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Series XXI-B · Advanced

Portfolio Managers

The senior-most portfolio management certification.

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

Questions

120

Duration

180 min

Pass mark

60%

Negative marking

25%

Exam fee

₹3,000 + GST

Validity

3 years

Why this certification matters

Principal officers and key employees of SEBI-registered portfolio managers must hold it. It is the toughest module on this list and carries the most weight.

Who should take it: PMS principal officers, senior fund managers, and employees of PMS firms.

What you get after clearing it

  • Mandatory for PMS principal officers and key staff
  • Deep coverage of portfolio theory, performance and compliance
  • Strongest credential for a fund management track
  • Caselet format mirrors real portfolio decisions

Where it takes you

Portfolio managerFund management associateInvestment strategy analystPMS compliance officer

Usually taken by experienced professionals; freshers should clear XXI-A and XV first.

Portfolio management is among the highest paying tracks in Indian asset management.

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-B

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.

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One simple package

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11 days access · one series · incl. taxes

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The official NISM exam fee is paid separately to NISM.

8 week study plan

  1. Week 1-2

    Portfolio theory

    Risk, return, diversification, efficient frontier, CAPM.

  2. Week 3-4

    Asset allocation

    Strategic vs tactical allocation, rebalancing, client mandates.

  3. Week 5

    Performance measurement

    TWRR, attribution, risk-adjusted ratios, benchmarking.

  4. Week 6

    Regulation

    SEBI PMS Regulations, compliance, disclosure, code of conduct.

  5. Week 7-8

    Caselets and mocks

    Six caselets per session under a strict three hour timer.

Exam-day tips

  • Caselets are 60 of 150 marks, they decide pass or fail
  • 25% negative marking is heavy, accuracy beats attempts
  • Practise attribution and ratio maths until it is mechanical

Full syllabus · 21 chapters

Matches official NISM curriculum · checked 30 September 2026
  1. 1Chapter 1Investment Landscape
    1. 1.1Define Investment
    2. 1.2Investment versus Speculation
    3. 1.3Know the objectives of Investments
    4. 1.4Estimating the required rate of return
    5. 1.5Types of Investments
    6. 1.6Channels for making investments
  2. 2Chapter 2Introduction to Securities Markets
    1. 2.1Define Securities Markets
    2. 2.2Primary and secondary securities markets
    3. 2.3Market participants and their activities
  3. 3Chapter 3Investing in Stocks
    1. 3.1Equity as an investment
    2. 3.2Diversification of risk through equity instruments
    3. 3.3Risks of equity investments
    4. 3.4Overview of Equity Market
    5. 3.5Equity research and stock selection
    6. 3.6Technical Analysis
    7. 3.7Understanding corporate governance
  4. 4Chapter 4Investing in Fixed Income Securities
    1. 4.1Overview of Fixed Income Securities
    2. 4.2Bond Characteristics
    3. 4.3Determinants of bond safety
    4. 4.4Analysis and Valuation of Bonds
    5. 4.5Measuring price volatility for bonds
  5. 5Chapter 5Derivatives
    1. 5.1Definition of Derivatives
    2. 5.2Types of derivative products
    3. 5.3Structure of derivative markets
    4. 5.4Purpose of Derivatives
    5. 5.5Introduction to Commodity and Currency Futures and Options
    6. 5.6Underlying concepts in derivatives
    7. 5.7Investment in Derivatives in Portfolio Managers
  6. 6Chapter 6Mutual Fund
    1. 6.1Concept and Role of Mutual Fund
    2. 6.2Benefits of investing through mutual funds
    3. 6.3Legal Structure of Mutual Fund in India
    4. 6.4Working of mutual funds
    5. 6.5Types of Mutual fund products
    6. 6.6Processes of investing in mutual funds
    7. 6.7Legal and Regulatory Framework, Key SEBI Regulation
    8. 6.8Fact Sheet, Scheme Related Information
    9. 6.9Net Asset Value, Total Expense Ratio, Pricing of Units
    10. 6.10Mutual Fund Scheme Performance
    11. 6.11Key performance measures
  7. 7Chapter 7Role of Portfolio Managers
    1. 7.1Overview of portfolio managers in India
    2. 7.2Types of portfolio management services
    3. 7.3Organizational Structure of PMS in India
    4. 7.4Registration requirements of a Portfolio Manager
    5. 7.5General Responsibilities of a Portfolio Manager
    6. 7.6Administration of investor’s portfolio
  8. 8Chapter 8Operational Aspects of Portfolio Managers
    1. 8.1Entities which can invest in PMS
    2. 8.2Disclosures to the prospective clients
    3. 8.3Process of on boarding of clients
    4. 8.4Direct On-boarding in PMS
    5. 8.5Liability in case of Default
    6. 8.6Redressal of Investors grievances
    7. 8.7Disclosures to the regulator
    8. 8.8Costs, expenses and fees of investing in PMS
  9. 9Chapter 9Portfolio Management Process
    1. 9.1Importance of Asset allocation decision
    2. 9.2Understanding correlation across asset classes and securities
    3. 9.3Steps in Portfolio Management Process
    4. 9.4Asset allocation decision
    5. 9.5Strategic versus Tactical Asset Allocation
    6. 9.6Re-balancing of Portfolio
  10. 10Chapter 10Taxation
    1. 10.1Taxation of investors
    2. 10.2Taxation of various streams of income
    3. 10.3Section 9-A of Income Tax
  11. 11Chapter 11Regulatory, Governance and Ethical Aspects of Portfolio Managers
    1. 11.1Prevention of Money Laundering Act, 2002
    2. 11.2SEBI (Prohibition of Insider Trading) Regulation 2015
    3. 11.3SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003
    4. 11.4Securities and Exchange Board of India (Portfolio Managers) Regulations, 2020
    5. 11.5Best practices for portfolio Managers
    6. 11.6Investor Charter for Portfolio Management Services
  12. 12Chapter 12Introduction to Indices
    1. 12.1Introduction to Index
    2. 12.2Uses of Indices
    3. 12.3Factors differentiating the indices
    4. 12.4How indices are created, Index Methodologies
    5. 12.5Stock market indices
    6. 12.6Bond market indices
    7. 12.7Stock-Bond (Composite) Indices
  13. 13Chapter 13Concept of Informational Efficiency
    1. 13.1Informational efficiency Vs Operational Efficiency
    2. 13.2Efficient Capital markets and random walk theory
    3. 13.3Tests and Results of Efficient Market Hypotheses
    4. 13.4Market Anomalies
    5. 13.5Implication of market efficiency on Valuation and Portfolio Management
  14. 14Chapter 14Behavioral Finance
    1. 14.1Behavioral finance vs standard finance
    2. 14.2How individuals make decision?
    3. 14.3Categorization of biases
    4. 14.4Fusion investing
    5. 14.5Behavioral finance and market anomalies
  15. 15Chapter 15Introduction to Modern Portfolio Theory
    1. 15.1Framework for constructing portfolios, Modern Portfolio Theory
    2. 15.2Assumptions of the theory
    3. 15.3Risk averse investors, Risk Seeking Investors and Risk Neutral Investors
    4. 15.4Expected rate of return for individual security
    5. 15.5Variance of return for individual security
    6. 15.6Expected rate of return for a portfolio
    7. 15.7Variance of return for a portfolio
    8. 15.8Graphical presentation of portfolio risk/return of two securities
    9. 15.9Concept of Efficiency Frontier
    10. 15.10Portfolio Optimization process
    11. 15.11Estimation issues
  16. 16Chapter 16Introduction to Capital Market Theory
    1. 16.1Capital market theory
    2. 16.2Assumptions of capital market theory and the implications of relaxing these assumptions
    3. 16.3Capital market line
    4. 16.4Diversification of risk and market portfolio
    5. 16.5Types of risk, market and non-market risk
    6. 16.6Capital asset pricing model, CAPM
    7. 16.7Security market line
    8. 16.8Concept of market portfolio
    9. 16.9Empirical test of CAPM
    10. 16.10Multi factor models of risk and return
    11. 16.11Market Portfolio
    12. 16.12Extending the CML
  17. 17Chapter 17Risk
    1. 17.1Definition of Risk
    2. 17.2Process of risk management
    3. 17.3Different kinds of risk
    4. 17.4Measuring Risk
    5. 17.5Managing Risk
  18. 18Chapter 18Equity Portfolio Management Strategies
    1. 18.1Passive management strategies
    2. 18.2Active management strategies
    3. 18.3Fundamental law of active management
    4. 18.4Active versus passive management
    5. 18.5Smart Beta management strategies
    6. 18.6Factor-based portfolios
    7. 18.7Momentum Investing
    8. 18.8Investment Management Styles
    9. 18.9Socially responsible investing/ethical investing
    10. 18.10Core and satellite investment management approach
    11. 18.11Concept of Alpha beta Separation
    12. 18.12Constructing Equity portfolios with derivative securities
    13. 18.13Protecting portfolios with Put options
    14. 18.14Global Active Strategy
  19. 19Chapter 19Fixed Income Portfolio Management Strategies
    1. 19.1Fixed Income Instruments
    2. 19.2Passive management strategies
    3. 19.3Active Management Strategies
    4. 19.4Global Fixed Income Strategy
    5. 19.5Constructing bond portfolios with derivative securities
    6. 19.6Protecting portfolios with derivatives
  20. 20Chapter 20Performance measurement and evaluation of Portfolio Managers
    1. 20.1Parameters to define performance, risk and return
    2. 20.2Rate of return measures
    3. 20.3Risk measures
    4. 20.4Risk adjusted return
    5. 20.5Performance Evaluation: Bench-marking and peer group analysis
    6. 20.6Performance attribution analysis
    7. 20.7Performance reporting to the Investor
    8. 20.8Due Diligence and Portfolio Manager selection
    9. 20.9Global Investment Performance Standard (GIPS)
    10. 20.10GIPS Advertisement Guidelines
    11. 20.11Valuation of Securities by Portfolio Managers
  21. 21Chapter 21Portfolio Rebalancing
    1. 21.1Need for rebalancing
    2. 21.2Cost and difficulties of rebalancing
    3. 21.3Periodicity of rebalancing
    4. 21.4Buy and Hold Strategy
    5. 21.5Constant Mix Strategy
    6. 21.6Constant Proportion Portfolio Insurance

Source: NISM curriculum page. Chapter names and order follow NISM; sub-topic numbering (1.1, 1.2) is added by VIA Capital for easy reading. NISM may revise its curriculum; always confirm on nism.ac.in.

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NISM Series XXI-B: questions people ask

What is NISM Series XXI-B?

It is the Portfolio Managers certification, mandatory for principal officers and other employees of SEBI-registered PMS firms.

Who should take this exam?

PMS principal officers, senior fund managers, and employees of PMS firms.

What is the passing score?

90 out of 150 marks (60%). There is 25% negative marking and the exam is 3 hours long.

Is this official NISM material?

No. These are independent practice questions. Refer to the official NISM workbook before the exam.

What is the exam structure?

90 MCQs (1 mark each) + 6 caselets with 5 questions each (2 marks each = 60 marks). Total 150 marks.

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

NISM lists 120 questions for 150 marks, to be answered in 180 minutes.

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

You need 60% (90 of 150 marks) to pass.

Is there negative marking in NISM Series XXI-B?

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-B?

PMS principal officers, senior fund managers, and employees of PMS firms.

How do I prepare for NISM Series XXI-B 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?

120 questions · 180 minutes · 25% negative marking. First 10 questions free, then full papers with the practice pass.

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  1. 1

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  2. 2

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  3. 3

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  4. 4

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  5. 5

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