NISM Series XXI-A Open for practice Mandated by SEBI
NISM Series XXI-A Mock Tests and Practice (NISM 21A)
NISM Series XXI-A: Portfolio Management Services (PMS) Distributors
The certification required to distribute portfolio management services (PMS). It covers investment basics across asset classes, how portfolio managers work and are regulated, PMS fees and operations, the portfolio management process, performance measurement, taxation and the code of conduct for distributors.
- Duration
- 120 min
- Questions
- 100
- Maximum marks
- 100
- Pass mark
- 60%
- Negative marking
- 10%
- NISM fee
- ₹1,500
Verified 13 Oct 2026 from NISM's official certification listing. Certificate valid 3 years. NISM currently lists all certification examinations as online, remote-proctored.
Free mock tests
3 full-length papers, each 100 questions in 120 minutes, with the real exam's 10% negative marking, and every chapter in its exam weightage. No question appears in more than one paper, so each one is a fresh test.
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Free Mock 1
100 questions
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Free Mock 2
100 questions
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Free Mock 3
100 questions
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After you submit, open the review and tap Explain this with the AI Coach on any question you got wrong.
A free account saves your answers, scores and mistake notebook. No payment details needed.
What a paid plan adds
The free mocks show you where you stand. A paid plan gives you the practice to close the gaps before exam day.
- Unlimited full mocks, freshly drawn from all 469 NISM Series XXI-A questions and favouring ones you haven't seen, so you never sit the same paper twice.
- Unlimited practice by chapter, weak topic and mistake notebook. The free plan stops at 30 questions a day.
- 60 AI Coach messages a day (free: 5). Clear every doubt as it comes up, get calculations worked step by step and a revision plan for your exam date.
- Last-24-hours revision: a timed paper of your recent mistakes plus the highest-weight chapters, built for the day before the exam.
- Retake any free mock to check that you've fixed what you got wrong.
Why start today
- At 30 free questions a day, working through all 469 questions takes about 6 days. With a plan you set the pace, and every extra day of practice before the exam counts.
- Access opens straight away: pay by UPI, enter the reference number, and you get 24 hours of full access while we confirm the payment.
- Plans start at ₹129 (Last 24 hours, 2 days), including GST. No auto-renewal: a plan simply ends.
Syllabus and chapter weightage
Workbook version: September 2025| # | Chapter | Weight | Questions | Actions |
|---|---|---|---|---|
| 1 | Investments Lesson with examples |
7 | 22 | Practise |
| 2 | Introduction to Securities Markets Lesson with examples |
5 | 65 | Practise |
| 3 | Investing in Stocks Lesson with examples |
10 | 32 | Practise |
| 4 | Investing in Fixed Income Securities Lesson with examples |
5 | 43 | Practise |
| 5 | Derivatives Lesson with examples |
5 | 26 | Practise |
| 6 | Collective Investment Vehicles Lesson with examples |
5 | 59 | Practise |
| 7 | Role of Portfolio Managers Lesson with examples |
10 | 32 | Practise |
| 8 | Operational Aspects of Portfolio Managers Lesson with examples |
13 | 54 | Practise |
| 9 | Portfolio Management Process Lesson with examples |
15 | 45 | Practise |
| 10 | Performance Measurement and Evaluation of Portfolio Managers Lesson with examples |
10 | 30 | Practise |
| 11 | Taxation Lesson with examples |
5 | 22 | Practise |
| 12 | Regulatory, Governance and Ethical Aspects of Portfolio Managers Lesson with examples |
10 | 39 | Practise |
Who takes this exam
Mutual fund distributors, wealth managers and relationship managers who want to offer PMS to high-net-worth clients, and employees of PMS distributors.
Formula sheet
Formulas used in our original calculation questions for this exam.
| Chapter | Topic | Formula |
|---|---|---|
| 4 | Modified duration | %ΔP ≈ −Modified duration × Δy |
| 4 | Modified duration | MD = Macaulay duration / (1 + y) |
| 8 | Exit load | Exit load cap: 3% (year 1), 2% (year 2), 1% (year 3), nil after |
| 8 | High-water mark | Performance fee = rate × (value − high-water mark) |
| 10 | Jensen's alpha | α = Rp − [Rf + β(Rm − Rf)] |
| 10 | Sharpe ratio | Sharpe = (Rp − Rf) / σp |
| 10 | Treynor ratio | Treynor = (Rp − Rf) / β |
| 11 | Equity LTCG | LTCG tax = 12.5% × (gain − ₹1.25 lakh) |
NISM Series XXI-A: frequently asked questions
How many questions are there in the NISM Series XXI-A exam?
The NISM Series XXI-A exam has 100 questions for 100 marks, to be answered in 120 minutes.
What is the passing mark for NISM Series XXI-A, and is there negative marking?
You need 60% to pass. Each wrong answer costs 10% of the marks for that question, so guessing has a price.
What is the fee for the NISM Series XXI-A exam and how long is the certificate valid?
NISM lists the fee as ₹1,500. The certificate is valid for 3 years. NISM currently lists all certification examinations as online, remote-proctored.
Are the NISM Series XXI-A mock tests on Integrato Digital free?
Yes. A free account gives you 3 full-length mock papers, each in the real exam pattern (100 questions, 120 minutes) with every chapter in its exam weightage. No question repeats across the free papers, and a 20-question diagnostic needs no sign-up at all. Paid plans add unlimited practice from the full bank and more mocks.
How should I prepare for NISM Series XXI-A?
Read the chapter lessons (12 chapters), practise chapter by chapter from the 469-question bank, review every explanation you get wrong, then take full mock tests under exam timing until you score comfortably above the pass mark.
Are these official NISM questions?
No. Integrato Digital is an independent practice platform and is not affiliated with or endorsed by NISM. Every question and lesson is original, written to the published NISM syllabus and test objectives.
Registering for the exam
Registration, scheduling, fees and certificates are handled only by NISM. Use the official page to register:
Official NISM Series XXI-A page on nism.ac.in
NISM also publishes the official workbook for each exam on its website. Our questions and notes are original and are written to complement it, not replace it.