About NISM-Series-XXI-B: Portfolio Managers Certification Examination

Revised Launch of NISM-Series-XXI-B: Portfolio Managers Certification Examination w.e.f July 24, 2023.

The NISM-Series-XXI-B: Portfolio Managers Certification Examination to create a common minimum knowledge benchmark for principal officers and other employees of the Portfolio Management Services (PMS) firms. The exam aims to enhance the quality of Portfolio Management Services.

NISM has notified NISM-Series-XXI-B: Portfolio Managers Certification Examination vide NISM communiqué NISM/Certification/Series-XXI-B: Portfolio Managers Certification Examination/2021/01 dated June 15, 2021

Examination Objectives

On successful completion of the examination, the candidate should:

  • Know the basics of investments, securities markets, investing in stocks, understanding fixed income securities, derivatives and mutual funds.
  • Know about indices, concept of information efficiency, behavioural finance, modern portfolio theory, equity and fixed income portfolio management strategies.
  • Understand the role of portfolio managers, operational aspects of portfolio management services and about the portfolio management process, performance measurement and evaluation of portfolio managers.
  • Get oriented to the taxation aspects and regulatory, governance and ethical aspects of portfolio managers.

Assessment Structure

The examination consists of 90 multiple choice questions and 6 case-based questions. The assessment structure is as follows:

Multiple Choice Questions  [90 questions of 1 mark each]90*1 = 90 marks
6 Case-based Questions  [6 cases (each case with 5 questions of 2 mark each)]
6*5*2 = 60 marks
Total 150 marks

The examination should be completed in 3 hours. The passing score for the examination is 60 percent which is 90 marks out of total 150 marks. There shall be negative marking of 25 percent of the marks assigned to a question.

Test Details

+ Inclusive of Goods and Services Tax (GST). Payment Gateway Charges extra.

~ 90 multiple choice questions of 1 mark each and; 6 caselets with 5 MCQs in each caselet of 2 marks each i.e. total of 45 case-based MCQs

* Negative marking – 25% of the marks assigned to the question.

# Passing Certificate will be issued only to those candidates who have furnished/ updated their Income Tax Permanent Account Number (PAN) in their registration details.