NISM XXI-A · PMS Distributor
For distributing portfolio management services. 12 chapters.
12 chapters~111 minCertification36 check questions
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01
Investments basics9 min · Saving vs investing, real returns, asset classes, risk types, compounding and why asset allocation is the big decision.
Start · +20 XP
Start · +20 XP
02
Securities markets9 min · Primary and secondary markets, who does what (SEBI, exchanges, clearing, depositories), T+1 settlement, indices…
Start · +20 XP
Start · +20 XP
03
Investing in stocks9 min · Equity ownership, fundamental vs technical analysis, EPS, P/E, P/B, ROE, PEG, Gordon growth valuation and equity risks…
Start · +20 XP
Start · +20 XP
04
Investing in fixed income securities9 min · Bond terms, Indian debt instruments, credit ratings, bond pricing, current yield vs YTM, duration and debt strategies…
Start · +20 XP
Start · +20 XP
05
Derivatives9 min · Forwards, futures, options and swaps; cost-of-carry pricing, margins, option payoffs, Greeks, put-call parity and PMS…
Start · +20 XP
Start · +20 XP
06
Mutual funds9 min · Fund structure, scheme types, NAV and cut-off rules, loads, TER caps, SIP/STP/SWP, fund taxation, SIFs…
Start · +20 XP
Start · +20 XP
07
Role of PMS in investors' portfolios11 min · What a PMS is under the 2020 Regulations, discretionary vs non-discretionary vs advisory, the ₹50 lakh minimum…
Start · +20 XP
Start · +20 XP
08
Operational aspects of PMS9 min · Onboarding, disclosure document and agreement, high-water mark fees, exit load caps, reporting, direct onboarding…
Start · +20 XP
Start · +20 XP
09
Portfolio management process9 min · IPS, objectives and constraints, risk profiling, asset allocation, portfolio return and risk maths, construction…
Start · +20 XP
Start · +20 XP
10
Performance measurement and evaluation of PMS9 min · Absolute vs CAGR, TWRR vs XIRR with a worked example, Sharpe, Treynor, alpha, information ratio, and SEBI/APMI…
Start · +20 XP
Start · +20 XP
11
Taxation10 min · Why PMS clients are taxed on every trade, equity and debt rates and holding periods, loss set-off, fees, in-specie…
Start · +20 XP
Start · +20 XP
12
Regulatory, governance and ethical aspects of PMS9 min · Registration conditions, fiduciary duties and investment limits under the 2020 Regulations, investor protection…
Start · +20 XP
Start · +20 XP
The real exam
NISM Series XXI-A: PMS Distributors
100Questions
120Minutes
60%Pass mark
YesNegative
Pattern as published by NISM; always confirm on the NISM portal before you book.