NISM Series XXI-A study plan

Map the full PMS distribution syllabus into a one-page outline covering product types, onboarding, fee structures, reporting and compliance touchpoints

Define portfolio management services and distinguish discretionary, non-discretionary and advisory mandates with one distinguishing feature each

List the regulatory eligibility conditions for a PMS client and for the distributor, and note the minimum investment threshold applicable to PMS

Explain the difference between PMS and mutual funds across minimum ticket size, disclosure, fee basis and portfolio transparency

Describe the PMS onboarding workflow end to end, from risk profiling and KYC to account opening, agreement signing and initial funding

Identify the documents a client must sign and the disclosures a distributor must make before subscription

Explain the role of the principal officer, the custodian and the fund accountant in a PMS structure

Outline the fee and expense components of a PMS arrangement, including management fee, performance fee and exit load mechanics

Compare the strategies offered under PMS, including large-cap, mid-cap, multi-cap, thematic, debt and hybrid approaches, on risk and return drivers

Explain performance benchmarking, alpha and the treatment of cash holdings in a PMS portfolio

Interpret a portfolio performance report, including TWRR versus simple return and the effect of cash flows

Describe how portfolio holdings are disclosed and how often the client receives statements

Summarise the key investor-protection provisions applicable to PMS, including disclosure, reporting and grievance redressal

Explain the distributor's obligations around suitability, conflict of interest and commission disclosure

List the common client complaints and the escalation path available to a PMS investor

Review weeks 1 to 4 material and close any gaps identified in the syllabus map

Explain the tax treatment of PMS gains, covering short-term and long-term capital gains and the effect of holding periods

Distinguish taxation of equity-oriented PMS from debt-oriented PMS and note the treatment of dividends and interest

Describe how a distributor positions tax efficiency when advising a client on PMS versus other products

Outline the client servicing cycle: periodic reviews, rebalancing communication and portfolio reviews

Describe the risk-profiling process and how a client's risk appetite maps to a PMS strategy recommendation

Explain portfolio risk measures such as volatility, drawdown and concentration, and interpret them from a sample report

Outline how a distributor handles a client's change in circumstances, such as a switch of strategy or partial withdrawal

Explain the process and implications of a client exiting a PMS account, including notice periods and settlement

Consolidate all syllabus topics into a single revision deck of at least 60 flashcards covering definitions, processes and compliance points

Practise numerical questions on fees, returns and capital gains until accuracy is consistent

Identify and drill the topics that produced the most errors in the week 4 quiz

Rehearse explaining a PMS product to a hypothetical client in under three minutes

Take two full-length timed mock tests under exam conditions and record scores

Review every incorrect answer and trace the error back to a syllabus topic

Re-read the syllabus map and confirm each topic can be explained without notes

Finalise a one-page exam-day summary of thresholds, fee terms and compliance rules