An 800-question bank across all 12 chapters of the NISM-Series-XXI-A syllabus — markets and products, then how portfolio managers operate, measure performance, and follow SEBI rules. One sample question with its answer is free on every chapter page, and the free full-length mock needs only a free account.
Full 120-minute mock with all 12 chapters and NISM-style scoring.
Start Full Mock Exam ▶NISM-Series-XXI-A is the Portfolio Management Services (PMS) Distributors Certification Examination. SEBI's notification of 7 September 2021 (SEBI/LAD-NRO/GN/2021/48) made it mandatory for associated persons engaged by a portfolio manager as distributors of PMS.
60 out of 100 marks (60%). The exam has 100 MCQs worth 1 mark each, over 120 minutes.
Yes. 10% of a question's marks is deducted for each wrong answer. Skipped questions carry no penalty.
NISM lists the fee as ₹1,500 (inclusive of GST), with payment gateway charges extra. Confirm the current fee on NISM's website before registering.
Three years. You can renew by retaking the exam or by attending NISM's Continuing Professional Education (CPE) programme for PMS distributors.
12 chapters: six on markets and products (investments, securities markets, stocks, fixed income, derivatives, collective investment vehicles) and six on PMS itself (role and operations of portfolio managers, the portfolio management process, performance measurement, taxation, and regulation and ethics).
Yes. A full 120-minute mock (100 MCQs, NISM-style scoring) is free with a free account, one sample question with its answer is free on each chapter page, and 40 numericals are free. The full 800-question bank comes with the ₹199 mock pack or the ₹199 notes PDF.