What is the NISM 21A exam?
The NISM Series XXI-A: Portfolio Management Services (PMS) Distributors Certification Examination is a SEBI-mandated qualifying exam for associated persons engaged by a portfolio manager as a distributor of portfolio management services. It is conducted by the National Institute of Securities Markets (NISM) and creates a common minimum knowledge benchmark for distributors of PMS, covering investment fundamentals, the portfolio management process, taxation, and the regulatory and ethical framework for PMS distributors in India.
What this practice test covers
- Investment fundamentals: stocks, fixed income securities, derivatives, and mutual funds
- Portfolio management operations: the portfolio manager's role, the PMS process, performance measurement, and manager evaluation
- Taxation considerations relevant to portfolio management
- Regulatory framework, governance, and ethical standards for portfolio managers and PMS distributors
Passing the NISM 21A exam
NISM 21A is a 100-mark computer-based test to be completed in 2 hours, with a passing score of 60%. It carries negative marking of 25% of the marks assigned to a question for every wrong answer, so accuracy matters as much as coverage. NISM can revise its criteria, so always verify the current passing marks and marking scheme on nism.ac.in before registering.
Why practice with mock tests
Reading the official workbook builds conceptual understanding, but a timed mock test reveals what you can actually answer under exam conditions. Full-length mocks help you judge pacing across 100 questions, surface the topics you keep getting wrong, and remove surprises on exam day.