NISM-Series-XXI-A: Portfolio Management Services (PMS) Distributors Certification Examination

Revised launch of NISM Series XXI-A: PMS Distributors Certification Examination w.e.f March 15, 2025

NISM-Series-XXI-A: Portfolio Management Services (PMS) Distributors Certification Examination is a mandatory examination.

The examination seeks to create a common minimum knowledge benchmark for distributors of PMS. The certification aims to enhance the quality distribution and related support services in the PMS.

NISM has notified NISM-Series-XXI-A: Portfolio Management Services (PMS) Distributors Certification Examination vide NISM communiqué NISM/Certification/Series-XXI-A: PMS/2021/01 dated February 16, 2021.

Subsequently, SEBI Notification Ref. No. SEBI/LAD-NRO/GN/2021/48 dated September 7, 2021 mandated that the associated persons, engaged by a Portfolio Manager as a distributor of the Portfolio Management Services shall be required to pass the NISM-Series-XXI-A: Portfolio Management Services (PMS) Distributors Certification Examination.

Examination Objectives

On successful completion of the Portfolio Management Services (PMS) Distributors certification examination, the candidate should:

  • Know the basics of investments, securities markets, investing in stocks, understanding fixed income securities, derivatives and mutual funds.
  • Understand the role of portfolio managers, operational aspects of portfolio management services and about the portfolio management process, performance measurement and evaluation of portfolio managers.
  • Get oriented to the taxation aspects and regulatory, governance and ethical aspects of portfolio managers and PMS distributors.

Assessment Structure

The examination consists of 100 multiple choice questions. The assessment structure is as follows:

Multiple Choice Questions  [100 questions of 1 mark each] 100*1 = 100marks

The examination should be completed in 2 hours. The passing score for the examination is 60 percent. There shall be negative marking of 10 percent of the marks assigned to a question.

Test Details

+ Inclusive of Goods and Services Tax (GST). Payment Gateway Charges extra.

~ 100 multiple choice questions of 1 mark each.

* Negative marking – 10% of the marks assigned to the question.

# Passing Certificate will be issued only to those candidates who have furnished/ updated their Income Tax Permanent Account Number (PAN) in their registration details.