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NISM Series XXI-A

NISM Series XXI-A PMS Distributors: exam pattern, syllabus and mock tests

For people who distribute portfolio management services. NISM Series XXI-A covers portfolio management services: how PMS works, types of services, performance and fees, regulations and good distribution practice.

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NISM Series XXI-A exam pattern at a glance

Questions
100
Duration
120 minutes
Total marks
100
Passing score
60% (60/100)
Negative marking
10% per wrong answer
Exam fee
₹1,500 + charges
Certificate valid
3 years

100 multiple-choice questions, 1 mark each. Fees and pattern are set by NISM and can change, so confirm on the official NISM Series XXI-A page before you book.

Who should take NISM Series XXI-A?

Distributors and their employees who sell PMS products.

Why you need it: Required for people distributing portfolio management services.

NISM Series XXI-A syllabus: 12 chapters

  1. Investments
  2. Introduction to Securities Markets
  3. Investing in Stocks
  4. Investing in Fixed Income Securities
  5. Derivatives
  6. Collective Investment Vehicles
  7. Role of Portfolio Managers
  8. Operational Aspects of Portfolio Managers
  9. Portfolio Management Process
  10. Performance Measurement and Evaluation of Portfolio Managers
  11. Taxation
  12. Regulatory, Governance and Ethical Aspects of Portfolio Managers

How to prepare for NISM Series XXI-A

Mixes product knowledge with regulation. Negative marking is only 10%, so it pays to attempt questions you can narrow down.

Not sure where you stand?

Take the free NISM Series XXI-A level check. It takes about 30 minutes, needs no payment, and tells you which chapters to study first. Launch offer: free for our first 100 users. Log in and every mock test, note and flashcard is unlocked.

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NISM Series XXI-A FAQs

What is NISM Series XXI-A?

NISM Series XXI-A is the PMS Distributors Certification Examination conducted by the National Institute of Securities Markets. Required for people distributing portfolio management services.

How many questions are in NISM Series XXI-A?

The exam has 100 multiple-choice questions, 1 mark each, for a total of 100 marks. You get 120 minutes.

What is the passing score for NISM Series XXI-A?

You need 60%, which is 60 out of 100 marks.

Is there negative marking in NISM Series XXI-A?

Yes. 10% of a question’s marks are deducted for each wrong answer. Unattempted questions score zero.

How should I prepare for NISM Series XXI-A?

Mixes product knowledge with regulation. Negative marking is only 10%, so it pays to attempt questions you can narrow down.

How do I register for NISM Series XXI-A?

Create an account on NISM’s certification portal, choose the exam, pick a test centre or remote-proctored slot, and pay the fee online. NISM Academy can’t register you; we link you to the official portal.

How long is the NISM Series XXI-A certificate valid?

Three years from the date you pass.

Related NISM exams

Official links