Ace NISM Series 21BPortfolio Managers (PMS) Certification
Professional certification for portfolio managers. Master portfolio construction, risk management, and SEBI PMS regulations.
Introduction to NISM Series XXI-B Portfolio Managers Certification
The NISM Series XXI-B Portfolio Managers Certification represents the pinnacle of professional qualifications in India's discretionary portfolio management industry. This prestigious certification is mandatory for principal officers and employees of SEBI-registered Portfolio Management Services (PMS) firms, creating a common minimum knowledge benchmark for professionals managing High Net-Worth Individual (HNI) and Ultra High Net-Worth Individual (UHNI) client portfolios worth crores of rupees.
PrepCore's comprehensive NISM Series XXI-B mock test platform provides you with 496 expertly crafted practice questions covering portfolio construction, risk management, performance measurement, and PMS regulations. With detailed explanations for every question, advanced analytics, and unlimited access for just ₹199/month, we offer the most effective and affordable preparation solution for aspiring portfolio management professionals.
Whether you're an investment professional joining a PMS firm, a mutual fund manager transitioning to discretionary portfolio management, or a finance graduate aspiring to work with elite HNI clients, our platform delivers the depth and exam simulation necessary to excel in this demanding certification.
₹7.5 Lakh Cr
PMS AUM (2025)
440+ Firms
SEBI-Registered PMS
₹50 Lakh
Minimum PMS Investment
About NISM Series XXI-B Portfolio Managers Certification
The NISM Series XXI-B Portfolio Managers Certification Examination creates a professional standard for individuals working in India's rapidly growing Portfolio Management Services industry. As of 2025, over 440 SEBI-registered PMS firms manage assets exceeding ₹7.5 lakh crore, serving sophisticated investors seeking customized investment solutions beyond standard mutual fund offerings.
SEBI Regulated
Discretionary Authority
Elite Career Path
HNI Client Focus
The Portfolio Management Services Industry
Portfolio Management Services represent the premium segment of India's asset management landscape, catering exclusively to High Net-Worth Individuals with investable assets exceeding ₹50 lakhs. Unlike mutual funds that offer standardized products to retail investors, PMS provides bespoke portfolio construction tailored to individual client risk profiles, investment objectives, and tax considerations.
Leading PMS firms such as Marcellus Investment Managers, IIFL Wealth, Motilal Oswal PMS, Aequitas, and Renaissance Investment Managers manage multi-thousand crore portfolios, delivering alpha through concentrated positions, thematic strategies, and active portfolio management. The industry has experienced explosive growth, driven by wealth creation among India's entrepreneurial class and increasing sophistication of HNI investors.
Regulatory Framework and Professional Requirements
The Securities and Exchange Board of India (SEBI) regulates Portfolio Management Services under the SEBI (Portfolio Managers) Regulations, 2020, which mandate strict compliance, transparency, and professional competency standards. SEBI requires that principal officers and key employees of PMS firms possess the NISM Series XXI-B certification to ensure comprehensive knowledge of portfolio construction, valuation, and risk management.
The certification demonstrates deep understanding of Modern Portfolio Theory, Capital Asset Pricing Model, asset allocation frameworks, equity and debt valuation methodologies, risk management techniques, performance measurement standards, and regulatory compliance obligations specific to portfolio management.
NISM Series XXI-B Exam Pattern
Understanding the examination structure is essential for strategic preparation. The exam tests comprehensive knowledge across portfolio construction, investment analysis, regulatory compliance, and performance measurement.
Negative Marking Applied
Incorrect answers will reduce your score
Question Structure and Format
The examination consists of 100 questions totaling 100 marks: 90 standalone multiple-choice questions (1 mark each) and 6 case-based questions organized into 2 case studies (3 questions per case, 1 mark each). This structure tests both conceptual knowledge and practical application.
Conceptual (35-40%)
Portfolio theories, regulatory requirements, risk principles
Application (45-50%)
Valuation, performance measurement, risk analysis scenarios
Case-Based (10-15%)
Complex portfolio scenarios requiring integrated analysis
Test Center and Registration
NISM-authorized test centers operate in major cities including Mumbai, Delhi, Bangalore, Hyderabad, Chennai, Kolkata, Pune, Ahmedabad, and other tier-1 cities. Register online through certifications.nism.ac.in, select preferred test center and date, complete payment (₹2,500 + GST), and receive admit card 2-3 days before scheduled examination.
NISM Series XXI-B Syllabus: Comprehensive Coverage
The syllabus encompasses the complete knowledge spectrum required for professional portfolio management—from theoretical foundations to practical application, regulatory compliance to performance measurement.
Study Tip: Focus on chapters with 15%+ weightage for maximum impact.
Why Choose PrepCore for NISM Series XXI-B Preparation?
PrepCore stands apart through uncompromising quality, comprehensive coverage, and exceptional value. Our platform is designed for serious professionals who recognize that portfolio manager certification is not a mere regulatory hurdle but a foundation for excellence in managing HNI wealth.
496 Expertly Crafted Questions
Meticulously developed questions mirroring actual examination in structure, complexity, and content distribution. Questions span all 8 syllabus chapters matching official NISM weightages.
Detailed Analytical Explanations
Comprehensive explanations covering conceptual foundations, step-by-step solutions for calculations, analysis of all options, practical applications, and regulatory context.
Exam-Simulated Interface
Countdown timer, flexible navigation, negative marking implementation, and review summary—precisely mirroring NISM examination experience for optimal performance.
Advanced Analytics Dashboard
Chapter-wise performance breakdown, question type analysis, progress tracking, predicted examination score, time management insights, and comparative benchmarking.
Unbeatable Value: ₹199/Month
Unlimited access to all questions, explanations, and analytics for ₹199/month. No hidden costs, unlimited practice attempts, flexible subscription—60-80% lower than competitors.
Mobile-Optimized Platform
Practice anytime, anywhere on mobile, tablet, or desktop. Progress synchronizes across devices for seamless study experience during commute, lunch breaks, or travel.
Career Opportunities After NISM Series XXI-B Certification
The certification unlocks access to some of the most prestigious and financially rewarding careers in India's financial services ecosystem. Portfolio managers occupy the elite tier of investment professionals, managing substantial wealth and commanding compensation packages commensurate with their responsibilities.
Portfolio Manager
Principal portfolio managers at leading PMS firms constructing and managing discretionary portfolios for HNI clients. Senior managers with proven track records earn ₹50+ lakhs with performance bonuses.
Fund Manager
PMS fund managers responsible for specific investment strategies (large-cap value, mid-cap growth, thematic sectors) combining analytical rigor with investment authority.
Research Leadership
Heads of research building and managing analyst teams while contributing to investment strategy formulation with significant performance bonuses.
Client Relationship Manager
Senior relationship managers at premium PMS firms serving UHNI clients with revenue-sharing incentives managing relationships worth hundreds of crores.
Risk & Compliance
Risk management and compliance professionals ensuring adherence to SEBI regulations, monitoring portfolio risk parameters, and managing regulatory reporting.
Chief Investment Officer
CIOs at leading PMS firms responsible for overall investment strategy, risk management, and team leadership with compensation based on firm profitability.
NISM Series 21B vs 21A: Portfolio Managers vs Distributors
Understanding the distinction between Portfolio Managers (Series 21B) and PMS Distributors (Series 21A) clarifies professional roles in the PMS ecosystem.
NISM Series 21B
NISM Series 21A
Frequently Asked Questions (FAQs)
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