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The NISM-Series-XXI-A: Portfolio Management Services (PMS) Distributors Certification Examination sets a common minimum knowledge benchmark for people who distribute Portfolio Management Services. SEBI's notification of 7 September 2021 made it mandatory for associated persons engaged by a portfolio manager as PMS distributors. It covers markets and products (Module 1) and how portfolio managers operate, measure performance and follow SEBI rules (Module 2).
Practice with 800 questions based on the official NISM Series XXI-A syllabus. Instant results, chapter-wise analysis, negative marking simulation.
Questions distributed per the NISM Series XXI-A test objectives. The Portfolio Management Process (15 marks) and Operational Aspects of Portfolio Managers (13 marks) carry the most weight.
Experience real exam pressure with −10% per wrong answer. Learn when to skip and when to attempt — critical for the actual XXI-A exam.
Submit and get your score, pass/fail verdict, chapter-wise breakdown, and analysis of every question.
Fees, high water mark, hurdle rate, TWRR, Sharpe and Treynor, the disclosure document, direct onboarding and SEBI's PMS rules — the areas PMS distributors are tested on.
120-minute countdown timer mirrors the actual NISM exam environment. Build time management skills before the real test.
800 questions across all 12 chapters, including 136 calculation questions, each with an explanation.
| Ch. | Chapter | Marks | Questions in Bank | Weight |
|---|---|---|---|---|
| 1 | Investments | 7 | 56 | 7% |
| 2 | Introduction to Securities Markets | 5 | 40 | 5% |
| 3 | Investing in Stocks | 10 | 80 | 10% |
| 4 | Investing in Fixed Income Securities | 5 | 40 | 5% |
| 5 | Derivatives | 5 | 40 | 5% |
| 6 | Collective Investment Vehicles | 5 | 40 | 5% |
| 7 | Role of Portfolio Managers | 10 | 80 | 10% |
| 8 | Operational Aspects of Portfolio Managers | 13 | 104 | 13% |
| 9 | Portfolio Management Process | 15 | 120 | 15% |
| 10 | Performance Measurement and Evaluation of Portfolio Managers | 10 | 80 | 10% |
| 11 | Taxation | 5 | 40 | 5% |
| 12 | Regulatory, Governance and Ethical Aspects of Portfolio Managers | 10 | 80 | 10% |
| Total | 100 | 800 | 100% | |
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NISM Series XXI-A: PMS Distributors Mock Exam
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