NISM Series XXI-A study guide
NISM Series XXI-A · Work through your exam, one topic at a time.
NISM Series XXI-A is the Portfolio Management Services (PMS) Distributors Certification Examination, one of the certification examinations listed by the National Institute of Securities Markets (NISM) under its Portfolio Management Services category. NISM describes itself as a public trust established in 2006 by the Securities and Exchange Board of India (SEBI), the regulator of the securities markets in India, carrying out capacity building activities aimed at enhancing quality standards in the securities markets. The examination sits alongside NISM-Series-XXI-B, the Portfolio Managers Certification Examination, in the PMS group, and NISM also runs a CPE/eCPE programme for Series XXI-A certificate holders. This page is for candidates preparing for the PMS Distributors exam - typically people who distribute or support portfolio management services and need to demonstrate product, process and servicing knowledge. Preparation should centre on the official NISM workbook for Series XXI-A, available through NISM's study material portal, followed by repeated practice on PMS-specific question sets covering product structures, onboarding and documentation, fee and disclosure mechanics, and investor servicing. Note that the source page retrieved for this profile did not return exam-specific details such as question count, duration, passing score, fees or validity, so those values are not stated here and should be confirmed directly with NISM before booking. Topics on this exam: Portfolio Management Services (PMS) distribution - products, processes and investor servicing. The NISM Series XXI-A study guide has 1 section and about 438 words.
01PMS Distribution: Products, Processes and Investor Servicing
This domain tests how Portfolio Management Services (PMS) are sold and serviced under the SEBI (Portfolio Managers) Regulations, 2020: who may invest, how onboarding works, what a distributor may say, how fees are charged, and what reporting the client must receive. PMS is a separately managed portfolio; the minimum investment per client is ₹50 lakh. A portfolio manager needs SEBI registration and minimum net worth of ₹5 crore. Discretionary PMS: the manager exercises discretion.
438 words, about 2 minMore study resources for NISM Series XXI-A
- Practice questionsUnder SEBI's Portfolio Managers Regulations, what is the minimum investment amount a client must commit to a portfolio management service?
- FlashcardsMinimum investment in PMS. SEBI mandates that each client must invest at least ₹50 lakh in a portfolio management service, ensuring high-net-worth participation and risk awareness.
- Cheat sheetSEBI (Portfolio Managers) Regulations, 2020: minimum investment per client ₹50 lakh; portfolio manager must maintain net worth of ₹5 crore (or ₹2.5 crore if depository participant).
- Key termsPortfolio Management Services (PMS). A service in which a professional manager makes investment decisions and executes trades in a client's own demat account under a signed agreement, rather than pooling money into a collective fund.
- Study planMap the full PMS distribution syllabus into a one-page outline covering product types, onboarding, fee structures, reporting and compliance touchpoints.
- Common mistakesCandidates memorise one number early in preparation and never revisit it, because the figure is quoted casually in study material without the qualifiers (per client, aggregate across family/related accounts, product-type exceptions).
- Exam-day guideLog in to the NISM or test-provider portal and reconfirm the date, slot, centre address, and reporting time.