NISM Series XXI-A: Frequently Asked Questions
Fee, validity, negative marking, re-attempts and renewal: the questions candidates actually ask.
Short answers to the questions candidates ask most about NISM Series XXI-A, the Portfolio Management Services (PMS) Distributors Certification Examination. Every answer here comes from NISM's exam, FAQ and CPE pages or from SEBI's master circular for portfolio managers.
One warning first. NISM's own XXI-A FAQ page still describes an older paper of 80 MCQs and 3 case-based questions with 25% negative marking. NISM's exam page describes the current paper, and the answers below follow it.
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The exam
What is the NISM XXI-A exam pattern?expand_more
100 multiple choice questions of 1 mark each, 100 marks in total, to be completed in 2 hours.
What is the passing mark for NISM XXI-A?expand_more
60 percent, which is 60 out of 100. NISM's exam page states no chapter-wise minimum.
Is there negative marking in NISM XXI-A?expand_more
Yes: 10% of a question's marks, which is 0.10 per wrong answer. Unanswered questions carry no penalty.
How much time do I get per question in NISM XXI-A?expand_more
120 minutes for 100 questions is about 72 seconds each. Calculation questions take longer, so answer the quick ones first and come back.
How many chapters are in the XXI-A syllabus?expand_more
12, from Investments to Regulatory, Governance and Ethical Aspects of Portfolio Managers. NISM publishes no chapter weightage.
Is NISM XXI-A held online from home?expand_more
No. After registering, you book a test centre, date and time slot on NISM's certification portal and sit the exam there.
Fee, registration and study material
What is the NISM XXI-A exam fee?expand_more
₹1,500, inclusive of GST. Payment gateway charges are extra.
How do I register for NISM XXI-A?expand_more
On NISM's certification portal. There are no fixed exam dates; you choose your own centre and slot.
Is the XXI-A study material free?expand_more
Yes. A soft copy of the workbook is sent after enrolment and can also be downloaded from NISM's website after a short form. Printed copies are sold through Taxmann.
Do I need PAN for the XXI-A certificate?expand_more
Yes. NISM issues the passing certificate only to candidates who have furnished or updated their PAN in their registration details.
Does NISM offer a mock test for XXI-A?expand_more
NISM's FAQ points to the chapter-end sample questions and worked examples in the workbook, and links to a mock test.
Free account, this exam preselected.
Who needs it
Who must pass NISM XXI-A?expand_more
Every associated person engaged by a SEBI-registered portfolio manager as a distributor of its PMS, under SEBI's notification dated September 7, 2021. Anyone else may also sit the exam.
Is XXI-A the same as XXI-B?expand_more
No. XXI-A is for PMS distributors. XXI-B is for a portfolio manager's principal officer and staff with fund management decision-making authority.
Results, validity and renewal
How long is the NISM XXI-A certificate valid?expand_more
3 years from the date of the examination.
How do I renew the XXI-A certificate?expand_more
Complete NISM's XXI-A CPE programme, in a classroom or online as eCPE, within the 12 months before your certificate expires. The renewed certificate runs 3 years from the old expiry date.
What if my XXI-A certificate has already expired?expand_more
Unless you fall in NISM's Principal or Grandfather categories, you must pass the exam again.
Can I ask for re-evaluation of my XXI-A result?expand_more
No. NISM does not allow re-evaluation. A doubt about a specific question is considered only if you raise it at the test centre before leaving.
I passed XXI-A but have not received my certificate. Whom do I contact?expand_more
NISM's certification helpdesk. Check first that your PAN is in your registration details, because the certificate is issued only when it is.