SEBI’s September 2025 simplified disclosure document in two parts, the on-boarding sequence, KYC and FATCA, direct on-boarding and the MITC document.

PMS is classified three ways in India: by who provides it, by the asset class it invests in, and by how much control the client keeps. The third classification is the one the SEBI regulations turn on.

What a PMS client actually pays, item by item: management fee, custodian fee, brokerage at actuals, the 0.50% operating expense cap, graded exit loads, and how the high water mark and hurdle rate decide whether a performance fee arises at all.

NISM-Series-XXI-A is the Portfolio Management Services Distributors Certification Examination. Two hours, 100 marks, 60 per cent to pass, with 52 of those marks sitting in four units. Here is the exam pattern, the unit weightages and what the official workbook covers.

TWRR against MWRR on the same portfolio, the five risk-adjusted measures worked with numbers, and exactly what a PMS client must be sent, and how often.

The four steps of the portfolio management process, why asset allocation drives most of the return, and what an Investment Policy Statement must record.

Who may be a portfolio manager, the eleven registration conditions, the ₹5 crore net worth, twelve general responsibilities, six Do’s and thirteen Don’ts.