Exam and Question Bank Details

NISM Series XXI-B: Portfolio Managers Certification Exam and Question Bank Details

The NISM Series XXI-B: Portfolio Managers Certification Examination is conducted by the National Institute of Securities Markets (NISM). It is mandatory for principal officers and employees of SEBI-registered Portfolio Management Services (PMS) firms in India.

Passing this exam is essential for professionals handling investment strategies, portfolio construction, asset allocation, portfolio rebalancing, and client advisory services. It is also highly valuable for students and finance professionals aspiring to build a career in wealth management, asset management, PMS, investment advisory, and private banking.

Exam Details

• Mode: Online at NISM-authorized test centres
• Format:
  • 60 MCQs (1 mark each)
  • 9 Caselets × 5 questions each (2 marks each)
• Total Marks: 150
• Duration: 180 minutes (3 hours)
• Passing Score: 60% (90 marks)
• Negative Marking: 25% per wrong answer
• Certificate Validity: 3 years

Finsafar Question Bank for NISM Portfolio Management

• 400+ exam-oriented questions (latest 2025 syllabus).
• Full-length mock tests, last-day revision sets, and caselet practice modules.
• Step-by-step explanations for portfolio theory, valuation models, and risk-return problems.
• Updated regularly with a concept-first, application-later approach.
• Subscription Cost: ₹449 (limited-time offer).

With Finsafar’s Portfolio Management Mocks, preparation becomes smarter, faster, and more effective.

Background of the Exam

The SEBI (Portfolio Managers) Regulations, 2020 made it compulsory for PMS professionals — including principal officers, dealers, strategists, and advisors — to clear the NISM XXI-B Exam. This ensures transparency, professionalism, and investor protection in the PMS industry.

Who Should Take This Exam?

• Principal officers and employees of SEBI-registered Portfolio Management Services firms.
• Wealth managers, investment advisors, asset managers, and private bankers.
• Financial planners, CFA aspirants, CA/MBA (Finance) students.
• Anyone seeking a career in portfolio management and wealth advisory.

Objectives of the Examination

• Understand the role and responsibilities of a portfolio manager in financial markets.
• Apply portfolio construction strategies: asset allocation, diversification, and rebalancing.
• Evaluate risk-return trade-offs using performance metrics.
• Analyze equities, bonds, mutual funds, ETFs, derivatives, and alternatives.
• Understand taxation, compliance, and SEBI PMS regulations.
• Follow ethical and professional standards in portfolio management.

Study Material for Portfolio Management Exam

• Official NISM XXI-B Workbook (free on NISM website, hard copies available).
• The workbook is theory-heavy and case-driven.
• Supplement with Finsafar mocks for real exam practice and applied learning.

Registration & Enrollment Procedure

• Register on the NISM Certification Portal using PAN, name, and DOB.
• Activate via email → Log in → Select NISM Series XXI-B Exam.
• Choose exam city, test centre, date, and time slot.
• Pay fees online and download Admit Card.
• On exam day, carry Admit Card + valid ID proof (PAN/Aadhaar/Passport/Driving License).

Syllabus at a Glance

• Introduction to Portfolio Management and Investment Landscape
• Securities Markets and Financial Instruments
• Role and Operations of Portfolio Managers
• Portfolio Construction, Asset Allocation, Diversification
• Risk & Return Measurement, Performance Evaluation
• Behavioral Finance and Investor Profiling
• Valuation Models and Case Studies
• Taxation, Compliance, and SEBI PMS Framework
• Ethics and Investor Protection

Preparation Strategy

• Read the NISM workbook at least once for basics.
• Study 2–3 hours daily for 3 weeks.
• Focus on risk-return numericals, rebalancing, and valuation models.
• Revise taxation, regulations, and ethics thoroughly.
• Practice Finsafar mock tests for caselets (carry 60%+ exam weightage).

Finsafar Pro Tip: Caselets form over 60% of the exam weightage — mastering them gives you a strong edge.

Exam Day Instructions

• Carry Admit Card and valid Photo ID (PAN/Aadhaar/Passport/Driving License).
• Report at least 30 minutes before the exam.
• Manage time wisely between MCQs and caselets.
• Avoid random guessing (negative marking applies).
• Results and mark sheet are available immediately after submission.

Finsafar Wishes You Success 💡

Clearing the NISM XXI-B Portfolio Managers Exam is easier with structured study + practice. Try Finsafar’s free demo mock test to experience the real exam format.

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