NISM Series XIX-A Study Material: What to Use
The official NISM workbook, third-party notes and mock tests, and what each is genuinely good for.
The study material for NISM Series XIX-A is NISM's own workbook, and the soft copy is free. NISM emails it after you enrol for the exam, and anyone can download it from NISM's study material page after filling in a short form. Printed copies are sold by Taxmann, NISM's publishing partner.
The workbook follows the exam's 13-unit curriculum, written for distributors and placement agents of Category I and II alternative investment funds (AIFs). An AIF is a privately pooled fund such as a venture capital, private equity or debt fund. Category III funds, which include hedge funds, have their own distributor exam, Series XIX-B. Read the workbook alongside the SEBI (Alternative Investment Funds) Regulations, 2012, because SEBI amends it often and the workbook cannot keep pace.
How to get the workbook
- 1
Download it free from NISM
Open the Study Material Download link on NISM's XIX-A exam page. The form asks for your name, email, mobile number, city and state. Submit it and download the workbook. Nothing is charged.
- 2
Or wait for the enrolment copy
NISM's FAQ says you receive a soft copy after you enrol for the exam. If it does not arrive, write to NISM's certification email, which the FAQ names as the test administrator for this series.
- 3
Buy a printed copy only if you want one
NISM's Buy Study Material page routes print orders to Taxmann Publications. The content is the same as the soft copy.
What to use, and what each is good for
NISM XIX-A workbook (free soft copy)
Use it for
All 13 units, the worked case in unit 6, the valuation and tax illustrations, chapter-end sample questions
Watch out for
Any rule figure that may have changed after the edition you hold
SEBI (Alternative Investment Funds) Regulations, 2012
Use it for
Exact wording for unit 4: what each category may invest in, sponsor and manager commitment, tenure, placement memorandum, investor limits, code of conduct
Watch out for
Use the version marked as last amended July 14, 2026. SEBI changes it several times a year
Coaching notes and question PDFs
Use it for
Quick revision of defined terms
Watch out for
Many are written for XIX-B (Category III), XIX-C or XIX-D (the manager exams), or for an older XIX-A edition
Timed practice sets
Use it for
Pacing a 2-hour, 100-question paper and finding weak units
Watch out for
Only useful if scored at the real penalty of 0.10 marks per wrong answer
| Material | Use it for | Watch out for |
|---|---|---|
| NISM XIX-A workbook (free soft copy) | All 13 units, the worked case in unit 6, the valuation and tax illustrations, chapter-end sample questions | Any rule figure that may have changed after the edition you hold |
| SEBI (Alternative Investment Funds) Regulations, 2012 | Exact wording for unit 4: what each category may invest in, sponsor and manager commitment, tenure, placement memorandum, investor limits, code of conduct | Use the version marked as last amended July 14, 2026. SEBI changes it several times a year |
| Coaching notes and question PDFs | Quick revision of defined terms | Many are written for XIX-B (Category III), XIX-C or XIX-D (the manager exams), or for an older XIX-A edition |
| Timed practice sets | Pacing a 2-hour, 100-question paper and finding weak units | Only useful if scored at the real penalty of 0.10 marks per wrong answer |
How to work the 13 units
The curriculum has four blocks. Read them in this order, not front to back:
- check_circleUnits 2, 3 and 5 first (AIFs in India, concepts in the AIF industry, fund structuring). They define the three categories, the sponsor, the manager, capital commitment, drawdown, the waterfall, first and final close, and the private placement memorandum (PPM). Every later unit assumes these.
- check_circleUnit 4 next (regulatory framework). Read each sub-topic with the SEBI text open beside the workbook, because the paper tests the exact condition, not the gist.
- check_circleUnits 6, 11 and 12 together (risk and return, valuation, taxation). Work every example with a calculator: internal rate of return, the J curve, discounted cash flow, relative valuation, and the tax treatment of fund income. This block is a likely source of case-based questions.
- check_circleUnits 7 to 10 and 13 as the distributor's process block (investment process and governance, fund due diligence, legal documentation, monitoring and exit, good practices). Learn what each document does. Unit 13 is written for your job and produces direct questions on conduct.
- check_circleUnit 1 last (overview of alternative investments, alpha and beta, role in a portfolio). It is general theory and the quickest to revise.
Free account, this exam preselected.
How XIX-A tests what you read
The paper has 80 one-mark MCQs and 5 case-based questions, each with 4 one-mark sub-questions, for 100 marks in 2 hours. The pass mark is 60 out of 100 (60%). A wrong answer costs 10% of the question's marks, which is 0.10 on every question in this paper. The cases are where the worked example in unit 6 and the valuation and tax illustrations pay off: a fund's fee terms, a return calculation or a tax position presented as a short scenario, with each sub-question asking for one figure or one conclusion.
The MCQs on regulation test a precise condition: which category a stated strategy falls into, what the sponsor or manager must commit to the fund, or how a close-ended fund extends its tenure (up to two years, with approval of two-thirds of unit holders by value). The second trap is perspective. XIX-A is written from the distributor's and investor's side, so a question about due diligence or legal documents asks what the investor should check, not what the manager should file. Notes written for the manager exams answer the wrong question.
Spot the wrong material in ten seconds
Check how the source describes the paper. NISM's XIX-A exam page says 80 MCQs plus 5 case-based questions, 100 marks, 2 hours, pass at 60, and 10% of a question's marks deducted for a wrong answer. If notes describe a 150-mark, 3-hour paper with 25% negative marking, they are for Series XIX-C. If they cover hedge fund strategies and leverage, they are for XIX-B. If they call it the Category I and II AIF Managers exam, they are for XIX-D.
FAQs
Where can I download the NISM XIX-A workbook PDF?expand_more
From NISM's study material download page, after entering your name, email, mobile number, city and state. NISM also emails a soft copy after you enrol for the exam.
Is the NISM XIX-A study material free?expand_more
Yes. The soft copy is free, both on download and after enrolment. Printed workbooks are sold separately through Taxmann.
Is the NISM workbook enough to pass XIX-A?expand_more
It covers the whole 13-unit syllabus and the paper is written from it. Add the SEBI AIF Regulations for unit 4, because they change faster than the workbook, and practise the return, valuation and tax examples under time for the case-based questions.
Does NISM provide sample questions for XIX-A?expand_more
Yes. NISM's FAQ points candidates to the chapter-end sample questions and the worked-out examples and illustrations in the workbook, and links to a mock test from the same FAQ page.
What are Category I, II and III in AIF?expand_more
The three categories under the SEBI AIF Regulations, 2012. Category I funds invest in areas the regulator treats as socially or economically desirable, such as venture capital, social venture, infrastructure and SME funds. Category II is the residual class, such as private equity and debt funds. Category III funds use diverse or complex trading strategies and may employ leverage, such as hedge funds.
Next steps
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