{"product_id":"taxmanns-portfolio-managers-book-by-national-institute-of-securities-markets","title":"Taxmann's Portfolio Managers book by National Institute of Securities Markets","description":"\u003cp\u003e\u003cstrong\u003eTaxmann's Portfolio Managers book by National Institute of Securities Markets\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003ePortfolio Managers by NISM is a comprehensive, structured treatment of the theory and practice of portfolio management as practised in India. It carries the reader across the full investment-management value chain—the major asset classes and how they are valued; the body of portfolio theory (Modern Portfolio Theory, capital-market theory and CAPM, market efficiency and behavioural finance); the measurement and management of risk; active and passive equity and fixed-income strategy; performance measurement and attribution; and portfolio rebalancing—and sets all of it within the Indian taxation, regulatory, governance and ethical framework that governs portfolio managers, including the SEBI (Portfolio Managers) Regulations 2020. The treatment is rigorous and quantitative: every concept is developed from first principles and demonstrated through worked examples. It is the official workbook for the NISM-Series-XXI-B: Portfolio Managers certification examination, and serves equally as a standalone reference on the discipline.\u003c\/p\u003e\n\u003cp\u003eThis book is intended for the following audience:\u003c\/p\u003e\n\u003cul type=\"disc\"\u003e\n\u003cli\u003e\n\u003cstrong\u003ePractising Portfolio Managers and PMS Professionals\u003c\/strong\u003e seeking a consolidated reference on the discipline\u003c\/li\u003e\n\u003cli\u003e\u003cstrong\u003ePrincipal Officers, Compliance Officers and Employees of SEBI-Registered Portfolio Managers\u003c\/strong\u003e\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eWealth Managers, Investment Advisers, Research Analysts and Distributors\u003c\/strong\u003e who want a rigorous, computation-grounded grasp of portfolio management\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eCandidates\u003c\/strong\u003e preparing for the NISM-Series-XXI-B certification examination\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eFinance and Management Students\u003c\/strong\u003e (including CFA-track candidates) building foundations in portfolio theory, valuation and the PMS framework\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003eThe Present Publication is the September 2025 Workbook Version, developed in collaboration with the NISM Certification Team, Dr Rachana Baid (Professor, NISM), and reviewed by Dr Kishore Rathi and Dr Kameshwar Rao (Resource Persons, NISM). It is published exclusively by Taxmann, with the following noteworthy features:\u003c\/p\u003e\n\u003cul type=\"disc\"\u003e\n\u003cli\u003e[\u003cstrong\u003eComprehensive and Self-Contained\u003c\/strong\u003e] A complete treatment of portfolio management that builds from first principles (saving vs. investment) right through to advanced portfolio construction, strategy, performance and rebalancing, with no prior specialist background assumed\u003c\/li\u003e\n\u003cli\u003e[\u003cstrong\u003eApplied and Quantitative\u003c\/strong\u003e] Concepts are demonstrated through fully worked numerical illustrations and solved examples, not formulae alone, at a level that can be reproduced on a spreadsheet\u003c\/li\u003e\n\u003cli\u003e[\u003cstrong\u003eStatutory Text at Source\u003c\/strong\u003e] Relevant regulatory provisions are reproduced directly (for example, definitions under the Securities Contracts (Regulation) Act, Section 6 of the Income-tax Act, and provisions of the SEBI Portfolio Managers, Insider Trading and PFUTP Regulations) for ready reference\u003c\/li\u003e\n\u003cli\u003e[\u003cstrong\u003eRich Visual Apparatus\u003c\/strong\u003e] Exhibits, boxes, tables and illustrations placed alongside the concept they explain\u003c\/li\u003e\n\u003cli\u003e[\u003cstrong\u003eSelf-Assessment\u003c\/strong\u003e] Each chapter is framed by Learning Objectives and closes with Sample Questions; selected chapters include Sample Caselets, and the caselets together with the quantitative items in the later chapters carry answer keys and fully worked, step-by-step explanations\u003c\/li\u003e\n\u003cli\u003e[\u003cstrong\u003eSyllabus-Aligned with Computational Support\u003c\/strong\u003e] Organised to the NISM-Series-XXI-B syllabus and its unit weightages, with a Z-Table annexure supporting the probability, standard-deviation and value-at-risk computations\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003eThe coverage of the book is as follows:\u003c\/p\u003e\n\u003cul type=\"disc\"\u003e\n\u003cli\u003e\u003cstrong\u003eInvestment Foundations\u003c\/strong\u003e\u003c\/li\u003e\n\u003cul type=\"circle\"\u003e\n\u003cli\u003eSaving vs. investment vs. speculation; investment objectives; the decomposition of the required rate of return into the real risk-free rate, an inflation premium and a risk premium; the risk–return relationship; and the universe of investment types and channels\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cli\u003e\u003cstrong\u003eSecurities-Market Architecture\u003c\/strong\u003e\u003c\/li\u003e\n\u003cul type=\"circle\"\u003e\n\u003cli\u003ePrimary vs. secondary markets and methods of issuance; the roles of intermediaries; and the mechanics of clearing and settlement, including the clearing corporation's novation of trades and the use of initial margin (set on a value-at-risk basis) and mark-to-market margin\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cli\u003e\u003cstrong\u003eEquity Investing\u003c\/strong\u003e\u003c\/li\u003e\n\u003cul type=\"circle\"\u003e\n\u003cli\u003eEquity as an asset class and its risks; top-down economy–industry–company analysis; cyclical vs. non-cyclical sectors across the business cycle; equity research and stock selection (dividend-discount, free-cash-flow and relative-valuation approaches); technical analysis; credit-rating scales; and corporate governance\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cli\u003e\u003cstrong\u003eFixed Income\u003c\/strong\u003e\u003c\/li\u003e\n\u003cul type=\"circle\"\u003e\n\u003cli\u003eBond characteristics and determinants of safety; bond valuation with frequency-adjusted discounting; yield to maturity and yield to call; day-count conventions (30\/360, actual\/365, actual\/actual); and the measurement of price volatility\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cli\u003e\u003cstrong\u003eDerivatives\u003c\/strong\u003e\u003c\/li\u003e\n\u003cul type=\"circle\"\u003e\n\u003cli\u003eForwards, futures, options and swaps; in-\/at-\/out-of-the-money and intrinsic vs. time value; interest-rate swaps and the notional-principal concept; the law of one price and arbitrage; the margining process; and the use of derivatives by portfolio managers\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cli\u003e\u003cstrong\u003eMutual Funds\u003c\/strong\u003e\u003c\/li\u003e\n\u003cul type=\"circle\"\u003e\n\u003cli\u003eLegal structure and working; product types; the scheme fact sheet; NAV, total expense ratio and unit pricing; and key performance measures\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cli\u003e\u003cstrong\u003eRole of Portfolio Managers\u003c\/strong\u003e\u003c\/li\u003e\n\u003cul type=\"circle\"\u003e\n\u003cli\u003eDiscretionary, non-discretionary and advisory PMS; the SEBI registration application and net-worth requirements; the general responsibilities of a portfolio manager (fiduciary duty, the ₹50 lakh minimum investment with accredited-investor and co-investment exemptions, client-wise segregation of securities holdings, and the maintenance of client funds in a separate account with a scheduled commercial bank); and pooled vs. individual-name execution\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cli\u003e\u003cstrong\u003eOperational Aspects of PMS\u003c\/strong\u003e\u003c\/li\u003e\n\u003cul type=\"circle\"\u003e\n\u003cli\u003eEligible investors; the disclosure document; client on-boarding and direct on-boarding; KYC, in-person verification and the central KYC registry (CKYCR\/CERSAI); default liability and grievance redressal; disclosures to SEBI and suspicious-transaction reporting to FIU-IND; and the full fee and expense structure\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cli\u003e\u003cstrong\u003ePortfolio-Management Process\u003c\/strong\u003e\u003c\/li\u003e\n\u003cul type=\"circle\"\u003e\n\u003cli\u003eThe Investment Policy Statement and its constituents; risk–return–liquidity objectives; cross-asset correlation; strategic vs. tactical asset allocation ('time in the market' vs. 'timing the market'); investment-approach and benchmark tagging; and rebalancing\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cli\u003e\u003cstrong\u003eTaxation\u003c\/strong\u003e\u003c\/li\u003e\n\u003cul type=\"circle\"\u003e\n\u003cli\u003eResidential status under Section 6 of the Income-tax Act (the day-count tests, deemed resident and RNOR); capital-gains vs. business-income characterisation of securities gains; the taxation of dividends, interest and capital gains across investor classes; the optional regimes under Sections 115BAC\/115BAA\/115BAB; and Section 9A together with the Eligible Fund Manager regime\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cli\u003e\u003cstrong\u003eRegulatory, Governance and Ethics\u003c\/strong\u003e\u003c\/li\u003e\n\u003cul type=\"circle\"\u003e\n\u003cli\u003eThe PMLA 2002; SEBI (Prohibition of Insider Trading) Regulations 2015; SEBI (PFUTP) Regulations 2003; SEBI (Portfolio Managers) Regulations 2020 (including the Eligible Fund Managers chapter and the Regulation 30 annual audit); soft-dollar practice; the Investor Charter; the Cyber Security and Cyber Resilience Framework; and best practices\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cli\u003e\u003cstrong\u003eIndices\u003c\/strong\u003e\u003c\/li\u003e\n\u003cul type=\"circle\"\u003e\n\u003cli\u003eThe factors that differentiate indices, index methodologies, and equity, bond and composite indices\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cli\u003e\u003cstrong\u003eInformational Efficiency\u003c\/strong\u003e\u003c\/li\u003e\n\u003cul type=\"circle\"\u003e\n\u003cli\u003eOperational vs. informational efficiency; the random-walk hypothesis and Fama's fair-game\/EMH formulation (weak-, semi-strong- and strong-form); market anomalies (the January\/tax-selling, size and value effects); and the implications for valuation and portfolio management\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cli\u003e\u003cstrong\u003eBehavioural Finance\u003c\/strong\u003e\u003c\/li\u003e\n\u003cul type=\"circle\"\u003e\n\u003cli\u003eBehavioural vs. standard finance; emotional biases (loss aversion, endowment, status-quo and regret aversion across errors of commission and omission); cognitive errors (mental accounting and fungibility, framing); nudges; and fusion investing\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cli\u003e\u003cstrong\u003eModern Portfolio Theory\u003c\/strong\u003e\u003c\/li\u003e\n\u003cul type=\"circle\"\u003e\n\u003cli\u003eEx-ante vs. ex-post return; probability-weighted expected return and variance; the Markowitz portfolio-risk formula and the role of covariance and correlation in diversification; the efficient frontier; and portfolio optimisation\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cli\u003e\u003cstrong\u003eCapital-Market Theory\u003c\/strong\u003e\u003c\/li\u003e\n\u003cul type=\"circle\"\u003e\n\u003cli\u003eCombining risk-free and risky assets; the Capital Market Line; the market portfolio and its proxies; the Capital Asset Pricing Model and the Security Market Line (identifying under- and over-valued securities); empirical tests of CAPM; and multi-factor models\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cli\u003e\u003cstrong\u003eRisk\u003c\/strong\u003e\u003c\/li\u003e\n\u003cul type=\"circle\"\u003e\n\u003cli\u003eThe risk-management process; market, credit, liquidity, operational and other risks; portfolio-risk mathematics; value-at-risk by the parametric and historical-simulation methods; the credit 'four Cs', probability of default and loss given default; and tail-risk\/black-swan preparedness through scenario planning and stress testing\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cli\u003e\u003cstrong\u003eEquity Portfolio Strategies\u003c\/strong\u003e\u003c\/li\u003e\n\u003cul type=\"circle\"\u003e\n\u003cli\u003eBuy-and-hold and indexing (full replication); active management and the fundamental law of active management; smart-beta and factor-based portfolios (macroeconomic, fundamental and statistical factor models, illustrated with NIFTY multi-factor indices); momentum investing; growth, value and blended styles; socially responsible investing; the core-and-satellite approach; alpha–beta separation; and constructing and protecting equity portfolios with derivatives, including the protective put\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cli\u003e\u003cstrong\u003eFixed-Income Portfolio Strategies\u003c\/strong\u003e\u003c\/li\u003e\n\u003cul type=\"circle\"\u003e\n\u003cli\u003ePassive approaches (indexing with its sources of tracking error, and immunization through duration matching); active approaches (duration management via directional calls and barbell\/bullet structures, and yield-spread strategies); global fixed-income investing and country risk; and building and protecting bond portfolios with derivatives\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cli\u003e\u003cstrong\u003ePerformance Measurement and Evaluation\u003c\/strong\u003e\u003c\/li\u003e\n\u003cul type=\"circle\"\u003e\n\u003cli\u003eHolding-period return; time-weighted vs. money-weighted rates of return; risk measures including standard deviation and downside\/semi-variance; risk-adjusted measures (the Sharpe, Treynor and Sortino ratios, the information\/appraisal ratio and the M² measure); benchmarking and peer-group analysis; performance attribution into allocation, selection and interaction effects; reporting; due diligence and manager selection; and the Global Investment Performance Standards (GIPS®)\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cli\u003e\u003cstrong\u003ePortfolio Rebalancing\u003c\/strong\u003e\u003c\/li\u003e\n\u003cul type=\"circle\"\u003e\n\u003cli\u003eThe rationale, costs and periodicity of rebalancing; time- vs. threshold-based approaches; and the buy-and-hold, constant-mix and constant-proportion portfolio insurance (CPPI) strategies, including the multiplier and floor mechanics\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/ul\u003e\n\u003cp\u003eThe book is organised into 21 chapters that progress through four logical blocks, closing with an annexure:\u003c\/p\u003e\n\u003cul type=\"disc\"\u003e\n\u003cli\u003e\n\u003cstrong\u003eAsset Classes and Market Building Blocks (Chapters 1–6)\u003c\/strong\u003e — Investments, securities markets, equity, fixed income, derivatives and mutual funds\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eThe PMS Business: Role, Operations, Process, Tax and Regulation (Chapters 7–11)\u003c\/strong\u003e — The portfolio manager's role and registration, operational and on-boarding aspects, the portfolio management process, taxation, and the regulatory, governance and ethical framework\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003ePortfolio Theory and Risk (Chapters 12–17)\u003c\/strong\u003e — Indices, informational efficiency, behavioural finance, Modern Portfolio Theory, capital-market theory, and risk\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eStrategy, Performance and Rebalancing (Chapters 18–21)\u003c\/strong\u003e — Equity portfolio strategies, fixed-income portfolio strategies, performance measurement and evaluation, and portfolio rebalancing\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eAnnexure\u003c\/strong\u003e — A Z-Table for probability and risk computations\u003c\/li\u003e\n\u003cli\u003eThe internal architecture of every chapter is uniform:\u003c\/li\u003e\n\u003cul type=\"circle\"\u003e\n\u003cli\u003eA Learning Objectives panel at the start\u003c\/li\u003e\n\u003cli\u003eNumbered, progressively sequenced sections of explanatory text\u003c\/li\u003e\n\u003cli\u003eExhibits, boxes, tables and worked numerical illustrations placed alongside the concept they support\u003c\/li\u003e\n\u003cli\u003eExtracts of statutory or regulatory text wherever the topic is rule-driven\u003c\/li\u003e\n\u003cli\u003eA closing set of Sample Questions, with a Sample Caselet in selected chapters; the caselets and the later quantitative items include answer keys and fully worked explanations\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/ul\u003e","brand":"Taxmann","offers":[{"title":"Default Title","offer_id":40803328491601,"sku":"","price":609.0,"currency_code":"INR","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0574\/5534\/5745\/files\/PortfolioManager.jpg?v=1783165491","url":"https:\/\/buytestseries.in\/products\/taxmanns-portfolio-managers-book-by-national-institute-of-securities-markets","provider":"BuyTestSeries.in","version":"1.0","type":"link"}