Series XXI-A · Intermediate
Portfolio Management Services Distributors
For distributing portfolio management services.
Questions
100
Duration
120 min
Pass mark
60%
Negative marking
25%
Exam fee
₹1,500 + GST
Validity
3 years
Why this certification matters
SEBI requires distributors of PMS products to hold this certification, and PMS distribution is a growing high-ticket segment.
Who should take it: Wealth managers, private bank RMs, and distributors selling PMS products to investors.
What you get after clearing it
- Mandatory for PMS distributors
- Covers PMS structures, fees and disclosure documents
- Access to high net worth client segments
- Complements mutual fund distribution practice
Where it takes you
Wealth firms hire experienced distributors, but freshers use it to move from MF to HNI segments.
Ticket sizes are large, so distribution income per client is materially higher than retail mutual funds.
Explore finance careers3 week study plan
Week 1
PMS fundamentals
Discretionary, non-discretionary and advisory PMS, structures and eligibility.
Week 2
Fees, performance and disclosure
Fee models, TWRR reporting, disclosure document, client agreements.
Week 3
Regulation and mocks
SEBI PMS Regulations, suitability, grievance redressal, timed mocks.
Exam-day tips
- Minimum investment and fee rules are exact-number questions
- Understand TWRR versus simple returns clearly
- Compare PMS against mutual funds and AIF on one table
Full syllabus
PMS Basics
- Concept of Portfolio Management Services
- Difference between PMS, mutual funds, and AIFs
- Types of PMS discretionary and non-discretionary
- PMS clients and minimum investment norms
- PMS fee structures and taxation
Products & Strategies
- Equity, debt, and hybrid PMS strategies
- Thematic and concentrated portfolios
- Long-only and long-short strategies
- Portfolio construction and risk management
- Performance evaluation and benchmarking
Distribution & Client Suitability
- Know Your Client and suitability
- Risk profiling and product recommendation
- Marketing and sales practices
- Client reporting and communication
- Distributor responsibilities and ethics
Regulations & Compliance
- SEBI (Portfolio Managers) Regulations, 2020
- PMS registration and agreement requirements
- Disclosure and reporting norms
- Investor protection and grievance redressal
- Code of conduct for distributors
Case Studies
- Client suitability scenarios
- Product comparison and recommendation
- Regulatory compliance cases
- Performance reporting scenarios
- Ethical dilemmas in distribution
Learn it first in VIA Capital Academy
Frequently asked questions
What is NISM Series XXI-A?
It is the PMS Distributors certification, mandatory for individuals distributing Portfolio Management Services products.
Who should take this exam?
Wealth managers, private bank RMs, and distributors selling PMS products.
What is the passing score?
60 out of 100 marks (60%). There is 25% negative marking.
Is this official NISM material?
No. These are independent practice questions. Refer to the official NISM workbook before the exam.
What is the difference between XXI-A and XXI-B?
XXI-A is for PMS distributors (sales/marketing). XXI-B is for principal officers and employees of PMS firms (portfolio management).
Ready to test yourself?
100 questions · 120 minutes · 25% negative marking. Free, no login.