NISM Series XIX-A Exam Pattern
100 marks, 2 hours, negative marking: exactly how Series XIX-A is scored and passed.
NISM Series XIX-A, the Alternative Investment Funds (Category I and II) Distributors Certification Examination, is one paper of 100 questions and 100 marks. 80 are independent multiple choice questions of 1 mark each. The other 20 marks come from 5 case-based questions: each case is a short fact pattern followed by 4 MCQs of 1 mark each. You get 2 hours. The pass mark is 60 out of 100 (60%).
Every wrong answer costs 10% of the question's marks, which on a 1-mark question is 0.10. A blank question costs nothing. The exam is computer-based at a test centre, on a date and slot you choose. NISM calls it a voluntary examination.
Series XIX-A at a glance
As NISM states it under Assessment Structure on the exam page and in its FAQ.
| Item | Detail |
|---|---|
| Independent MCQs | 80 questions of 1 mark each, 80 marks |
| Case-based questions | 5 cases, each with 4 MCQs of 1 mark each, 20 marks |
| Total | 100 questions, 100 marks |
| Duration | 120 minutes (2 hours) |
| Pass mark | 60 out of 100 (60%) |
| Negative marking | 10% of the marks assigned to a question: 0.10 for each wrong answer |
| Unanswered question | 0, no deduction |
| Sectional cut-off | None. One pass mark for the whole paper, MCQs and cases combined |
| Mode | Computer-based at a test centre, on a centre, date and slot you pick on NISM's certification portal |
| Status | Voluntary, as NISM's exam page states |
How the score is worked out
Your score is the number of correct answers minus one tenth of the number of wrong answers. Ten wrong answers cancel one right one. Worked example: you attempt all 100, get 64 right and 36 wrong. That is 64 minus 3.6, a score of 60.4. You pass.
With 63 right and 37 wrong you land on 59.3, a fail. So if you attempt every question, 64 correct answers is the minimum. Leave some blank and the sum is simpler: 62 right, 20 wrong and 18 blank is 62 minus 2, exactly 60.
The case-based block is scored the same way. Each of the 20 case questions is a separate 1-mark MCQ with its own 0.10 deduction. There is no all-or-nothing rule for a case.
Guessing with 0.10 negative marking
The penalty on XIX-A is light compared with the 0.25 on many NISM papers, and that changes the guessing rule:
- check_circleA blind guess among four options gains 1 mark one time in four and loses 0.10 three times in four: a gain of about 0.175 marks per guess on average. Leaving a question blank is rarely the better choice.
- check_circleIf you can rule out even one option, answer it.
- check_circleThe only reason to skip a question is time. Do not spend three minutes on one 1-mark MCQ while 20 case marks are still unread.
Free account, this exam preselected.
Time per question, with cases in the mix
120 minutes for 100 questions is 72 seconds each. The 80 independent MCQs are mostly recall and take under a minute. The 5 cases need reading time before any of their 4 questions can be answered. Budget about 60 minutes for the MCQs and 6 to 8 minutes per case, and keep the rest for flagged questions.
How NISM Series XIX-A tests the material
The paper has two question shapes, and the 13 units feed them differently:
- check_circleUnits 1 to 3 (overview, AIFs in India, industry concepts): definitions and vocabulary. Capital commitment, drawdown, sponsor commitment, preferred return, carried interest, the difference between Category I, II and III. Plain MCQs, often with two options that sound alike.
- check_circleUnits 4 and 5 (regulatory framework, fund structuring): the SEBI (Alternative Investment Funds) Regulations, 2012 and FEMA as facts. Which category may do what, what a sponsor or manager must commit, what the placement memorandum must carry. Both MCQs and case questions.
- check_circleUnits 6 to 10 (risk and return, investment process, fund due diligence, legal documentation, monitoring and exit): a likely source of the 5 cases (NISM does not say which units the cases use). Expect an investor evaluating a fund, a drawdown notice, a side letter or an exit, with 4 questions on what the rules or good practice require.
- check_circleUnits 11 and 12 (valuation, taxation): the numerical questions. A DCF or multiples question, and whether income is taxed in the fund's hands or passed through to the investor.
- check_circleUnit 13 (good practices): the distributor's own role, the distribution agreement, pre-sale and post-sale duties. Usually a which-statement-is-correct question.
- check_circleThe trap: XIX-A covers Category I and II funds but tests the distinctions between all three categories, and the AIF Regulations have been amended many times since 2012. A threshold, commitment percentage or tenure rule learnt from an old note picks the option that was right two years ago. When two options differ only by a figure or a category, that is what is being tested. Learn each rule from the current workbook or the regulation itself.
Delivery mode and the result
Series XIX-A is not a remote-proctored exam. You register on NISM's certification portal, then select a test centre, a date and a time slot. There is no exam calendar to wait for.
NISM does not re-evaluate MCQ papers. If you believe a question had an error, raise it at the test centre before you leave; NISM considers only on-the-spot requests and holds the score card back while it checks.
Fee, PAN rule, validity and renewal are on the registration page.
FAQs
Is there negative marking in NISM Series XIX-A?expand_more
Yes. NISM deducts 10% of the marks assigned to a question for every wrong answer. Each Series XIX-A question carries 1 mark, so a wrong answer costs 0.10. Ten wrong answers cancel one right one. A blank question costs nothing.
What is the pass mark for NISM XIX-A?expand_more
60 out of 100 (60%). NISM's exam page gives it as a score of 60 and its summary table as 60%; on a 100-mark paper they are the same number. There is one pass mark for the whole paper and no separate minimum for the case-based block.
Can I take the NISM XIX-A exam from home?expand_more
No. Series XIX-A is a test-centre exam. NISM runs some newer certifications in remote-proctored mode, but the XIX-A pages do not list it as one.
How many attempts are allowed for NISM XIX-A?expand_more
NISM's Series XIX-A exam page and FAQ do not set out a rule on the number of attempts or the gap between them. The exam is voluntary, so a fail bars nobody from a role. Booking details are on the registration page.
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