NISM XXI A Portfolio Management Services (PMS) Distributors Certification Examination

What are the different names of PMS Distributors Exam ?

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There are 2 exams under NISM Portfolio Management Services Certification. Which should One Choose ?

PMS Distributors ( NISM 21A ) is for agents who are going to sell PMS services to clients ( Sales )

Portfolio Managers ( NISM 21B ) is for portfolio managers who are managing clients portfolio ( Trading & Investments )

PMS Distributors Exam


Portfolio Managers Exam

Portfolio Managers Certification Exam

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NISM exam registration procedure

Syllabus Outline with Weights

Unit No. Unit Name Weightages %
Unit 1 Investments 5%
Unit 2 Introduction to securities markets 3%
Unit 3 Investing in stocks 8%
Unit 4 Investing in fixed income securities 8%
Unit 5 Derivatives 5%
Unit 6 Mutual Funds 5%
Unit 7 Role of portfolio managers 13%
Unit 8 Operational aspects of portfolio managers 13%
Unit 9 Portfolio management process 13%
Unit 10 Performance measurement and evaluation
of portfolio managers
Unit 11 Taxation 5%
Unit 12 Regulatory, governance and ethical
aspects of portfolio managers

Assessment Structure: Exam Pattern for NISM PMS Distributors

The examination consists of 80 multiple choice questions and 3 case-based questions. The assessment structure is as follows:

Multiple Choice Questions
[80 questions of 1 mark each]

80 x 1 = 80 marks
3 Case-based Questions
[2 cases (each case with 5 questions of 1 mark each)]
[1 case (with 5 questions of 2 marks each]

2 x 5 x 1 = 10 marks
1 x 5 x 2 = 10 marks

The examination should be completed in 2 hours. The passing score for the examination is 60 percent. There shall be negative marking of 25 percent of the marks assigned to a question.

Test Details

1770/- Inclusive of GST. Payment Gateway Charges extra.

80 multiple choice questions of 1 mark each, 2 caselets with 5 MCQs each of 1 mark each and 1 caselet with 5 MCQs of 2 marks each.

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.


I: Investment Landscape

II: Introduction to Securities Markets

III: Investing in Stocks

IV: Investing in Fixed Income Securities

V: Derivatives

VI: Mutual Fund

VII: Role of Portfolio Managers

VIII: Operational Aspects of Portfolio Managers

IX: Portfolio Management Process

X: Performance measurement and evaluation of Portfolio Managers

XI: Taxation

XII: Regulatory, Governance and Ethical Aspects of Portfolio Managers

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