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NISM Series 21A — Portfolio Manager

For PMS principal officers, fund managers, and analysts working in SEBI-registered Portfolio Management Services.

70 hours of content7 chaptersFree during Phase 1

Quick info

Layer
NISM Certifications
Track
NISM Certifications
Estimated hours
70 hrs
Chapters
7
Exam body
NISM
Cost on Trustner
Free
Full course material live

Every chapter below has Foundation, Deep Dive, and Advanced material — read in any order, expand each chapter to see the full content.

About this course

Mandated by SEBI for principal officers, fund managers, and analysts working in registered Portfolio Management Services (PMS).

Who this is for

  • Aspiring PMS principal officers and key personnel.
  • Equity research analysts moving into discretionary advisory.
  • CFA / CFP holders adding the Indian PMS regulatory credential.

What you'll learn

  • PMS regulatory framework, fees, and fee structures
  • Discretionary vs non-discretionary mandates
  • Performance attribution and reporting standards
  • Compliance, code of conduct, and conflicts of interest

Course material — 7 chapters

Each chapter offers three tiers — Foundation for the core concept, Deep Dive for worked examples and practitioner depth, and Advanced for edge cases and exam tips. Click any chapter to expand.

  1. 1
    Chapter 1

    PMS in India

    • Industry structure
    • Discretionary, non-discretionary, advisory PMS
    FoundationDeep DiveAdvanced
  2. 2
    Chapter 2

    Investment process

    • Mandate, IPS, allocation
    • Security selection and review
    FoundationDeep DiveAdvanced
  3. 3
    Chapter 3

    Portfolio construction

    • Concentration vs diversification
    • Active risk and tracking error
    FoundationDeep DiveAdvanced
  4. 4
    Chapter 4

    Performance and attribution

    • Time-weighted returns, attribution by source
    • Benchmark selection
    FoundationDeep DiveAdvanced
  5. 5
    Chapter 5

    Risk management

    • Position sizing, drawdown management
    • Liquidity, valuation, custody risks
    FoundationDeep DiveAdvanced
  6. 6
    Chapter 6

    Regulation

    • SEBI PMS Regulations
    • Onboarding, KYC, AML, fee disclosure
    FoundationDeep DiveAdvanced
  7. 7
    Chapter 7

    Ethics and code of conduct

    • Conflicts of interest
    • Fair dealing, allocation between accounts
    FoundationDeep DiveAdvanced

About the exam

Provider
NISM
Duration
2 hrs
Questions
80
Pass mark
60%

The exam is administered by NISM. Trustner Academy is not affiliated with NISM; we provide independent preparatory educational material. See our disclaimer.

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