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    NISM 21B
    According to SEBI regulations, what type of entity must a portfolio manager be?

    How you’ll prepare

    01:24:36left
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    NISM 21B

    Bonds with a credit rating below BBB are commonly classified as what?

    • AHigh yield or junk bonds.
    • BTreasury bills.
    • CInvestment grade.

    Timed mock tests

    Exam-style papers on a running clock, with topic-level results after every attempt.

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    Mock 1Mock 4

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    Investment Landscape48%
    Introduction to Securities…62%
    Investing in Stocks76%
    Investing in Fixed Income…84%

    Find your weak areas

    Topic-level results show where to spend your next study session.

    NISM 21B Formula Sheet

    Investment Landscape

    Introduction to…

    Investing in Stocks

    NISM 21B Revision Notes

    A body corporate

    The source specifies that a portfolio manager must be a body corporate that advises or manages client portfolios under…

    Introduction to…

    Investing in Stocks

    Notes and formula sheets

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    Mock tests7 tests
    • NISM 21B mock test 1
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    • NISM 21B mock test 2
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    • NISM 21B mock test 3
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    • NISM 21B mock test 4
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    • NISM 21B mock test 5
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    • NISM 21B mock test 6
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    • NISM 21B mock test 7
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    Notes2 PDFs
    • NISM 21B Revision Notes
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    • NISM 21B Formula Sheet
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    Mock Test Series
    NISM 21B
    Portfolio Managers
    Exam-level difficulty
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    This course includes:

    7 full-length mock tests
    Study notes & formula sheets (2 PDFs)
    Doubt solving on WhatsApp
    Performance analytics to identify weak areas
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    Syllabus covered

    21 sections · 149 topics · mock tests & practice

    Investment Landscape6 topics
    • What is Investment?
    • Investment versus Speculation
    • Investment Objectives
    • Estimating the required rate of return
    • Types of Investments
    • Channels for making investments
    Introduction to Securities Markets3 topics
    • Securities Market
    • Primary and Secondary market
    • Market Participants and their Activities
    Investing in Stocks7 topics
    • Equity as an investment
    • Diversification of risk through equity instruments
    • Risks of equity investments
    • Overview of Equity Market
    • Equity research and stock selection
    • Technical Analysis
    • Understanding Corporate Governance
    Investing in Fixed Income Securities5 topics
    • Overview of Fixed Income Securities
    • Bond Characteristics
    • Determinants of bond safety
    • Valuation of Bonds
    • Measuring Price Volatility of bonds
    Derivatives7 topics
    • Definition of Derivatives
    • Types of derivative products
    • Structure of derivative markets
    • Purpose of Derivatives
    • Commodity and Currency Futures and Options
    • Underlying concepts in derivatives
    • Investment in Derivatives in Portfolio Managers
    Mutual Funds11 topics
    • Concept and Role of Mutual Fund
    • Benefits of investing through mutual funds
    • Legal Structure of Mutual Fund in India
    • Working of mutual funds
    • Types of Mutual fund products
    • Processes of investing in mutual funds
    • Legal and Regulatory Framework – Key SEBI Regulation
    • Fact Sheet - Scheme Related Information
    • Net Asset Value, Total Expense Ratio, Pricing of Units
    • Mutual Fund Scheme Performance
    • Key performance measures
    Role of Portfolio Managers6 topics
    • Overview of portfolio managers in India
    • Types of portfolio management services
    • Organizational structure of PMS in India
    • Registration requirements of a Portfolio Manager
    • General Responsibilities of a Portfolio Manager
    • Administration of investor's portfolio
    Operational Aspects of Portfolio Managers8 topics
    • Entities which can invest in PMS
    • Disclosures to the prospective clients
    • Process of On-boarding of clients
    • Direct On-boarding in PMS
    • Liability in case of Default
    • Redressal of investors grievances
    • Disclosures to the regulator
    • Costs, expenses and fees of investing in PMS
    Portfolio Management Process6 topics
    • Importance of Asset Allocation Decision
    • Understanding correlation across asset classes and securities
    • Steps in Portfolio Management Process
    • Asset allocation decision
    • Strategic versus Tactical Asset Allocation
    • Rebalancing of Portfolio
    Taxation3 topics
    • Taxation of investors
    • Taxation of various streams of income
    • Section 9A of ITA
    Regulatory, Governance and Ethical Aspects of Portfolio Managers6 topics
    • Prevention of Money Laundering Act, 2002
    • SEBI (Prohibition of Insider Trading) Regulations 2015
    • SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003
    • SEBI (Portfolio Managers) Regulations, 2020
    • Best practices for portfolio managers
    • Investor Charter for Portfolio Management Services
    Introduction to Indices7 topics
    • What is an Index?
    • Uses of Indices
    • Factors differentiating the indices
    • Index Methodologies
    • Stock market indices
    • Bond Market Indices
    • Stock-Bond (Composite) Indices
    Concept of Informational Efficiency5 topics
    • Informational efficiency versus Operational Efficiency
    • Efficient Capital markets and Random Walk Theory
    • Tests and Results of Efficient Market Hypotheses
    • Market Anomalies
    • Implication of market efficiency on Valuation and Portfolio Management
    Behavioural Finance5 topics
    • Behavioural Finance versus Standard Finance
    • How do individuals make decision?
    • Categorization of Biases
    • Fusion Investing
    • Behavioural Finance and Market Anomalies
    Introduction to Modern Portfolio Theory11 topics
    • Framework for constructing portfolios - Modern Portfolio Theory
    • Assumptions of the theory
    • Definition of risk averse, risk seeking and risk neutral investor
    • Expected rate of return for individual security
    • Variance of return for individual security (Ex-Ante Risk)
    • Expected rate of return for a portfolio: (Ex-Ante Return)
    • Variance of return for a portfolio
    • Graphical presentation of portfolio risk/return of two securities
    • Efficient Frontier
    • Portfolio Optimization process
    • Estimation issues
    Introduction to Capital Market Theory11 topics
    • Introduction to Capital Market Theory
    • Assumptions of Capital Market Theory and the implication of relaxing these assumptions
    • Capital Market Line
    • Market Portfolio
    • Extending the CML
    • Diversification of risk and market portfolio
    • Types of risk – Market and Non-market risk
    • Capital Asset Pricing Model, CAPM
    • Security Market Line
    • Empirical test of CAPM
    • Multi factor models of risk and return
    Risk5 topics
    • Definition of Risk
    • Process of Risk Management
    • Different Types of Risks
    • Measuring Risk
    • Managing Risk
    Equity Portfolio Management Strategies14 topics
    • Passive Management Strategies
    • Active Management Strategies
    • The fundamental law of active management
    • Active versus passive management
    • Smart Beta management strategies
    • Factor-based portfolios
    • Momentum Investing
    • Investment Management Styles
    • Socially Responsible Investing (SRI) or Ethical Investing
    • Core and Satellite Investment Management Approach
    • Alpha Beta Separation
    • Constructing Equity Portfolio with Derivative Securities
    • Protecting Portfolios with Put Options
    • Global Active Strategy
    Fixed Income Portfolio Management Strategies6 topics
    • Introduction to fixed income instruments
    • Passive management strategies
    • Active Management Strategy
    • Global Fixed Income Strategy
    • Constructing Bond Portfolio with Derivative Securities
    • Protecting Portfolios with Derivatives
    Performance Measurement and Evaluation of Portfolio Managers11 topics
    • Parameters to define performance – risk and return
    • Rate of return measures
    • Risk measures
    • Risk-adjusted return
    • Performance Evaluation: Benchmarking and peer group analysis
    • Performance attribution analysis
    • Performance reporting to the Investor
    • Valuation of Securities by Portfolio Managers
    • Due Diligence and Portfolio Manager selection
    • Global Investment Performance Standards (GIPS®)
    • GIPS Advertisement Guidelines
    Portfolio Rebalancing6 topics
    • Need for rebalancing
    • Costs and difficulties of rebalancing
    • Periodicity of rebalancing
    • Buy and Hold Strategy
    • Constant Mix Strategy
    • Constant Proportion Portfolio Insurance

    A few things before you start

    Choose the pack because it fits your preparation.

    How many mock tests do I get?

    You get 7 full-length mocks.

    Is this aligned with the official NISM Series XXI-B syllabus?

    Our content targets the NISM Series XXI-B: Portfolio Managers exam. Always verify against the latest NISM workbook and examination notice.

    How long is my access valid?

    Purchased access is valid for 60 days from the date of purchase unless a different period is shown at checkout.

    What is the refund policy?

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    What is the validity after purchase?

    You receive 2 months of full access.

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