NISM Series XIX-D Exam Pattern
100 marks, 2 hours, negative marking: exactly how Series XIX-D is scored and passed.
NISM Series XIX-D is a single 100-mark paper of 80 questions, to be finished in 120 minutes. 60 are multiple choice questions of 1 mark each. The other 40 marks come from 4 case studies, each with 5 questions of 2 marks. You pass with 60 marks, which is 60%. A wrong answer costs 25% of that question's marks. The exam is computer-based, booked through NISM's certification portal and taken at a test centre.
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Series XIX-D at a glance
| Item | Detail |
|---|---|
| Questions | 80: 60 multiple choice questions and 4 case studies of 5 questions each |
| Marks per question | 1 for a multiple choice question, 2 for a case question |
| Total marks | 100 (60 from multiple choice, 40 from case studies) |
| Duration | 120 minutes (2 hours) |
| Pass mark | 60 marks (60%) |
| Negative marking | 25% of a question's marks: 0.25 for a wrong 1-mark answer, 0.5 for a wrong 2-mark answer |
| Unanswered question | 0, no deduction |
| Mode | Computer-based, at a test centre booked through NISM's certification portal |
| Software at the workstation | Microsoft Excel or LibreOffice, for numericals |
| Fee | ₹1,500 plus payment gateway charges |
| Certificate validity | 3 years |
| In force from | 1 May 2025 |
How the score is worked out
Each correct multiple choice answer earns 1 and each wrong one loses 0.25. Each correct case answer earns 2 and each wrong one loses 0.5. Blanks score zero. Say you get 50 multiple choice questions right, 6 wrong and leave 4 blank: that is 50 minus 1.5, or 48.5. On the cases you get 12 right, 6 wrong and leave 2 blank: 24 minus 3, or 21. The total is 69.5, a pass.
The pass mark applies to the whole paper. The workbook states no separate minimum for the multiple choice part or for the cases.
Time per question
120 minutes for 80 questions is 90 seconds on average. That average hides the real split: a recall question can take a few seconds, while a case question may need a fee, IRR or tax computation in Excel or LibreOffice. Leave enough time for the 20 case questions, which carry 40 marks.
Free account, this exam preselected.
How the 100 marks are spread
From the workbook's chapter-wise weightage table, grouped by the workbook's four sections.
A: Basics of investments
Chapters
1, 2
Marks
2
B: Understanding the AIF ecosystem
Chapters
3 to 8
Marks
43
C: Managing AIF investments
Chapters
9 to 12
Marks
40
D: Taxation and regulatory framework
Chapters
13, 14
Marks
15
Total
Chapters
1 to 14
Marks
100
| Section | Chapters | Marks |
|---|---|---|
| A: Basics of investments | 1, 2 | 2 |
| B: Understanding the AIF ecosystem | 3 to 8 | 43 |
| C: Managing AIF investments | 9 to 12 | 40 |
| D: Taxation and regulatory framework | 13, 14 | 15 |
| Total | 1 to 14 | 100 |
Question styles to expect
Going by the workbook's sample questions and its three sample case studies:
- check_circleDirect facts: what a term means, which category an AIF falls in, what a regulation requires
- check_circleComparisons: Category I against Category II, trust against LLP, European against American waterfall
- check_circleComputations: management fees, hurdle and catch-up, carried interest, IRR, TVPI, DPI, NAV and valuation
- check_circleCase studies: a set of fund details followed by 5 linked questions, for example working out the incentive fee or the tax withheld on distributions
- check_circleGovernance scenarios: what the manager, sponsor or investment committee should do when a conflict of interest arises
What the pattern means for you
Three things follow. First, the case questions are worth twice as much each, so a case you can work through is worth more time than a hard recall question. Second, a wrong case answer costs 0.5, so a careless computation hurts twice as much as a careless multiple choice answer. Third, with negative marking on, attempting everything means you need correct answers worth at least 68 marks to reach 60.
The workbook notes that its sample caselets and questions are for reference only, and that the difficulty of the actual exam may vary.
Confirm before you book
These details are from the July 2026 workbook and NISM's Series XIX-D exam page. NISM can change the pattern when it revises the workbook. Check the exam page before you book a slot.
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