n NISM Certifications
X NISM Series X
Medium

When an application is made for registration of a Portfolio Management Service (PMS), details of which stakeholder need NOT be provided?

Practice question from NISM Series XA- Investment Adviser (Level 1) Mock Test 7 — bank. The correct answer is highlighted below with a full explanation.

Options

  1. A

    Principal Banks

  2. B

    Approved Brokers

  3. Merchant Bankers

    Correct answer

  4. D

    Auditors

Why this is the answer

Merchant bankers are not involved in PMS registration. The focus is on banks, brokers, auditors, and key personnel.

Test yourself for real

Take a full NISM Series X mock test.

Same duration, same weighting, same difficulty distribution as the real exam — with explanations on every question.