NISM Series XXI-B Mock Test: Portfolio Managers
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-B exam
NISM Series XXI-B is the portfolio manager certification — securities markets, equity and fixed income analysis, derivatives, portfolio theory, behavioural finance, portfolio strategies, performance evaluation and rebalancing, and the PMS regulatory framework.
Who should take it: Principal officers and investment professionals of SEBI-registered portfolio managers.
NISM Series XXI-B exam pattern
| Questions | 100 multiple-choice questions |
|---|---|
| Total marks | 100 |
| Duration | 180 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-B question bank
Our 50-question bank for NISM Series XXI-B covers every chapter below. Mock tests mix questions across all of them in the same proportion as the real paper.
- Investment Landscape2 practice questions
- Introduction to Securities Markets2 practice questions
- Investing in Stocks2 practice questions
- Investing in Fixed Income Securities2 practice questions
- Derivatives2 practice questions
- Mutual Fund2 practice questions
- Role of Portfolio Managers3 practice questions
- Operational Aspects of Portfolio Managers3 practice questions
- Portfolio Management Process3 practice questions
- Taxation2 practice questions
- Regulatory, Governance and Ethical Aspects of Portfolio Managers3 practice questions
- Introduction to Indices2 practice questions
- Concept of Informational Efficiency2 practice questions
- Behavioral Finance2 practice questions
- Introduction to Modern Portfolio Theory2 practice questions
- Introduction to Capital Market Theory2 practice questions
- Risk2 practice questions
- Equity Portfolio Management Strategies3 practice questions
- Fixed Income Portfolio Management Strategies3 practice questions
- Performance Measurement and Evaluation of Portfolio Managers4 practice questions
- Portfolio Rebalancing2 practice questions
Free NISM Series XXI-B 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.
Which of the following is the most important reason to invest rather than hold idle cash over the long term?
- Cash has high default risk
- Cash is taxed at a higher rate than equity
- Holding cash is prohibited for individuals
- Inflation erodes the purchasing power of uninvested money
Show answer & explanation
Answer: D. Inflation erodes the purchasing power of uninvested money
Investing aims to earn returns above inflation so real wealth is preserved or grows.
Which of the following is a function of a clearing corporation in the securities market?
- Listing companies
- Issuing new shares
- Registering portfolio managers
- Acting as central counterparty and guaranteeing settlement of trades
Show answer & explanation
Answer: D. Acting as central counterparty and guaranteeing settlement of trades
Clearing corporations novate trades and guarantee settlement, reducing counterparty risk.
Using the dividend discount model, a stock paying ₹10 next year with dividends growing at 6% and a required return of 11% is worth:
- ₹200
- ₹90.9
- ₹166.7
- ₹100
Show answer & explanation
Answer: A. ₹200
Value = D1 / (r − g) = 10 / (0.11 − 0.06) = ₹200.
A zero-coupon bond with face value ₹1,000 maturing in 2 years is priced to yield 10% p.a. (annual compounding). Its price is approximately:
- ₹800
- ₹909
- ₹1,000
- ₹826
Show answer & explanation
Answer: D. ₹826
Price = 1,000 / 1.1² = 1,000 / 1.21 ≈ ₹826.
A portfolio worth ₹10 crore has a beta of 1.2. To fully hedge market risk using index futures, the notional value of futures to sell is:
- ₹10 crore
- ₹8.33 crore
- ₹1.2 crore
- ₹12 crore
Show answer & explanation
Answer: D. ₹12 crore
Hedge notional = Portfolio value × beta = 10 × 1.2 = ₹12 crore.
NISM Series XXI-B 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-B mock test FAQs
How many questions are there in the NISM Series XXI-B exam?
The NISM Series XXI-B paper has 100 multiple-choice questions for 100 marks, to be completed in 180 minutes. This is the indicative pattern — always confirm it in the latest official notification.
Is there negative marking in NISM Series XXI-B?
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-B?
You need 60% to pass. Our mock tests show pass or fail against the same mark.
How many NISM Series XXI-B 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-B 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.