Nism X Taxmann S Portfolio Managers Blending Foundational Knowledge Advanced Theories Regulatory Insights Practical Examples Empowering Professionals Aspirants To Excel In Pms Operations
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NISM X Taxmann's Portfolio Managers – Blending Foundational Knowledge | Advanced Theories | Regulatory Insights | Practical Examples—Empowering Professionals & Aspirants to Excel in PMS Operations
Author: NISM (An Educational Initiative of SEBI)
language: en
Publisher: Taxmann Publications Private Limited
Release Date: 2025-01-18
The Portfolio Managers workbook provides an in-depth and systematic exploration of the concepts, regulations, and best practices in Portfolio Management Services (PMS). It equips professionals and learners with the knowledge essential to understand the PMS landscape effectively. The content seamlessly combines foundational investment knowledge, advanced theoretical frameworks, and a thorough exposition of India's regulatory environment. This book will be helpful for the following: • Portfolio Managers & PMS Employees – Principal officers, analysts, and frontline staff who require a solid grounding in PMS operations, compliance, and client interactions • Market Practitioners & Investors – Financial advisors, investment consultants, and discerning investors seeking clarity on portfolio construction, risk management, and performance evaluation. • Aspiring Professionals & Students – Those preparing for the NISM Certification Examination XXI-B or looking to broaden their understanding of securities markets, asset allocation, and modern portfolio theory The Present Publication is the December 2024 workbook version, developed by Dr Rachana Baid (Professor at NISM) and reviewed by Dr Kishore Rathi and Dr Kameshwar Rao (NISM Resource Persons). It is published exclusively by Taxmann for NISM Certification Examination XXI-B [Portfolio Managers], with the following noteworthy features: • [Comprehensive Content] o Covers everything from investment basics to advanced portfolio construction, highlighting the role and responsibilities of a portfolio manager o Provides a thorough explanation of fixed income, equities, derivatives, and mutual funds. • [Regulatory & Compliance Insight] o Offers an in-depth understanding of relevant SEBI regulations, governance, tax implications, and ethical considerations specific to portfolio managers o Equips readers to manage compliance challenges adeptly • [Practical & Applied Approach] o Incorporates examples, illustrative case studies, and best practices to make the concepts easily comprehensible o Emphasises operational facets of PMS, including client onboarding, performance measurement, fees, disclosures, and grievance redressal • [Advanced Theoretical Frameworks] o Delivers clear explanations of modern portfolio theory, capital market theory, behavioural finance, and concepts of market efficiency o Explains crucial models and methods to analyse and optimise portfolios in a dynamic investment environment • [Performance Evaluation & Reporting] o Guides readers on quantitative and qualitative techniques for evaluating portfolio performance, risk-adjusted returns, and benchmark comparisons o Details the adoption of global performance measurement standards such as GIPS® The detailed contents of the book are as follows: • Foundational Investment Knowledge – Distinguishes between investment and speculation, explains objectives and outlines various investment channels • Securities Markets Overview – Examines the structure of primary and secondary markets, detailing the roles of diverse market participants • Equity & Fixed Income – Outlines the risks and return prospects of equity and bonds, along with valuation and technical/fundamental analysis methods • Derivatives & Mutual Funds – Demonstrates the strategic use of derivatives in hedging and portfolio optimisation; elucidates mutual fund structure and benefits • Role & Operations of Portfolio Managers – Clarifies registration requirements, types of services, client onboarding, disclosure norms, and day-to-day operational procedures • Portfolio Management Process – Provides insights into asset allocation, correlation across different asset classes, portfolio rebalancing, and tactical vs. strategic allocation • Taxation & Regulatory Norms – Summarises tax treatments across varied income streams and relevant SEBI guidelines, insider trading prohibitions, and anti-money laundering regulations • Market Efficiency & Indices – Investigates index methodologies, significance of market efficiency, random walk theory, market anomalies, and their portfolio implications • Behavioural Finance & Modern Portfolio Theory – Discusses biases, heuristics, and the development of efficient frontiers for optimising portfolio returns • Risk Management & Performance Evaluation – Explores different types of risk, measurement and mitigation strategies, performance attribution analysis, benchmarking, and global best practices
NISM X Taxmann's Mutual Fund Distributors – Understanding Mutual Fund Fundamentals | Regulations | Best Distribution Practices—Aligned with SEBI's Benchmarks & Enhanced by Industry-Backed Insights
Author: NISM (An Educational Initiative of SEBI)
language: en
Publisher: Taxmann Publicaions Private Limited
Release Date: 2025-03-17
The Mutual Fund Distributor workbook offers a structured and comprehensive understanding of mutual fund concepts, regulatory frameworks, and best practices for distribution. It is tailored to empower the readers with the critical knowledge needed to navigate the mutual fund landscape effectively, blending foundational investment principles with current regulatory guidelines in India. This book is intended for the following audience: • Aspiring Mutual Fund Distributors – Individuals seeking to become mutual fund distributors or those who want to clear the NISM Mutual Fund Distributors Certification Examination • Employees of AMCs and Distribution Houses – Professionals working in asset management companies (AMCs) and entities involved in mutual fund sales and distribution • Financial Advisors and Planners – Advisors who wish to expand their knowledge base, improve client service, and stay updated on regulatory aspects of mutual fund distribution • Students and Researchers – Anyone aiming to build a career in financial services or seeking structured knowledge of the Indian mutual fund domain The Present Publication is the December 2024 Workbook Version, developed in collaboration with the Certification Team of NISM and Mr Sundar Sankaran, Ms Sunita Abraham, Mr Amit Trivedi, and Mr Joydeep Sen. It is published exclusively by Taxmann, with the following noteworthy features: • [Aligned to NISM Certification Requirements] Developed to meet the learning objectives and knowledge benchmarks mandated by the Securities and Exchange Board of India (SEBI) for mutual fund distributors • [Comprehensive Coverage] Covers all essential aspects: from the basics of mutual funds, distribution channels, risk and performance metrics to the legal and regulatory frameworks • [Lucid and Focused Content] Presents concepts in an easy-to-understand language, supplemented by relevant examples, case studies, and illustrations • [Industry-endorsed and Reviewed] Developed by NISM in consultation with industry experts and resource persons, ensuring up-to-date and reliable information • [Practical Insights] Includes explanations of investor services, distribution practices, taxation, and KYC requirements, making it a practical guide for everyday use The coverage of the book is as follows: • Investment Landscape o Explores the concept of savings vs. investments, major asset classes, investment risks, risk management strategies, behavioural biases in investment, and the importance of professional help vs. DIY investing • Concept and Role of a Mutual Fund o Provides foundational knowledge of mutual funds: how they are structured, types of schemes, and the role of mutual funds within the broader financial market • Legal Structure of Mutual Funds in India o Discusses the distinct entities that constitute a mutual fund (sponsor, trustee, AMC, etc.) and outlines their respective roles and responsibilities • Legal and Regulatory Framework o Details SEBI's role, regulations affecting mutual funds, and the due diligence process for distributors, as well as guidelines and grievance redress mechanisms • Scheme Related Information o Explains mandatory and non-mandatory disclosures, fund factsheets, and helps readers understand how to interpret scheme-related documents • Fund Distribution and Channel Management Practices o Covers different types of distributors, modes of distribution, commission structures, and best practices in channel management • Net Asset Value, Total Expense Ratio and Pricing of Units o Guides on fair valuation, NAV computation, pricing of units, and the impact of entry/exit loads on NAV • Taxation o Simplifies the income-tax implications for investors, including capital gains, dividends (IDCW option), Securities Transaction Tax, and Section 80C benefits • Investor Services o Explains operational aspects: NFO processes, KYC requirements, systematic transactions (SIP, SWP, STP), cut-off timing, and handling non-financial transactions • Risk, Return, and Performance of Funds o Introduces different risk measures, factors affecting fund performance, and how to interpret fund returns • Mutual Fund Scheme Performance o Focuses on performance benchmarks, price vs. total return indices, tracking error, and how fund managers' performance is measured • Mutual Fund Scheme Selection o Guides on matching schemes to investor needs, analysing risk levels, and comparing schemes across fund houses based on strategy and performance The structure of the book is as follows: • Introductory Chapters – Provide the basics and the broader context, including how mutual fund distribution fits into the financial sector • Core Chapters – Delve deeper into advanced topics like regulatory frameworks, fund accounting, valuation, sales practices, and compliance requirements • Practical & Operational Chapters – Give step-by-step guidelines to execute everyday tasks such as KYC, filling out application forms, and systematic investment plans • Appendices & Resources – Include relevant codes of conduct (AMFI Code of Ethics, AMFI Code of Conduct for Intermediaries), additional reading resources, and reference materials for deeper study
Taxmann's Analysis | Specialised Investment Funds (SIFs) – The Missing Link Between Mutual Funds and PMS Now in Place
Author: Taxmann
language: en
Publisher: Taxmann Publicaions Private Limited
Release Date: 2025-03-07
India’s investment landscape has witnessed significant evolution, with SEBI introducing Specialised Investment Funds (SIFs) to offer greater flexibility and advanced investment strategies while maintaining regulatory oversight. Positioned between Mutual Funds and Portfolio Management Services, SIFs cater to high-net-worth and institutional investors seeking diverse portfolio management options. This article explores the key features, eligibility criteria, investment strategies, and regulatory framework governing SIFs, providing insights into how they enhance investment opportunities while ensuring investor protection. The key highlights include: ‣ Bridging the Gap – SIFs fill the space between Mutual Funds and PMS by offering structured yet flexible investment options ‣ Advanced Investment Strategies – Includes long-short equity, sectoral rotation, and hybrid asset allocation ‣ Eligibility Criteria – Requires a minimum investment of ₹10 lakh, with exemptions for accredited investors ‣ Investment Strategies – Covers equity, debt, and hybrid long-short funds tailored for sophisticated investors ‣ Regulatory Oversight – SEBI ensures transparency with clear branding, investment restrictions, and disclosure requirements ‣ Liquidity & Redemption – Subscription and redemption flexibility based on investment strategy and lock-in periods