann
Use it for
The same text as the soft copy, for those who revise on paper
Watch out for
Costs money for no extra content
Coaching notes and question sets
Use it for
Quick revision after you have read the workbook
Watch out for
Often written for Series XXI-A or for an older edition; see the warning below
| Material | Use it for | Watch out for |
|---|---|---|
| NISM workbook (free soft copy) | All 21 chapters, worked examples and chapter-end sample questions | Any rule figure that may have changed after the edition you hold |
| SEBI (Portfolio Managers) Regulations, 2020 | Exact wording on registration, net worth, minimum investment, the client agreement, the principal officer and the code of conduct | Read the version SEBI lists as last amended on September 3, 2025. SEBI's new Portfolio Managers Regulations, 2026 take effect from April 1, 2027 |
| SEBI Master Circular for Portfolio Managers (July 16, 2025) | Current operating rules on fees and charges, onboarding, disclosures, reporting to clients and SEBI, and performance benchmarks | A master circular consolidates circulars up to its date; check SEBI's site for anything issued later |
| Printed workbook from Taxmann | The same text as the soft copy, for those who revise on paper | Costs money for no extra content |
| Coaching notes and question sets | Quick revision after you have read the workbook | Often written for Series XXI-A or for an older edition; see the warning below |
How to get the free workbook
- 1
Open NISM's study material download page
It is linked as "Study Material Download" on the Series XXI-B exam page and on every NISM certification page.
- 2
Fill in the form
Name, email, mobile, city and state. No payment is involved.
- 3
Pick Series XXI-B from the list
Check that the cover reads "NISM-Series-XXI-B: Portfolio Managers Certification Examination" and not XXI-A, which is the distributors' workbook.
- 4
Buy print only if you want it
Taxmann sells printed NISM workbooks online. The content is the same as the free PDF.
How to work the 21 chapters
The curriculum falls into three blocks. Read them in order; the later blocks assume the earlier ones.
- check_circleChapters I to VI are the investment foundation: investment landscape, securities markets, stocks, fixed income, derivatives and mutual funds. Do not skip the fixed income and derivatives examples, which feed the strategy chapters later.
- check_circleChapters VII to XI are the PMS business: the role of portfolio managers, operational aspects (onboarding, disclosures, fees, grievances), the portfolio management process, taxation including Section 9A of the Income Tax Act, and the regulatory, governance and ethical chapter. Read XI with the SEBI documents open.
- check_circleChapters XII to XXI are portfolio theory and strategy: indices, informational efficiency, behavioural finance, modern portfolio theory, capital market theory and CAPM, risk, equity and fixed income strategies, performance measurement including GIPS, and rebalancing. These are the chapters that need a calculator, not just a highlighter.
- check_circleWork every numerical example in chapters XV, XVI, XX and XXI by hand before moving on: portfolio variance for two securities, expected return under CAPM, Sharpe and Treynor ratios, and the constant mix and CPPI rebalancing rules.
- check_circleDo the chapter-end sample questions after each chapter and log the ones you got wrong. The list tells you which chapters to reread in the final week.
Free account, this exam preselected.
Spot stale material in ten seconds
Check how the source describes the paper and the law. NISM's exam page says 150 marks in 3 hours: 90 multiple choice questions of 1 mark plus 6 case-based questions, each with 5 questions of 2 marks. If notes describe a 100-mark paper with 0.10 negative marking, they were written for Series XXI-A, the distributors' exam, which shares some chapter titles but not the paper. If the regulatory section cites the SEBI (Portfolio Managers) Regulations, 1993, or quotes the older, lower minimum investment per client, the notes predate the 2020 Regulations and should not be trusted on any rule figure.
How XXI-B tests what you read
The paper has two question types, and the material produces both. The 90 one-mark MCQs test a definition, a distinction or a rule figure: which document a client must receive before signing the agreement, what the principal officer must hold, or which bias behavioural finance calls anchoring. The 6 case-based questions give a short scenario (a client's portfolio, a manager's performance record, a bond position) and ask 5 questions of 2 marks on it, so a chapter XX calculation can cost you 10 marks across one case. You pass with 90 out of 150 (60%).
The trap is the negative marking. NISM deducts 25% of the marks assigned to a question: 0.25 on a 1-mark MCQ and 0.50 on a 2-mark case question. Candidates who revise from summary notes know the headline figure but not the condition attached to it, and that is where the rule questions are set. The workbook and the SEBI documents carry the conditions; summaries usually drop them.
FAQs
Where can I download the NISM Series XXI-B workbook PDF?expand_more
From NISM's study material download portal, after entering your name, email, mobile, city and state in a short form. The soft copy is free of cost. Copies on file-sharing sites may be old editions.
Is the NISM XXI-B study material free?expand_more
Yes, the soft copy of the workbook is free. Printed copies are sold separately through Taxmann, NISM's publishing partner, and carry the same content.
Is the NISM workbook enough to pass Series XXI-B?expand_more
It covers the whole 21-chapter syllabus and is the only book written to NISM's curriculum. Add the SEBI (Portfolio Managers) Regulations, 2020 and the July 2025 master circular for chapter XI, because the rules change faster than the workbook is revised, and practise the calculation chapters under time.
What is the difference between the NISM 21A and 21B study material?expand_more
Series XXI-A is the exam for PMS distributors and its workbook has 12 chapters. Series XXI-B is for principal officers and other employees of PMS firms, and its workbook has 21 chapters that go much deeper into portfolio theory, strategy and performance measurement. The investment foundation and the regulatory chapters overlap, the rest does not, so revise from the XXI-B workbook only.
Which NISM certification is for portfolio management?expand_more
Series XXI-B is the certification SEBI mandates for a portfolio manager's principal officer and for employees with fund management decision-making authority. Series XXI-A is the certification for those who distribute PMS.
Next steps
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