Series XXI-B certifies people managing portfolios under SEBI's Portfolio Managers regulations. Before anything else, the confusion worth clearing up.
XXI-A and XXI-B are not the same exam
XXI-A and XXI-B are different exams for different roles. Sitting the wrong one costs ₹3,000 and leaves you without the certification you needed.
| Series XXI-A | Series XXI-B | |
|---|---|---|
| Who | PMS distributors — those who sell the service | Portfolio managers — those who run the portfolios |
| Format | 120 min · 100 marks · 60% · 10% negative | 180 min · 150 marks · 60% · 25% negative |
| Fee | ₹1,500 | ₹3,000 |
The names are similar, the series number is shared, and the roles are entirely different. This confusion is common enough that our own exams table was corrected specifically to separate them.
If you distribute PMS, you want XXI-A. If you manage the money, XXI-B. Confirm with SEBI or your compliance team before paying — the obligation is role-dependent.
Exam at a glance — Series XXI-B
| Duration | 180 minutes |
|---|---|
| Maximum marks | 150 |
| Pass mark | 60% |
| Negative marking | 25% |
| Fee | ₹3,000 |
| Validity | 3 years |
Verified against the official NISM list; confirm before registering.
What the paper covers
From the official workbook — free from nism.ac.in and the authoritative syllabus:
- Portfolio management services — structure, types of mandates, how PMS differs from mutual funds and AIFs
- Investment products across asset classes
- Portfolio construction — objectives, constraints, asset allocation
- Risk and return measurement, and performance attribution
- Performance reporting and benchmarking standards
- Operations — client onboarding, custody, reporting obligations
- SEBI Portfolio Managers regulations, ethics and conflicts of interest
- Taxation relevant to portfolio management
What makes it demanding
It is an extended-format paper. 180 minutes and 150 marks, like the adviser papers — the last hour still holds substantial marks, and candidates who have only practised in short sessions fade.
Performance measurement is the technical core. Attribution, benchmarking and risk-adjusted return measures are where the genuinely hard questions live, and where candidates from a sales or operations background are weakest.
Regulation is heavy and precise. SEBI's Portfolio Managers regulations set specific obligations on disclosure, minimum investment, fees and reporting. Precise means testable, and testable means predictable marks — for anyone who reads the chapters.
25% negative marking applies, so guessing has a real cost. See passing marks and negative marking.
How to prepare
Five to six weeks alongside a job, given the paper's length:
- Weeks 1–2 — PMS structure, products and portfolio construction. Establish the framework.
- Weeks 3–4 — performance measurement and attribution, worked numerically rather than read. This is the section that decides scores.
- Week 5 — regulation, ethics, operations and taxation. Precise material, good final-phase revision.
- Week 6 — at least two full-length timed papers. Concentration across 180 minutes needs rehearsing.
We do not currently offer a Series XXI-B mock test
Plainly: we do not sell one. The closest paper we cover is Series XV, Research Analyst, which shares the valuation and analysis ground but not the portfolio management, performance attribution or PMS regulation. It is adjacent, not a substitute, and we are not going to suggest otherwise.
For XXI-B, work from the official workbook and material you can confirm is mapped to the current edition.
After you pass
Valid three years, then renewal through CPE or by passing the current version again — see validity and renewal. For a regulated role, lapsing is a compliance problem rather than an administrative one.
Sitting Series XV as well? Many portfolio professionals do. Our Series XV mock tests use the real interface and timing, with explained answers and a score for every attempt. Free demo before you pay. Try the Series XV mock test.
