NISM Series XXI-A exam at a glance
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NISM Series XXI-A key facts & eligibility
| Conducting body | National Institute of Securities Markets (NISM), an educational initiative of SEBI |
|---|---|
| Official website | nism.ac.in ↗ |
| Mode | The NISM Series XXI-A: Portfolio Management Services (Distributors) Certification Examination — mandatory for associated persons engaged by a portfolio manager to distribute portfolio management services, under the SEBI notification of September 2021. |
| Frequency | Offered year-round as a computer-based test at NISM test centres across India. |
| Scoring & marking | Under the revised structure the exam has 83 questions (80 multiple-choice questions of 1 mark plus 3 case-based questions) for 100 marks in 2 hours, with 25% negative marking on each wrong answer. The passing score is 60%. |
| Score validity | The certificate is valid for 3 years from the date of the examination. |
| Language | English. |
Who is eligible for NISM Series XXI-A?
Taken by associated persons who sell, market or distribute portfolio management services on behalf of a portfolio manager.
Last verified July 2026 against NISM — PMS Distributors. Always confirm current details on the official website before you register.
NISM Series XXI-A section breakdown
The NISM Series XXI-A mock test on Wrexa Edge replicates the real exam's section structure — same names, same question count per section, same time limits. No inter-section breaks — the timer runs continuously.
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NISM Series XXI-A (50 Q)
Marking scheme
+1 per correct. Try your score.
Strategy: NISM Series XXI-A has no negative marking. Attempt every question — blank answers cost you potential marks but cannot pull your score down.
Scale: NISM Series XXI-A (pass 700/1000).
How NISM Series XXI-A is conducted
- Mode
- Test format
- Backtracking
- Mark for review
NISM Series XXI-A time strategy
With 50 questions in 120 minutes, you have about 144 seconds per question on average. Successful candidates aim for the following pacing on each section:
- NISM Series XXI-A (50 Q)
Wrexa Edge's analytics show your actual time-per-question after every mock so you can spot which sections you're losing time on.
NISM Series XXI-A topics covered
Across the 50 Wrexa Edge variants of NISM Series XXI-A, the following topics appear most often (sample distribution from one variant):
NISM Series XXI-A (50 Q)
- NISM PMS — Performance Reporting · 12
- NISM PMS — Structure · 9
- NISM PMS — SEBI Regulations · 9
- NISM PMS — Fee Structures · 8
- NISM PMS — PMS vs MF vs AIF · 8
- NISM PMS — Distributor Conduct · 4
NISM Series XXI-A difficulty calibration
Advanced tier. Advanced-level: high-stakes exam with rigorous content depth. Expect 4-8 months of structured prep.
NISM Series XXI-A: Portfolio Management Services (Distributors) Certification · ~100 MCQ in 2h, pass 60%. PMS structure & types, regulatory framework, risk-return, taxation, performance reporting and distributor responsibilities. · Official language: English & Hindi.
Verified content — Wrexa Edge's NISM Series XXI-A bank has been deeply curated with real exam-aligned content (estimated 100% syllabus coverage).
How Wrexa Edge prepares you for NISM Series XXI-A
- Real test-day interface
- 50 distinct variants
- Detailed analytics
- Spaced repetition (Notebook)
- Optional proctoring
- Free to start
Expert take: what NISM Series XXI-A really tests
The NISM Series XXI-A: Portfolio Management Services (Distributors) Certification Examination, from NISM (SEBI’s educational body), is mandatory for those distributing portfolio management services, under a 2021 SEBI notification. Under the revised structure it has 83 questions (80 multiple-choice plus 3 case-based) for 100 marks in 2 hours, with 25% negative marking and a passing score of 60%. The certificate is valid for 3 years.
Preparation tips
- Study the PMS framework, disclosures and fee structures.
- Practise the case-based questions.
- Watch the 25% negative marking.
Common mistakes to avoid
- Preparing from the old 100-MCQ structure — it is now 83 questions with case-based items.
- Guessing carelessly under the 25% negative marking.
NISM Series XXI-A study plan
A phase-by-phase roadmap from your first concept to test-ready. Stretch or compress each phase to fit the time you have before your attempt.
- Portfolio management basics
- Types of PMS
- SEBI PMS framework
- Client onboarding and disclosures
- Fees and performance reporting
- Regulatory obligations
- Case-based questions
- Pass 60%
- 25% negative marking
Where NISM Series XXI-A can take you
A strong NISM Series XXI-A result opens up these careers and higher-study paths:
- PMS Distributor
- Wealth distribution roles
Best books & official prep for NISM Series XXI-A
- NISM Series XXI-A workbook — NISM
- PMS Distributors practice tests — Various
Official practice: Study the official NISM Series XXI-A workbook on portfolio management services, practising the case-based questions; the passing score is 60% with 25% negative marking.
Previous-year papers: NISM publishes the workbook and sample questions.
Sample NISM Series XXI-A practice questions
5 questions taken from the NISM Series XXI-A mock tests on Wrexa Edge. Try each one, then reveal the answer.
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Q1. PMS performance should be compared against:
- The savings bank interest rate
- The best-performing stock of the year
- The manager's own targets only
- An appropriate benchmark index
Show answer
Answer: D — An appropriate benchmark index
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Q2. A key structural difference of PMS from mutual funds is that PMS securities are held:
- In each client's individual account
- In one pooled scheme for all clients
- In the portfolio manager's own name
- In a trust owned by the exchange
Show answer
Answer: A — In each client's individual account
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Q3. Under SEBI norms, PMS performance shown to prospective clients should be:
- Shown for the best-performing client only
- Computed on a standardised, comparable basis
- Calculated in any manner the manager likes
- Adjusted to exclude all loss-making years
Show answer
Answer: B — Computed on a standardised, comparable basis
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Q4. A positive alpha with a beta below 1 suggests that the PMS strategy:
- Lagged the market while taking more risk
- Exactly tracked the benchmark index with zero tracking error
- Beat expectations while taking less market risk
- Had no exposure to equity markets
Show answer
Answer: C — Beat expectations while taking less market risk
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Q5. The high-water mark principle ensures that a performance fee is charged only on:
- Gains during the first year only
- The entire value of the portfolio
- Losses recovered from the last trough
- Gains above the previous peak value
Show answer
Answer: D — Gains above the previous peak value
Frequently asked questions
- What is the NISM Series XXI-A exam pattern?
- NISM Series XXI-A: Portfolio Management Services (Distributors) Certification contains 50 questions across 1 section: NISM Series XXI-A (50 Q). Total duration is 120 minutes (about 144 seconds per question).
- Does NISM Series XXI-A have negative marking?
- No — NISM Series XXI-A has no negative marking. Each correct answer is worth 1 mark, so attempt every question.
- How is NISM Series XXI-A scored?
- Scaled score range: 100 to 1000. NISM Series XXI-A (pass 700/1000).
- How can I practise NISM Series XXI-A online for free?
- Wrexa Edge gives you a free full-length NISM Series XXI-A mock test — with instant scoring, detailed explanations and analytics — plus 49 more with a one-time $1.99 unlock that never expires. Start practising in under a minute, no card required.
- What is the difficulty level of NISM Series XXI-A?
- NISM Series XXI-A is rated Advanced difficulty on Wrexa Edge. Advanced-level: high-stakes exam with rigorous content depth. Expect 4-8 months of structured prep. NISM Series XXI-A: Portfolio Management Services (Distributors) Certification · ~100 MCQ in 2h, pass 60%. PMS structure & types, regulatory framework, risk-return, taxation, performance reporting and distributor responsibilities. · Official language: English & Hindi.
- How long is the NISM Series XXI-A exam?
- NISM Series XXI-A runs for 120 minutes total. On Wrexa Edge the timer is enforced exactly as on the real exam — including no inter-section breaks.
- What topics are covered in NISM Series XXI-A?
- NISM Series XXI-A is split into: NISM Series XXI-A (50 Q). Each section is timed and weighted separately. NISM Series XXI-A: Portfolio Management Services (Distributors) Certification · ~100 MCQ in 2h, pass 60%. PMS structure & types, regulatory framework, risk-return, taxation, performance reporting and distributor responsibilities. · Official language: English & Hindi.
- What tools or aids are allowed during NISM Series XXI-A?
- No special tools are required. Note: real exam is proctored — Wrexa Edge mirrors this with a webcam-based proctoring flow you can enable.
- Is the NISM Series XXI-A test adaptive?
- No — NISM Series XXI-A is a fixed-form (linear) test. Every candidate sees the same number of questions per section.
- How many NISM Series XXI-A mock tests does Wrexa Edge offer?
- Wrexa Edge generates 50 distinct NISM Series XXI-A variants — each with different question content, not just shuffled options — the first one free for everyone and 49 more with a one-time $1.99 unlock. That's 2500 unique practice questions in the real test-day interface.
- Is there a free NISM Series XXI-A test series 2026?
- Yes. The Wrexa Edge NISM Series XXI-A test series for 2026 gives you a free full-length mock test (50 in total) plus subject-wise and topic-wise tests — instant scoring and detailed analysis, no card required.
- Are NISM Series XXI-A previous year question–style papers included?
- Every NISM Series XXI-A mock is modelled on the official exam pattern and the style of previous years' papers — the same 50-question structure, sections and marking — so your practice mirrors the real paper you'll sit.
- Which is the best free NISM Series XXI-A mock test online?
- Wrexa Edge's NISM Series XXI-A mock test replicates the real exam interface, timing and marking scheme, with instant score, section-wise analysis and 50 fresh variants — a strong free choice for 2026 preparation.
- Can I take the NISM Series XXI-A mock test on mobile?
- Yes. NISM Series XXI-A mock tests run in any browser on mobile, tablet or desktop — no app or download needed. Start on your phone and your progress and analytics sync when you sign in.
- What is the NISM Series XXI-A syllabus?
- The NISM Series XXI-A syllabus maps to its 1 section: NISM Series XXI-A (50 Q). Wrexa Edge's mock tests cover the complete syllabus topic by topic — see the topics-covered breakdown above — so you practise every area at real exam difficulty.
- What is the eligibility for NISM Series XXI-A?
- Taken by associated persons who sell, market or distribute portfolio management services on behalf of a portfolio manager. Wrexa Edge focuses on realistic NISM Series XXI-A practice: a free full-length mock in the exact exam pattern, ready whenever you are.
- When is the NISM Series XXI-A exam and how should I prepare?
- Official NISM Series XXI-A exam dates are announced by the conducting body for each cycle — check the latest notification for the current schedule. To be ready, follow a phased study plan and take full-length timed mocks; Wrexa Edge gives you a free NISM Series XXI-A mock with instant scoring so you can track your readiness week by week.
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