NISM PMS Distributors ( NISM 21A ) Certification Exam Notes

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  • Intrinsic Value: True value of a bond based on expected cash flows.
  • Yield to Maturity (YTM): Total return if bond held to maturity.
  • Market Interest Rates: Inversely affect bond prices; rise in rates lowers prices.
  • Interest Rate Risk: Risk of bond price changes due to rate fluctuations.
  • Bond Market Segments: Include government, corporate, and municipal bonds.

NISM PMS Distributors ( NISM 21A )

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