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NISM Exam Preparation Mock Test for NISM-Series 21A Portfolio Management Services (PMS) Distributors Certification Exam Practice Test & Mock Test Mastering the NISM Exams with 750+ Question BankABOUT THIS MOCK TESTThe NISM Exam Preparation Guide for NISM Exam Preparation Guide for NISM-Series 21A Portfolio Management Services (PMS) Distributors Certification Exam Practice Test & Mock Test series is meticulously crafted resource covers all the essential test objectives, ensuring a thorough understanding of the exam content. Within the mock test series, learners will find comprehensive 750+ Practice Question Bank (NISM Workbook Version June 2022 edition used as reference to develop this Mock Test)This Mock Test is part of Author's Exam Prep Guide book with 1500+ question bank along with 100+ case based questions.BOOK NAME: NISM Exam Preparation Guide for NISM-Series 21A Portfolio Management Services (PMS) Distributors Certification Exam Practice Test & Mock Test. Mastering the NISM Exams with 1500+ Question Bank & 10+ Case Study with 100+ Case-Based QuestionsIf you like to avail the book along with additional learning resources like case based questions, mathematical & numerical question, you may visit the Author's website given on Author page.This book is also available on all major eCom platforms like Amazon / Flipkart etc. However Discount up to 15% along with free shipping option is available only on Publisher's site. Visit Publisher's website and use CODE- FIRST100At end of each test the correct answers along with explanations are given.EXPLANATIONS: Double Power for Your Success!!Apart from HINTS, another tool is given to you for your success in NISM-Series 21A Portfolio Management Services (PMS) Distributors Certification Exam is Explanations along with correct answers for all tests. After each test the correct answer sheet is given along with Explanations, which are crucial for learners for several reasons:Understanding the Concept: Explanations provide a deeper understanding of the underlying concept or principle for each test objective of NISM-Series 21A Portfolio Management Services (PMS) Distributors Certification Exam. Learners can grasp not just the answer but the reasoning and logic behind it.Clarification of Doubts: Learners may have misconceptions or doubts about certain Learning Outcome required to achieve through NISM-Series 21A Portfolio Management Services (PMS) Distributors Certification Exam. Explanations help address these doubts, ensuring that learners have a clear and accurate understanding.Application of Knowledge: Explanations show how the learned concept is applied in a particular context in NISM-Series 21A Portfolio Management Services (PMS) Distributors Certification Exam. This helps learners see the practical relevance of the knowledge and how it can be used in real-world situations.Critical Thinking: By providing explanations, learners are encouraged to think critically about the subject matter for NISM-Series 21A Portfolio Management Services (PMS) Distributors Certification ExamThey can analyze the information, connect it to other concepts, and develop a more comprehensive understanding.Most Imp. Retention and Memory: Understanding the 'why' behind an answer enhances memory retention. Learners are more likely to remember information when they understand the reasons and logic behind it, rather than memorizing isolated facts. This will surely be an advantage for NISM-Series 21A Portfolio Management Services (PMS) Distributors Certification Exam..Building Confidence: Clear explanations build confidence in learners before they go for final NISM-Series 21A Portfolio Management Services (PMS) Distributors Certification Exam. When they understand the material thoroughly, they feel more confident in their ability to apply their knowledge in different situations.Explanations play a vital role in the learning process by providing clarity, fostering understanding, and empowering learners to apply their knowledge effectively for sure success in real NISM-Series 21A Portfolio Management Services (PMS) Distributors Certification Exam. They transform learning from a memorization task into a meaningful and engaging exploration of concepts.This Mock Test aims to equip learners with a comprehensive understanding of Portfolio Management and the relevant expertise needed for success in NISM-Series 21A Portfolio Management Services (PMS) Distributors Certification Exam.NISM Outlined Test Objectives & Learning Outcome Covered in this Mock Test:1. INVESTMENTSCapital Preservation / Capital Appreciation / Current IncomeCommoditiesDirect investmentsDistressed SecuritiesEquityFixed income securities: role and characteristicsInvestments through managed portfoliosNominal risk-free rate, real risk-free rate, and expected inflationOther investment opportunitiesReal EstatesRelationship between risk and returnRisk Premiumsaving and investment / investment and speculationStructured productsTypes of risks2. Introduction to Securities MarketMarket Infrastructure Institutions and other intermediariesPrimary and Secondary marketPrimary MarketRetail ParticipantsSecondary MarketSecurities Market3. Investing in StocksCombining relative valuation and discounted cash flow modelsDiversification of risk through equity instrumentsEquity as an investmentEquity research and stock selectionFundamental AnalysisFundamentals Driven model - Estimation of intrinsic valueOverview of Equity MarketRisks of equity investmentsStock Analysis ProcessTechnical AnalysisUnderstanding Corporate Governance4. Investing In Fixed Income SecuritiesBond CharacteristicsBond PricingBonds with optionsDeterminants of bond safetyDetermining durationInterest rate riskMeasuring Price Volatility of bondsOverview of Fixed Income SecuritiesTypes of Fixed Income Instruments5. DerivativesCommodity and Currency Futures and OptionsCurrency derivativesDefinition of DerivativesForwardsFuturesOptionsPurpose of DerivativesStructure of derivative marketsSwapsUnderlying concepts in derivatives6. Mutual FundBenefits of investing through mutual fundsConcept and Role of Mutual FundFact Sheet - Scheme Related InformationKey performance measuresLegal and Regulatory Framework - Key SEBI RegulationLegal Structure of Mutual Fund in IndiaProcesses of investing in mutual fundsTypes of Mutual fund productsWorking of mutual funds7. Role Of Portfolio ManagersAdministration of investor's portfolioGeneral Responsibilities of a Portfolio ManagerOrganizational structure of PMS in IndiaPortfolio managers in IndiaRegistration requirements of a Portfolio ManagerTypes of portfolio management services8. Operational Aspects Of Portfolio ManagersBest Practices for the disclosures - Global Investment Performance Standards GIPSContent of agreement between the portfolio manager and investorCosts, expenses and fees of investing in PMSDirect On-boarding in PMSDisclosures to the prospective clientsProcess of On-boarding of clientsRedressal of investors grievancesSubmitting duly filled application form9. Portfolio Management ProcessAnalysing the financial position of the investorAssessments of needs and requirements of investorForecasting risk and return of various asset classesInvestment ConstraintsInvestment Policy Statement (IPS)Life cycle analysis of investorPsychographic analysis of investorRebalancing of PortfolioSteps in Portfolio Management ProcessStrategic versus Tactical Asset AllocationUnderstanding correlation10. Performance Measurement And Evaluation Of Portfolio ManagersAlpha and Beta returnAMR/GMRAnnualizing returnAssets and Sector AllocationCash drag adjusted returnCompounded Annual Growth RateDue Diligence and Portfolio Manager selectionGIPS Advertisement GuidelinesGlobal Investment Performance StandardsGross versus net returnPerformance reporting to the InvestorPortfolio risk versus individual riskPre-tax versus post tax returnRisk ReturnSemi variance / Semistandard deviation as a measure of downside riskSharpe Ratio / Treynor RatioSortino Ratio / Information Ratio / M2 MeasureSystematic Risk and Unsystematic RiskTotal risk and downside riskTWRR/MWRR/IRR11. TAXATIONBusiness incomeCapital GainsCharacterisation of incomeDividend incomeEntitlement of benefit under Double Tax Avoidance AgreementInterest incomePlace of Effective Management (POEM)Residential statusSection 9A of Income Tax Act12. Regulatory, Governance And Ethical Aspects Of Portfolio ManagersCode of conduct for PMS DistributorsCode of conduct for portfolio managerEligible Fund ManagersPrevention of Money Laundering Act, 2002SEBI (Portfolio Managers) Regulations, 2020SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003SEBI (Prohibition of Insider Trading) Regulations 2015

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