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Series XXI-A · Intermediate

Portfolio Management Services Distributors

For distributing portfolio management services.

Educational content only. VIA Capital does not provide buy/sell calls, tips, or personalized advice. Always do your own research.

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

PMS distributorHNI relationship managerWealth sales associatePrivate banking support

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 careers

How VIA Capital preparation works

One clear path. Built for students, and built for discipline.

  1. Step 1

    Read

    Slide through the study book chapter by chapter.

  2. Step 2

    Practise

    Chapter questions with answer and explanation.

  3. Step 3

    Chapter tests

    Beginner and advanced tests for each chapter.

  4. Step 4

    Full mock sets

    100-question papers in a real exam screen.

  5. Step 5

    Review

    See every mistake and why, then improve.

Why prepare with VIA Capital

Student first

Simple screens, small steps, no clutter.

Every answer explained

If you get one wrong, you learn why.

Help on every question

Report anything confusing, our team fixes it.

Honest

Independent practice. We never claim to be NISM or promise a pass.

Practice pass · NISM Series XXI-A

Everything you need to prepare, in one pass

  • Digital study book, read chapter by chapter
  • Chapter-wise questions to understand every chapter
  • Chapter tests, beginner and advanced
  • Full mock sets as questions are added
  • Answer and explanation for every question
  • Real exam screen with timer and question palette

Why we charge a small amount

This is not the NISM exam fee. It helps us run the platform: our research team writing and checking questions, keeping explanations accurate, and the technology behind the study book and exam screen.

ResearchQuestion writingTechnology
  • Secure checkout by RazorpayPay by UPI, card or net banking on Razorpay's checkout.
  • We never see card or UPI detailsPayment details are entered with Razorpay, not stored by VIA Capital.
  • Access after verified paymentAccess starts only after Razorpay's payment signature is verified.
  • Payment record in your accountYour payment and expiry date are saved to your VIA Capital account.

One simple package

…

11 days access · one series · incl. taxes

Try 10 questions free Start studying

The official NISM exam fee is paid separately to NISM.

3 week study plan

  1. Week 1

    PMS fundamentals

    Discretionary, non-discretionary and advisory PMS, structures and eligibility.

  2. Week 2

    Fees, performance and disclosure

    Fee models, TWRR reporting, disclosure document, client agreements.

  3. 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 · 5 chapters

NISM has not published a curriculum page for this series; VIA summary shown
  1. 1Chapter 1PMS Basics
    1. 1.1Concept of Portfolio Management Services
    2. 1.2Difference between PMS, mutual funds, and AIFs
    3. 1.3Types of PMS discretionary and non-discretionary
    4. 1.4PMS clients and minimum investment norms
    5. 1.5PMS fee structures and taxation
  2. 2Chapter 2Products & Strategies
    1. 2.1Equity, debt, and hybrid PMS strategies
    2. 2.2Thematic and concentrated portfolios
    3. 2.3Long-only and long-short strategies
    4. 2.4Portfolio construction and risk management
    5. 2.5Performance evaluation and benchmarking
  3. 3Chapter 3Distribution & Client Suitability
    1. 3.1Know Your Client and suitability
    2. 3.2Risk profiling and product recommendation
    3. 3.3Marketing and sales practices
    4. 3.4Client reporting and communication
    5. 3.5Distributor responsibilities and ethics
  4. 4Chapter 4Regulations & Compliance
    1. 4.1SEBI (Portfolio Managers) Regulations, 2020
    2. 4.2PMS registration and agreement requirements
    3. 4.3Disclosure and reporting norms
    4. 4.4Investor protection and grievance redressal
    5. 4.5Code of conduct for distributors
  5. 5Chapter 5Case Studies
    1. 5.1Client suitability scenarios
    2. 5.2Product comparison and recommendation
    3. 5.3Regulatory compliance cases
    4. 5.4Performance reporting scenarios
    5. 5.5Ethical dilemmas in distribution

Quick revision · flashcards

NISM Series XXI-A flashcards

Flip 10 cards free as a demo. The practice pass opens every card, chapter by chapter.

Learn it first in VIA Capital Academy

Level 5

Portfolio construction and performance measurement

Open lessons

Level 2

Product comparison fundamentals

Open lessons

NISM Series XXI-A: questions people ask

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).

How many questions are in the NISM Series XXI-A exam?

NISM lists 100 questions for 100 marks, to be answered in 120 minutes.

What is the passing score for NISM Series XXI-A?

You need 60% (60 of 100 marks) to pass.

Is there negative marking in NISM Series XXI-A?

Yes. 25% of the marks for a question are deducted for each wrong answer, so guessing has a cost.

Who should take NISM Series XXI-A?

Wealth managers, private bank RMs, and distributors selling PMS products to investors.

How do I prepare for NISM Series XXI-A on VIA Capital?

Follow the five steps: read each chapter, practise questions, pass the chapter tests, take the full mock tests, then sit the final practice exam. Your progress is saved to your account.

Where do I register for the real exam?

Only on the official NISM website, nism.ac.in. VIA Capital is an independent preparation platform and cannot book or conduct the NISM exam.

Ready to test yourself?

100 questions · 120 minutes · 25% negative marking. First 10 questions free, then full papers with the practice pass.

Start mock test Daily quick quiz
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Ready to book the real exam?

How to register on the official NISM website

VIA Capital does not take exam registrations. Enrolment, fees and certificates are handled only by NISM. Follow these steps on their website.

  1. 1

    Create your NISM account

    Register on the official NISM certification portal with your name exactly as on your ID, plus email and mobile.

  2. 2

    Choose the examination

    Select the series you want (for example, Series V-A) and read the current test objectives and rules.

  3. 3

    Pick a test centre and date

    Choose an available test centre or mode, date and time slot.

  4. 4

    Pay the examination fee

    Pay the fee shown on the NISM portal. Fees can change, so rely only on the amount NISM shows.

  5. 5

    Keep your confirmation

    Save the enrolment confirmation and carry a valid photo ID on exam day.

Go to NISM certification portal Official NISM website

Opens nism.ac.in in a new tab. Always check current fees, rules and eligibility there.