NISM Series X-A · Chapter 1: Introduction to Personal Financial Planning

L1 · Foundation

Foundation — What financial planning is, why it is needed, and what it covers

The concept of financial planning through the Vinod example, the role of the financial planner, how planning differs from ordinary financial advice, and all eight elements that make up the scope of financial planning.

14 min read · Worth 6% of the paper · Written from pages 17–30 of the official NISM workbook · Updated 18 September 2026

1.1 The concept of financial planning

"Financial planning aims at ensuring that a household or individual has ADEQUATE INCOME OR RESOURCES TO MEET CURRENT AND FUTURE EXPENSES AND NEEDS".

The regular income "may come from sources such as PROFESSION, SALARY, BUSINESS or even INVESTMENTS", and the routine expenses of a household "are woven around the regular income and the TIME WHEN THIS IS RECEIVED. However, there are OTHER EXPENSES that may also have to be met out of the available income".

Three kinds of future call on today's income are identified:

"a time when there will be NO OR LOW INCOME being generated, such as in the RETIREMENT period".
"UNEXPECTED expenses which are NOT BUDGETED, such as a LARGE MEDICAL EXPENSE".
"needs in the future that require a LARGE SUM of money, such as EDUCATION OF CHILDREN or BUYING A HOME".

"A portion of the current income is therefore SAVED and applied to CREATING ASSETS that will meet these requirements".

The Vinod example

"Vinod is 40 years old and earns Rs 2 lakhs a month. He is able to save about Rs 40,000 a month after meeting all the routine expenses of his family, paying the loans for his house, car and other needs. His investments include those for tax savings, bank deposits, bonds and some mutual funds. He pays premiums on life insurance for himself and his wife. Vinod is the SOLE EARNING MEMBER of his family and he believes he takes care of his finances adequately".

The eleven questions financial planning would make him confront:

	Issue
a	"As the sole earning member has he made provisions... by creating an EMERGENCY FUND if his current income is interrupted for any reason?"
b	"Does he have ADEQUATE INSURANCE COVER which will take care of his family's requirements in the event of his untimely demise?"
c	"Does the family have adequate HEALTH INSURANCE cover so that any medical emergency does not use up all the accumulated savings?"
d	"What are his SPECIFIC FUTURE EXPENSES and how will he fund them?"
e	"What is the SIZE OF THE INVESTMENT CORPUS he should build?"
f	"Given his current income and expenses is he SAVING ENOUGH to create the corpus required?"
g	"Will he have to CUT BACK on his current expense or can he INCREASE his current income?"
h	"What is the WEALTH Vinod has so far built from his savings and how can he best use it?"
i	"How should his saving be DEPLOYED? What kinds of investments are suitable?"
j	"How much of RISK is Vinod WILLING AND ABLE to take... How would those risks be managed?"
k	"How should Vinod ensure that his savings and investments are ALIGNED TO CHANGES in his income, expenses, future needs?"

"A formal treatment... will require a financial planning process to ASSESS the current situation; IDENTIFY the current and future needs; DETERMINE the savings required to meet those needs and PUT THE SAVINGS TO WORK so that the required funds are available to meet each need as planned".

1.2 The need for financial planning

"There is a LARGE RANGE of financial products and services... and these need to be LINKED TO THE SPECIFIC NEEDS AND SITUATIONS OF THE CLIENT. NOT EVERY PRODUCT MAY BE SUITABLE TO EVERY CLIENT; nor would a client be able to identify how to choose and use products... Financial planning BRIDGES THIS GAP as the Investment Adviser possesses the expertise to understand THE DYNAMICS OF THE PRODUCTS on the one hand and THE NEEDS OF THE CLIENT on the other".

1.2.1 The role of the financial planner

"because the needs of EACH PERSON ARE DIFFERENT from that of the other":

(a) Recognise needs and goals — "recognise the EXACT needs and goals of an individual and a household or family and then make efforts to ensure that these needs or goals are achieved".
(b) Time and attention — "Personal financial management requires TIME AND ATTENTION to recognize income and expense patterns, estimates of future goals, management of assets and liabilities, and review of the finances".
(c) Individuals lack the time — "Individuals do not have time to undertake all these detailed financial activities in a busy world".
(d) Goal setting is hard — "It is NOT EASY to set financial goals and this requires specific expertise and skill which may not be present with most individuals".
(e) Product and asset allocation matching — "Every financial goal requires finding a SUITABLE PRODUCT and a PROPER ASSET ALLOCATION".
(f) Research capability — "Selecting the right investment products, choosing the right service providers and managers, selecting insurance products, evaluating borrowing options... may require EXTENSIVE RESEARCH. A financial planner has capabilities to COMPARE, EVALUATE AND ANALYSE".
(g) Asset allocation expertise — "a TECHNICAL APPROACH to managing money that requires evaluating asset classes for their RISK AND RETURN features, ALIGNING them to the investor's financial goals, MONITORING performance and MODIFYING THE WEIGHTS periodically".
(h) Dynamic process — "Financial planning is a DYNAMIC process that requires attention to the constantly changing market and product performances and matching these with the dynamic changes in the needs and status of the client".

1.2.2 Financial planning versus typical financial advisory services

"Financial planning is a specific process that centres on the CLIENT, their NEEDS, and their GOALS. Other financial advisory services would normally look at meeting just a SPECIFIC NEED like advising on stocks or debt but the relation with other aspects might be MISSING".

Dimension	Financial planning	Typical financial advisory
Coverage	"a COMPREHENSIVE process as it covers ALL aspects... including retirement, insurance, investment, estate and others"	"more likely to look at just a SMALL PART of the client's total financial requirements"
Goals	"Goal setting becomes the CENTRAL PART and all efforts are then directed towards meeting the goals"	"Overall goals might not be given too much importance... where some specific target is sought to be achieved"
Internal consistency	"looks to ensure that ALL the financial activities WORK TOGETHER and DON'T CONFLICT"	"might not even REALISE that some steps suggested would be WORKING AGAINST some other goal"
Monitoring	"INBUILT to the entire effort, so this becomes a natural part of the activity"	"the individual might have to take the INITIATIVE THEMSELVES"
Suitability	"looks to select what is RIGHT FOR AN INDIVIDUAL... takes into account both the RETURNS as well as the RISK"	"the goal might be completely different like earning HIGHER RETURN and where RISK MIGHT BE IGNORED"
Continuity	"There has to be CONTINUITY in financial planning efforts"	"could be a SHORT ONE-TIME EXERCISE or even PIECEMEAL efforts at different periods of time"

The chapter's own illustration of the conflict problem: "financial planning would ensure that the asset allocation for an OLDER INDIVIDUAL meets their risk taking ability and that their equity exposure ACROSS ASSET CLASSES is kept in check. This might NOT happen when normal advice is taken, for example advising on EQUITY MUTUAL FUNDS investment WITHOUT KNOWING THE EQUITY EXPOSURE ELSEWHERE".

1.3 The scope of financial planning — the eight elements

1.3.1 Personal financial analysis

Goal setting with prioritizing of goals. "The financial planning process STARTS with the goal setting process. Goals refer to WHAT HAS TO BE ACHIEVED".

Four features of a well-set goal:

Feature	The chapter's own test
Specific	"saying that I want to be RICH is a VAGUE term because it can mean different things to different people. Saying that I want to earn an income of Rs 50 lakh a year is SPECIFIC"
Measurable	"so that a person knows the EXACT AMOUNT that will help them reach the goal"
Realistic	"If an individual is able to save around Rs 20,000 a month, then a goal which requires an investment of Rs 50,000 a month is NOT REALISTIC"
Time bound	"a goal of wanting to RETIRE IN 20 YEARS WITH RS 5 CRORE as corpus is clear because there is a time period attached"

Prioritisation. "every individual has RESTRICTIONS in terms of the income earned and amount saved. This will require that the goals be RANKED IN ORDER OF PRIORITY. Important goals need to be put first. So, things like children's education and retirement should come IN FRONT OF something like spending on a LUXURY CAR or other expense that does not create an asset".

"It is easy to look at SHORT TERM needs but this can come at the COST OF LONG TERM DISRUPTION of the goals. This is why there has to be PRIORITY TO GOALS THAT IMPROVE THE FINANCIAL HEALTH of the individual". The example given: "there might be a large CREDIT CARD OUTSTANDING and some extra income is earned... instead of spending the amount, it should be used to PAY OFF THE CREDIT CARD DEBT. This might NOT ADD TO AN ASSET but it still IMPROVES THE FINANCIAL CONDITION".

Focus on important goals. "Long-term goals such as RETIREMENT often get LOWER PRIORITY for allocation of savings BECAUSE IT HAS TIME ON ITS SIDE. The urgent, shorter-term goals often get HIGHER CLAIM on the available savings. While this may be acceptable for shorter-term goals that are also important, such as accumulating funds for DOWN PAYMENT on a home, it may NOT BE RIGHT to prioritize CONSUMPTION goals, such as HOLIDAYS AND LARGE PURCHASES, over long-term important goals. The delay in saving for such goals will affect the FINAL CORPUS, since it LOSES THE LONGER SAVING AND EARNING BENEFITS INCLUDING THAT OF COMPOUNDING".

"Clients often believe that the PROVIDENT FUND, SUPERANNUATION AND GRATUITY corpus they will receive on retirement will be adequate... In many cases, it turns out to be INADEQUATE. Therefore, EVERY CLIENT NEEDS A RETIREMENT PLAN. The Investment Adviser needs to GO THROUGH THE NUMBERS AND DEMONSTRATE THE INADEQUACY".

Staggering the timing of certain goals. "Some financial goals may have to be DEFERRED to ensure that the CRITICAL financial goals are NOT COMPROMISED". The worked illustration: a person wants a house within the next year, needing "a down payment of Rs 20 lakh plus an EMI of Rs 30,000 a month", which the current income cannot support. "Instead of CANCELLING the goal there is another route available. This is to PUSH BACK the goal... Instead of 1 year, if the goal is sought to be achieved AFTER 3 YEARS, then there is a good chance that the desired financial position will be achieved by then".

"around the time that the family proposes to buy a house, the ANNUAL HOLIDAY may need to be reviewed. The holiday may be SHORTER or planned at a LESS EXPENSIVE LOCATION". But: "Some financial goals need to be fulfilled WITHIN A SPECIFIED TIME FRAME. For instance, EDUCATION OF THE CHILD has to happen as per the NORMAL AGE AND PROGRESSION. PRUDENT USE OF DEBT in the form of loans can be used to TIDE OVER any shortage of funds".

1.3.2 Cash flow management and budgeting

"It is also vital that there is a CASH FLOW MATCH so that the household does not run into any cash flow problems. This happens when the INFLOWS AND OUTFLOWS OF CASH DO NOT MATCH. There can be a situation wherein a person SPENDS LESS THAN WHAT THEY EARN BUT STILL RUN INTO CASH FLOW PROBLEMS".

"if there is a LARGE EXPENSE made at the START of a month it can lead to a cash crunch if there is a DELAY IN THE RECEIPT OF INCOME unless there is a RESERVE present. In fact, it could lead to SHORT TERM BORROWINGS which are EXTREMELY COSTLY in terms of interest rates".

"A BUDGET is nothing but a LIST OF THE INFLOWS AND OUTFLOWS that an individual will witness ALONG WITH THE TIME PERIOD when this will take place... Every person should make their OWN PERSONAL BUDGET. A lot of people pay attention to the UNION BUDGET but FAIL TO DO BUDGETING FOR THEIR OWNSELVES".

1.3.3 Insurance planning

"Insurance is a RISK TRANSFER MECHANISM where a SMALL PREMIUM PAYMENT can result in payments from the insurance company to TIDE OVER RISKS from unexpected events".

Risk	Product
"TEMPORARY loss of income from DISABILITIES and PERMANENT loss of income from DEATH"	Life insurance
"unexpected events that can impair the income of a household, while increasing its expenses on HEALTH CARE AND RECUPERATION"	Health and accident insurance
"loss and damage to PROPERTY and other VALUABLES from FIRE, THEFT and such events"	General insurance

"Insurance planning involves ESTIMATING THE LOSSES to the household from unexpected events and CHOOSING THE RIGHT PRODUCTS AND AMOUNTS to cover such losses".

1.3.4 Debt management and counselling

"To BORROW is to use TOMORROW'S INCOME TODAY. A portion of the future income has to be APPORTIONED TO REPAY the borrowings. This IMPACTS THE ABILITY TO SAVE in future and in extreme cases can STRESS THE ABILITY TO SPEND ON ESSENTIALS too".

"The asset being funded by borrowing may be an APPRECIATING asset such as PROPERTY, which is also capable of generating RENTAL INCOME. Or the loan could be funding a DEPRECIATING asset such as a CAR, which may require ADDITIONAL EXPENSES ON FUEL AND MAINTENANCE, but provide BETTER LIFESTYLE AND COMMUTING CONVENIENCES".

The adviser's functions here: "advise households about HOW to finance their assets, HOW MUCH to borrow, HOW to PROVIDE FOR REPAYMENT, how to ensure that CREDIT SCORES ARE NOT UNFAVOURABLY IMPACTED. Sometimes, EXCESSIVE BORROWINGS may lead a household into a DEBT TRAP. Such borrowers need COUNSELLING AND HANDHOLDING... Sometimes ASSETS MAY HAVE TO BE LIQUIDATED TO PAY OFF DEBTS".

1.3.5 Investment planning and asset allocation

"Investment planning involves ESTIMATING THE ABILITY OF THE HOUSEHOLD TO SAVE and CHOOSING THE RIGHT ASSETS in which such saving should be invested".

Goals may be "SHORT-TERM such as buying a CAR, taking a HOLIDAY, buying a GIFT, or funding a FAMILY CEREMONY" or "LONG-TERM such as EDUCATION for the children, RETIREMENT for the income earners, or high-expense goals such as MARRIAGE of children".

"The adviser's job is to construct a PORTFOLIO OF ASSET CLASSES, taking into account the goals, the savings, the required return, and the risk-taking ability of the investor. This is one of the CORE FUNCTIONS of the adviser".

1.3.6 Tax planning

"the amount an individual can SAVE, the RETURN they earn and therefore the CORPUS they are able to build are ALL IMPACTED BY THE TAX REGIME they fall under".

Tax affects every plan in four ways. The adviser must weigh each one:

"The POST-TAX RETURN of financial products will have to be considered while choosing products and estimating holding periods".
"the TAXABILITY of various types of investment income such as DIVIDENDS, RENTS and INTEREST DIFFER".
"the treatment of return IF ACCUMULATED, RATHER THAN PAID OUT PERIODICALLY, VARIES".
"the taxability of GAINS DIFFERS BASED ON THE HOLDING PERIOD".

And the caution: "TAX EFFICIENCY SHOULD NOT BE THE BASIS OF INVESTMENT DECISIONS, it is more about GUIDANCE AND AWARENESS. THE BASIS SHOULD BE THE REQUIREMENTS AND RISK APPETITE".

1.3.7 Retirement planning

"Given its COMPLEXITY and nature of WELL-BEING IN THE FUTURE, many people tend to IGNORE IT UNTIL IT MAY BE TOO LATE thereby compromising the quality of their retirement".

Good retirement planning covers six things:

"it is important to understand the concept of TIME VALUE OF MONEY AND INFLATION and how it would impact the cost of meeting expenses in the future".
"COMPOUNDING benefits investors saving for long-term goals".
"In the PRE-RETIREMENT stage, REBALANCING THE PORTFOLIO TO LESS VOLATILE ASSETS is an important activity".
"As retirement APPROACHES, the process should shift focus to the EXPENSES in retirement, the ADEQUACY of income from investments and pension benefits, and STRATEGIES TO MEET THE SHORTFALL, if any".
"the TAXABILITY of different sources should be considered".
"the retirement portfolio has to be MONITORED AND REBALANCED THROUGH THE TERM OF RETIREMENT TOO SINCE THE NEEDS DO NOT REMAIN THE SAME".

1.3.8 Estate planning

"Wealth is PASSED ON ACROSS GENERATIONS. This process of INTER-GENERATIONAL TRANSFER not only involves LEGAL ASPECTS with respect to entitlements under PERSONAL LAW, but also DOCUMENTATION AND PROCESSES that will enable a SMOOTH TRANSITION OF WEALTH IN A TAX-EFFICIENT WAY".

"Estate planning refers to all those activities that are focused on transfer of wealth to HEIRS, CHARITY, and other IDENTIFIED BENEFICIARIES. Some choices such as GIFTS can be exercised DURING ONE'S LIFETIME, while choices such as WILLS COME INTO PLAY AFTER DEATH".

Think of it like this

Vinod thinks he is doing fine — and that is the point

The chapter deliberately picks a man who looks well organised: Rs 2 lakh a month, Rs 40,000 saved, tax-saving investments, deposits, bonds, mutual funds, life cover for himself and his wife. "Vinod... believes he takes care of his finances adequately." Then it asks eleven questions he cannot answer — is there an emergency fund, is the cover adequate, is there health insurance, what is the size of the corpus needed, is he saving enough? Having products is not the same as having a plan. Most Indian households are Vinod: busy, earning, insured, invested — and unplanned.

A plan is a route map; advice is asking for directions once

The chapter's six-way comparison boils down to this. A typical advisory service "is more likely to look at just a SMALL PART of the client's total financial requirements" and "could be a SHORT ONE-TIME EXERCISE." Financial planning is "COMPREHENSIVE", has "CONTINUITY", and "MONITORING... is INBUILT." Asking a stranger for directions at one junction gets you past that junction. A route map gets you to the destination — and tells you when you have drifted off course.

The equity exposure you cannot see

The sharpest illustration of the "activities must not conflict" principle: "financial planning would ensure that the asset allocation for an OLDER INDIVIDUAL meets their risk taking ability and that their equity exposure ACROSS ASSET CLASSES is kept in check. This might NOT happen when normal advice is taken — for example advising on EQUITY MUTUAL FUNDS investment WITHOUT KNOWING THE EQUITY EXPOSURE ELSEWHERE." Each individual recommendation can be defensible while the portfolio as a whole is dangerously concentrated. Only someone looking at the whole balance sheet can see it.

"I want to be rich" fails all four tests

The chapter supplies its own before-and-after. "Saying that I want to be RICH is a VAGUE term because it can mean different things to different people. Saying that I want to earn an income of Rs 50 lakh a year is SPECIFIC." Add measurability, realism (a person saving Rs 20,000 a month cannot commit Rs 50,000), and a time bound — and you get the model goal the chapter offers: "retire in 20 years with Rs 5 crore as corpus." Vague goals cannot be planned for, because there is nothing to compute against.

Paying off the credit card creates no asset — and is still the right move

A lovely, counter-intuitive priority rule. Extra income arrives; there is a large credit card outstanding. "Instead of spending the amount, it should be used to PAY OFF THE CREDIT CARD DEBT. This might NOT ADD TO AN ASSET but it still IMPROVES THE FINANCIAL CONDITION of the individual." Net worth is assets minus liabilities — shrinking the second side raises it just as surely as growing the first, and at credit card interest rates it is usually the better return available anywhere in the household.

Retirement loses the queue precisely because it is far away

"Long-term goals such as RETIREMENT often get LOWER PRIORITY for allocation of savings BECAUSE IT HAS TIME ON ITS SIDE." The reasoning feels sensible and is exactly backwards: "the delay in saving for such goals will affect the FINAL CORPUS, since it LOSES THE LONGER SAVING AND EARNING BENEFITS INCLUDING THAT OF COMPOUNDING." The years you skip are the earliest years, and in compounding those are the most valuable ones you own. A holiday deferred costs you a holiday; retirement saving deferred costs you decades of growth.

You can spend less than you earn and still run out of cash

The chapter makes a distinction students often miss: solvency is not liquidity. "There can be a situation wherein a person SPENDS LESS THAN WHAT THEY EARN BUT STILL RUN INTO CASH FLOW PROBLEMS" — a large expense early in the month plus a delayed salary, and suddenly you are borrowing short term at rates that are "extremely costly", eating into the very savings you generated. The fix is a budget with cash flow dates, not merely a higher savings rate. And the chapter's wry aside: many Indians follow the Union Budget closely and never make their own.

Postpone the holiday, not the schooling

Staggering goals is not the same as abandoning them, and the chapter is careful about which goals can move. A house purchase needing Rs 20 lakh down plus Rs 30,000 EMI can be pushed "instead of 1 year... after 3 years"; a holiday "may be SHORTER or planned at a LESS EXPENSIVE LOCATION." But "EDUCATION OF THE CHILD has to happen as per the NORMAL AGE AND PROGRESSION" — a child cannot start college two years late because the corpus fell short. For those, "PRUDENT USE OF DEBT in the form of loans can be used to TIDE OVER any shortage."

Key terms in this chapter

Aggregation model: An entity with several associated distributors that shortlists products, may run a central advisory team, and shares research, training, CRM software and execution platforms in return for a share of revenue.
Arm's length relationship: The requirement that a non-individual adviser provide advisory services through a separate division or department from distribution.
Asset allocation: A technical approach to managing money: evaluating asset classes for risk and return, aligning them to goals, monitoring performance and modifying weights periodically.
Asset-based fee: A fee charged as a percentage of the assets being advised, one of the seven fee types a fee-only adviser may use.
Budget: A list of all inflows and outflows an individual will witness along with the time period when each occurs, so the financial position is visible at a single look.
Cash flow mismatch: A timing problem where inflows and outflows do not coincide. A person can spend less than they earn and still face a cash crunch, forcing costly short term borrowing.
Client level segregation: The requirement that a non-individual investment adviser doing both advisory and distribution must keep a client on one side or the other at the group level.
Conflict of interest in distribution: Arises when someone selling financial products earns a commission from the producer, creating an incentive to push higher-commission products rather than suitable ones.
Consumption asset: Something like a car that has resale value but is not a physical investment. The adviser must guide the investor not to confuse the two.
Debt trap: The situation excessive borrowing can lead a household into, requiring counselling and handholding and sometimes liquidation of assets to pay off debts.
Direct schemes: The only route through which an individual investment adviser may provide execution services, and no consideration may be received at the adviser's group or family level for doing so.
Emergency fund: A reserve created to meet expenses if current income is interrupted for any reason. The first question the Vinod example raises for a sole earning member.
Estate planning: Activities focused on transfer of wealth to heirs, charity and other identified beneficiaries. Gifts operate during one's lifetime; wills come into play after death.
Execution only services: A model where the practitioner does not charge for advice, earns commission from distributing products, and may execute transactions advised by another adviser.
Fee-only adviser: An adviser whose income comes from client fees rather than product commissions. Such advisers usually do not execute the plan themselves but refer clients to other agencies.
Financial assets: A claim the investor has on benefits represented by the asset, such as a bank deposit or an equity share. Standardized, regulated and investable in small amounts.
Financial planning: The process of streamlining the income, expenses, assets and liabilities of a household or individual to take care of both current and future need for funds.
General insurance: Provides cover for loss and damage to property and other valuables from fire, theft and similar events.
Goal setting: The starting point of the financial planning process. Goals must be specific, measurable, realistic and time bound.
Growth-oriented asset: An asset bought mainly for appreciation in value rather than income. Gold is a pure growth asset; equity is the financial equivalent.
Income-oriented asset: An asset held mainly for the periodic income it generates, such as a bank deposit.
Insurance as risk transfer: A mechanism where a small premium payment results in payments from the insurer to tide over risks from unexpected events.
Leveraging: Taking loans to buy financial assets. It is risky because of the higher volatility in the price of such assets, unlike borrowing for an appreciating physical asset.
Life insurance: Covers temporary loss of income from disabilities and permanent loss of income from death.
Mis-selling: Selling a product not suitable to the client's needs or not in line with their risk preference, in a manner harmful to the customer's interest.
Net worth: Assets minus liabilities. The higher the number the better the financial position. It should be calculated periodically and progress tracked.
Physical assets: Tangible assets such as real estate, gold and precious metals. They have intrinsic value, hedge inflation, but are illiquid, lightly regulated, skill-intensive and large ticket.
Prioritising goals: Ranking goals because income and savings are limited. Important goals such as children's education and retirement come ahead of expenses that do not create an asset.
Savings: The portion of current income earmarked for future needs, which is then put to work by investing in assets.
Six-step financial planning process: Establish and define the relationship; gather client data including goals; analyse and evaluate financial status; develop and present recommendations; implement them; monitor them.
Staggering of goals: Deferring a goal rather than cancelling it, so that critical goals are not compromised. A house purchase pushed from one year to three years is the chapter's example.
Tax planning caution: Tax efficiency should not be the basis of investment decisions; it is guidance and awareness. The basis should be the client's requirements and risk appetite.
Top-down approach: The adviser's method: deciding how much money goes into which asset class to deliver the expected return within the investor's risk preference, rather than selecting individual stocks or bonds.
Wraps and platforms: Technology-based advisory solutions standardised for execution, offering model portfolios, performance views for clients and holistic monitoring across multiple products for advisers.

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Original explanatory writing based on the official NISM workbook for Series X-A, which is published and copyrighted by NISM. Check figures against the current edition at nism.ac.in.

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