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.

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 80 multiple choice questions and 3 case-based questions. The assessment structure is as follows:

Multiple Choice Questions  [80 questions of 1 mark each] 80*1 = 80 marks
3 Case-based Questions  [2 cases (each case with 5 questions of 1 mark each)]  [1 case (with 5 questions of 2 marks each] 2*5*1 = 10 marks 1*5*2= 10 marks

The examination should be completed in 2 hours. The passing score for the examination is 60 percent. There shall be negative marking of 25 percent of the marks assigned to a question.

Test Details

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

~ 80 multiple choice questions of 1 mark each,  2  caselets with 5 MCQs each of 1 mark each and 1 caselet with 5 MCQs of 2 marks each.

* Negative marking – 25% 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.