NISM Series XXI-A Study Material: What to Use
The official NISM workbook, third-party notes and mock tests, and what each is genuinely good for.
The core study material for NISM Series XXI-A is NISM's own workbook, and it is free. You receive a soft copy after you enrol for the exam, and you can also download it from NISM's study material page after filling in a short form. Printed copies are sold through Taxmann, NISM's publishing partner.
The workbook is written to the exam's 12-chapter curriculum, so it should be your base. What it cannot do is keep pace with SEBI. PMS rules have changed many times since 2020, so the regulatory chapters are worth reading against SEBI's own documents.
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What to use, and what each is good for
NISM workbook (free soft copy)
Use it for
The full syllabus, worked examples and chapter-end sample questions
Watch out for
Any rule figure that may have changed after the edition you hold
SEBI Master Circular for Portfolio Managers (July 16, 2025)
Use it for
Current rules on fees, exit load, distributors, onboarding, reporting and benchmarks
Watch out for
It covers circulars only up to March 31, 2025; check SEBI's site for later ones
SEBI (Portfolio Managers) Regulations, 2020
Use it for
Exact wording on minimum investment, net worth, the client agreement and the code of conduct
Watch out for
Use the version marked as last amended September 3, 2025. SEBI's Board approved replacement 2026 Regulations on September 24, 2026; they are not in force until notified
Coaching notes and question PDFs
Use it for
Quick revision
Watch out for
Many still describe the old 80 + 3 case-based pattern with 25% negative marking
Timed practice papers
Use it for
Pacing and finding weak chapters
Watch out for
Only useful if scored at the current 0.10 penalty
| Material | Use it for | Watch out for |
|---|---|---|
| NISM workbook (free soft copy) | The full syllabus, worked examples and chapter-end sample questions | Any rule figure that may have changed after the edition you hold |
| SEBI Master Circular for Portfolio Managers (July 16, 2025) | Current rules on fees, exit load, distributors, onboarding, reporting and benchmarks | It covers circulars only up to March 31, 2025; check SEBI's site for later ones |
| SEBI (Portfolio Managers) Regulations, 2020 | Exact wording on minimum investment, net worth, the client agreement and the code of conduct | Use the version marked as last amended September 3, 2025. SEBI's Board approved replacement 2026 Regulations on September 24, 2026; they are not in force until notified |
| Coaching notes and question PDFs | Quick revision | Many still describe the old 80 + 3 case-based pattern with 25% negative marking |
| Timed practice papers | Pacing and finding weak chapters | Only useful if scored at the current 0.10 penalty |
Spot stale material in ten seconds
Check how the source describes the paper. NISM's exam page says 100 MCQs of 1 mark each, 2 hours, pass at 60%, and 10% of a question's marks deducted for a wrong answer. If notes describe 80 MCQs plus 3 case-based questions with 25% negative marking, they were written for the old pattern. NISM's own XXI-A FAQ page still carries that older description, so treat the exam page as the reference.
Free account, this exam preselected.
Sections of the SEBI master circular worth reading
You do not need all 207 pages. These map directly to chapters 8 and 12:
- check_circleParagraph 2.4: obligations around distributors, including trail-only commission paid from the portfolio manager's fees
- check_circleParagraph 2.4A: APMI registration for every PMS distributor
- check_circleAnnexure 2B: the code of conduct for distributors
- check_circleSection 6: fees, the 0.50% cap on operating expenses, high water mark, and the exit load schedule
- check_circleParagraph 4.6A: the four Strategies (Equity, Debt, Hybrid, Multi Asset) and benchmark rules
- check_circleAnnexure 4B: the Investor Charter for PMS
How XXI-A tests what you read
Questions on rules tend to test a precise figure or a precise condition: the maximum exit load in the second year (2%), whether upfront fees are allowed (no), or whether a market fall below ₹50 lakh forces a top-up (no). Candidates who revised from summary notes lose marks on the conditions, not the headline numbers. The workbook and SEBI text give you the conditions; summaries usually drop them.
Questions on concepts from chapters 3, 4 and 10 need practice, not just reading. Work every example in the workbook with a calculator before you move on.
FAQs
Where can I download the NISM XXI-A workbook PDF?expand_more
From NISM's study material download page, after entering your details in a short form. You also receive a soft copy free after enrolling for the exam. If it does not arrive, NISM's FAQ says to contact its certification helpdesk.
Is the NISM XXI-A study material free?expand_more
Yes, the soft copy is free. Printed workbooks are sold separately through Taxmann.
Is the NISM workbook enough to pass XXI-A?expand_more
It covers the whole syllabus. Add SEBI's master circular for the rule chapters, because PMS regulations change more often than workbooks are revised, and practise the calculation chapters under time.
Does NISM provide sample questions for XXI-A?expand_more
Yes. NISM's FAQ points candidates to the chapter-end sample questions and worked examples in the workbook, and links to a mock test.