NISM Series XIX-D Category I and II AIF Managers: pattern, syllabus and full mock tests
NISM Series XIX-D is the SEBI-specified certification for key investment team members of managers of Category I and II Alternative Investment Funds (AIFs), in force from 1 May 2025.
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Access exam-specific mock tests directly from your Android device.Trusted by learners and rated 4.6★ on Google Play.NISM-Series-XIX-D: Category I and II Alternative Investment Fund Managers Certification Examination is conducted by the National Institute of Securities Markets (NISM), the institute set up by SEBI. NISM Series XIX-D is the SEBI-specified certification for key investment team members of managers of Category I and II Alternative Investment Funds (AIFs), in force from 1 May 2025.
Eligibility Criteria
schoolEducation
NISM publishes no minimum educational qualification for this exam.
cakeAge Limit
No prescribed minimum age.
flagNationality
No nationality condition is published.
Exam Pattern
NISM Series XIX-D is a single computer-based exam of 80 questions for 100 marks, in 2 hours. The 80 questions are 60 one-mark multiple-choice questions plus 4 case studies of 5 questions at 2 marks each. The passing score is 60% (60 marks), with negative marking of 25% of a question's marks for each wrong answer. The certificate is valid for 3 years. Chapter weightages are from NISM's workbook, version July 2026.
NISM Series XIX-D Certification Exam
Computer-based120 min| Section | Questions | Marks |
|---|---|---|
| Investments Landscape and Types of Investments | - | 2 |
| Alternative Investment Funds in India and its Suitability | - | 2 |
| Alternative Investment Fund Ecosystem | - | 5 |
| Alternative Investment Fund Structuring | - | 10 |
| Fee Structure of Alternative Investment Funds | - | 10 |
| Fund Performance and Benchmarking | - | 10 |
| Legal Documentation and Negotiations | - | 6 |
| Investment Strategies | - | 10 |
| Investment Process and Governance of Funds | - | 10 |
| Valuation | - | 10 |
| Fund Monitoring, Reporting and Exit | - | 10 |
| Taxation | - | 5 |
| Regulatory Framework | - | 10 |
Key Topics & Syllabus
1. Investments Landscape and Types of Investments (2 marks)
- check_circleMeaning of investment and investment versus speculation
- check_circleInvestment objectives: return, risk, liquidity, time horizon and constraints
- check_circleTraditional versus alternative investments
2. Alternative Investment Funds in India and its Suitability (2 marks)
- check_circleEvolution and growth of AIFs in India and factors enabling the Indian AIF market
- check_circleTypes of AIFs: Category I (including sub-categories), Category II and Category III
- check_circleComparison of AIF categories
3. Alternative Investment Fund Ecosystem (5 marks)
- check_circleAIF ecosystem participants: investors/contributors, sponsors, trustees, managers and service providers (custodian, RTA, valuer, auditor, legal, placement agents)
- check_circleCrowdfunding, corporate venture funding and co-investments
- check_circleCapital commitment, sponsor commitment, drawdown and capital invested
4. Alternative Investment Fund Structuring (10 marks)
- check_circlePrinciple of pooling and general pooling considerations
- check_circleAnatomy of AIF constitution: trust, LLP and company forms
- check_circleCommon fund structures of AIFs: domestic, unified/co-investment and offshore feeder structures
5. Fee Structure of Alternative Investment Funds (10 marks)
- check_circleManagement fees, set-up costs and other fund expenses
- check_circleHurdle rate: types and computation
- check_circleHigh-water mark and catch-up
6. Fund Performance and Benchmarking (10 marks)
- check_circleRisks in AIFs and types of risks: market, liquidity, credit, operational, concentration, valuation and regulatory risk
- check_circleReturn measures in alternative investments: IRR, XIRR, TVPI, DPI, RVPI, MOIC and PME
- check_circlePre-tax and post-tax returns
7. Legal Documentation and Negotiations (6 marks)
- check_circleTrust deed, LLP deed and memorandum and articles of association
- check_circleInvestment management agreement
- check_circleSubscription (investor contribution) agreement
8. Investment Strategies (10 marks)
- check_circleStages of fund-raising for a young company
- check_circleInvestment strategies of Category I and II AIFs: angel, venture capital, growth, buyout, private credit/venture debt, real estate, infrastructure, special situations and fund of funds
- check_circleDifference between idea and opportunity and the process of deal sourcing
9. Investment Process and Governance of Funds (10 marks)
- check_circleDeal sourcing and investor due diligence
- check_circleDefinitive agreements and investor protection rights in Category I and II AIFs
- check_circleRegulation on governance structure of AIFs: investment committee, conflicts of interest, responsibilities of manager and sponsor
10. Valuation (10 marks)
- check_circleValuation basics for fixed income instruments
- check_circleApproaches to equity and business valuation
- check_circleAsset-based, discounted cash flow and relative/multiple-based valuation
11. Fund Monitoring, Reporting and Exit (10 marks)
- check_circleMonitoring AIF progress and performance
- check_circleRegulatory framework for fund monitoring and reporting, and fund reporting to investors and SEBI
- check_circleExit options: IPO, strategic sale, buyback, secondaries
12. Taxation (5 marks)
- check_circleTaxation of Category I and II AIFs under the Income-tax Act: pass-through status and taxation at fund and investor level
- check_circleWithholding of tax by the AIF and by Indian portfolio companies, and reporting compliances
- check_circleSet-off and carry forward of losses
13. Regulatory Framework (10 marks)
- check_circleRegistration process and eligibility criteria under SEBI (AIF) Regulations, 2012
- check_circleSponsor/manager commitment, open-ended and close-ended funds, first close, final close and tenure
- check_circleAccredited investor framework and investors' subscription to the fund
Inside NISM Series XIX-D Premium
Full-length mock tests
Timed 120-minute papers in the NISM XIX-D pattern, scored against the 60% pass mark.
Chapter-wise question bank
Practise each of the 13 workbook chapters as a separate drill.
AI study plan
Tells you which chapter to drill next, based on where you're losing marks.
Every answer explained
A worked explanation on every question, so a wrong answer becomes a fixed gap.
How to Prepare
Register on the NISM certification portal
Create an account on NISM's certification portal and complete your profile.
Select the exam and pay the fee
Choose NISM-Series-XIX-D: Category I and II Alternative Investment Fund Managers Certification Examination and pay ₹1,500 plus payment gateway charges online.
Book your test slot
Schedule the exam on any available date.
Study the official workbook
NISM's workbook (version July 2026) is the syllabus, and its weightage table sets the paper.
Take and pass the exam
80 questions in 2 hours. Score at least 60%, with 25% negative marking per wrong answer.
Important Dates (Tentative)
| Event | Expected Date |
|---|---|
| Exam in force from | 1 May 2025 |
| Certificate validity | 3 years from passing |
* Dates are indicative based on historical patterns. Check the official website for confirmed dates.
Prepare for NISM Series XIX-D the smarter way
Free mock tests, chapter-wise practice questions and a personalized study plan, built around the latest NISM Series XIX-D pattern.
NISM Series XIX-D guides
- SyllabusFull NISM Series XIX-D (Category I and II AIF Managers) syllabus: all 14 chapters with exam weightage, plus free practice on the current workbook.
- Exam PatternNISM Series XIX-D exam pattern: 100 marks in 2 hours, 0.25 negative marking, pass at 60 out of 100 (60%). Verify with NISM.
- EligibilityWho must hold NISM Series XIX-D (Category I and II AIF Managers), who can take it, and what SEBI actually requires. There is no minimum qualification, so here is the real answer.
- Registration & DatesHow to register for NISM Series XIX-D: there are no fixed exam dates, so you book your own slot. Fee ₹1,500, 3-year validity, re-attempt rules.
- Study MaterialNISM Series XIX-D study material reviewed honestly: the official workbook, what it does and doesn't cover, and what to add. Free practice included.
- PreparationA realistic NISM Series XIX-D study plan: how long it takes and chapter order by weightage. No pass rate has been published yet for this certification.
- FAQsCommon NISM Series XIX-D questions answered: fee ₹1,500, 3-year validity, 0.25 negative marking, re-attempts and CPE renewal.
- Negative markingHow negative marking works on the NISM Series XIX-D paper: 0.25 marks off per wrong answer against 100 total, what that means for guessing, and when to skip.
- Formula SheetThe 10 formulas NISM Series XIX-D questions use most: NAV, TVPI, DPI, RVPI, MOIC, IRR, hurdle and carried interest. With a worked example.
NISM Series XIX-D FAQ
Is NISM 19D the same as NISM Series XIX-D?
Yes. NISM 19D and NISM Series XIX-D are the same Category I and II AIF Managers certification exam.
Who needs NISM Series XIX-D?
NISM Series XIX-D is the SEBI-specified certification for key investment team members of managers of Category I and II Alternative Investment Funds (AIFs), in force from 1 May 2025.
What is the passing mark?
60%, that is 60 marks out of 100.
Is there negative marking?
Yes. Each wrong answer costs 25% of that question's marks.
What is the exam fee?
₹1,500 plus payment gateway charges, paid directly to NISM.
How long is the certificate valid?
3 years.
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