NISM Series XXI-A Mock Test: Portfolio Management Services (PMS) Distributors
Up to 30 full-length mock tests of 100 questions each, built on the official syllabus, with an explanation for every answer.
About the NISM Series XXI-A exam
NISM Series XXI-A covers Portfolio Management Services for distributors — investment basics across equity, debt and derivatives, the role and operations of portfolio managers, the portfolio process, performance measurement, taxation and SEBI PMS regulations.
Who should take it: Distributors and relationship managers who distribute PMS products, for whom this certification is required.
NISM Series XXI-A exam pattern
| Questions | 100 multiple-choice questions |
|---|---|
| Total marks | 100 |
| Duration | 120 minutes |
| Passing score | 60% |
| Negative marking | −0.25 mark per wrong answer |
Indicative pattern. Exam bodies revise patterns — confirm the details in the latest official notification before your exam.
Syllabus covered in our NISM Series XXI-A question bank
Our 50-question bank for NISM Series XXI-A covers every chapter below. Mock tests mix questions across all of them in the same proportion as the real paper.
- Investments3 practice questions
- Introduction to Securities Markets3 practice questions
- Investing in Stocks4 practice questions
- Investing in Fixed Income Securities4 practice questions
- Derivatives4 practice questions
- Collective Investment Vehicles4 practice questions
- Role of Portfolio Managers5 practice questions
- Operational Aspects of Portfolio Managers5 practice questions
- Portfolio Management Process4 practice questions
- Performance Measurement and Evaluation of Portfolio Managers5 practice questions
- Taxation3 practice questions
- Regulatory, Governance and Ethical Aspects of Portfolio Managers6 practice questions
Free NISM Series XXI-A sample questions
Try five questions from our bank. Each mock test gives you 100 like these, with your score, chapter-wise analysis and explanations at the end.
Investment differs from speculation mainly because investment:
- Always involves borrowed money
- Focuses on short-term price bets with high risk
- Guarantees capital protection
- Seeks returns from fundamental value over a reasonable horizon with assessed risk
Show answer & explanation
Answer: D. Seeks returns from fundamental value over a reasonable horizon with assessed risk
Investing relies on the asset's underlying value and an appropriate horizon; speculation bets on short-term price moves.
In the Indian equity cash market, the standard settlement cycle is:
- T+3
- T+5
- T+1
- T+7
Show answer & explanation
Answer: C. T+1
Indian exchanges moved fully to T+1 settlement for equity cash trades.
A stock trades at ₹400 and its EPS is ₹20. Its P/E ratio is:
- 8,000
- 20
- 5
- 0.05
Show answer & explanation
Answer: B. 20
P/E = Price / EPS = 400 / 20 = 20.
When market interest rates rise, prices of existing fixed-coupon bonds generally:
- Rise
- Stay unchanged
- Fall
- Become equal to face value
Show answer & explanation
Answer: C. Fall
Higher prevailing yields make existing lower coupons less attractive, so prices drop.
A portfolio manager holding a large equity portfolio fears a short-term market fall. A suitable hedge is to:
- Sell index futures
- Buy index futures
- Sell put options
- Buy more stocks
Show answer & explanation
Answer: A. Sell index futures
A short index futures position gains when the market falls, offsetting portfolio losses.
NISM Series XXI-A mock test plans
Every plan unlocks one full-length mock test per day of the plan. Prices include GST.
| Plan | Mock tests | Questions | Price |
|---|---|---|---|
| 10 Days | 10 mock tests | 1,000 questions | ₹199 incl. GST |
| 15 Days | 15 mock tests | 1,500 questions | ₹279 incl. GST |
| 20 Days Popular | 20 mock tests | 2,000 questions | ₹349 incl. GST |
| 30 Days Best value | 30 mock tests | 3,000 questions | ₹449 incl. GST |
Official study material
Links open the official website. We do not host or alter official material.
NISM Series XXI-A mock test FAQs
How many questions are there in the NISM Series XXI-A exam?
The NISM Series XXI-A paper has 100 multiple-choice questions for 100 marks, to be completed in 120 minutes. This is the indicative pattern — always confirm it in the latest official notification.
Is there negative marking in NISM Series XXI-A?
Yes. −0.25 mark per wrong answer (25% of the marks for that question). Our mock tests apply the same rule.
What is the pass mark for NISM Series XXI-A?
You need 60% to pass. Our mock tests show pass or fail against the same mark.
How many NISM Series XXI-A mock tests do I get?
One full-length mock test is unlocked for each day of your plan: 10, 15, 20 or 30 mock tests on the 10 Days, 15 Days, 20 Days or 30 Days plans. You can retake any unlocked test while your plan is active.
Are these the actual exam questions?
No. Every question is an original practice question written to match the official syllabus and the exam's style. Reproducing real exam questions is not permitted, and we do not do it.
Where can I get the official NISM Series XXI-A study material?
NISM provides the latest workbook free of cost on its official portal after a short registration. The link is in the Official study material section on this page.