NISM XXI-A PMS Distributors: Practice Tests

This course contains the use of artificial intelligence.

A PMS recommendation requires more than recognising investment terms. You need to connect the client's circumstances with the service mandate, spot incomplete disclosures, distinguish portfolio performance from cash-flow effects, and understand the costs and responsibilities behind a recommendation.

These original English practice questions are organised around the twelve units of the current public NISM-Series-XXI-A Portfolio Management Services (PMS) Distributors objectives. Four focused practice sets build the underlying decisions. Two full-length mock tests each contain 100 questions with a 120-minute time allowance, using the published unit weightages.

What the practice covers

• Investment objectives, securities markets, equity valuation, fixed income and derivatives.
• Collective investment vehicles and the different levels of client control in PMS.
• Onboarding, disclosures, costs, high water marks, portfolio construction and rebalancing.
• Performance measurement, taxation, governance and ethical distribution.

Every question includes feedback on each option, an explanation and a study suggestion. Work through the focused sets first, record why an attractive wrong answer fails, and then attempt the mocks without checking feedback until the end.

Scoring and scope

The official revised assessment has 100 one-mark multiple choice questions, 120 minutes, a 60% passing score and a 0.1-mark penalty per incorrect answer. The practice platform displays a percentage without that penalty. For a closer self-check, calculate correct answers minus 0.1 times incorrect answers; an unanswered question scores zero. The displayed practice score is not an official result.

This is independent preparation material, not an official NISM examination or endorsement. It is not investment or tax advice. Rules are checked as of October 16, 2026; consult current official material before booking or applying a rule. This English course does not establish the availability of the official examination in any language.