Build a career as a NISM Series XXI-A
Become a SEBI-recognised certified PMS distributor equipped to sell and distribute Portfolio Management Services.
Know the NISM Series XXI-A before you start
100 MCQs (1 mark each)
Total Questions
100
Total Marks
60% (60/100)
Pass Mark
3 years
Certificate Validity
Roles & salary as you grow
The NISM Series XXI-A opens an entry role that promotes upward: here's the ladder and what each rung pays.
Stage 1
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.
Stage 2
Wealth Manager
₹6–15 LPA
Advises HNI and UHNI clients across PMS, AIFs and mutual funds, building and reviewing holistic portfolios.
Stage 3
Portfolio / Investment Sales Manager
₹5–12 LPA
Drives sales of portfolio-management and investment solutions, onboarding clients and coordinating with portfolio managers.
Stage 4
Private Banker / HNI Advisor
₹8–20 LPA+
Serves affluent clients of a bank or wealth firm, cross-selling PMS and premium investment services.
*Indicative ranges from public data; actual pay varies by employer, city and cycle.
Are you eligible?
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
No prescribed minimum age.
Nationality
Open to Indian nationals; primarily for persons engaged in PMS distribution in India.
How the NISM Series XXI-A is structured
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
What you'll study
menu_bookInvestment & Securities Markets Basics
menu_bookIntroduction to PMS
menu_bookProducts & Portfolio Construction
menu_bookPMS Regulations & Governance
menu_bookOperations, Performance & Taxation
How to crack the NISM Series XXI-A
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.
The NISM Series XXI-A cycle
On-demand year-round, book any available slot at a NISM test centre
In effect March 15, 2025 (100 MCQs; negative marking reduced to 10%)
3 years from passing
Revalidate before expiry via re-examination or CPE
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NISM Series XXI-A: common questions
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.
More NISM Advisory & Distribution pathways
NISM Series XV-B
The renewal exam for NISM Series XV holders — a refresher training video plus a one-hour, no-negative-marking assessment.
NISM Series IX
The SEBI-mandated certification for employees of SEBI-registered merchant bankers handling IPOs, buybacks, takeovers and delistings.
NISM Series XXV-B
The SEBI-mandated certification for sales and support staff at Investment Adviser firms who don't give the advice themselves.