NISM Series XIX-D: Frequently Asked Questions

It is NISM's Category I and II Alternative Investment Fund Managers Certification Examination. It sets a common minimum knowledge benchmark for the managers of Category I and II AIFs and their key investment team. It is in force from 1 May 2025.

80 questions for 100 marks: 60 multiple choice questions of 1 mark each, and 4 case studies of 5 questions each at 2 marks per question.

120 minutes (2 hours).

60%, which is 60 marks out of 100. There is no separate minimum for the multiple choice part or the cases.

Yes. 25% of a question's marks is deducted for a wrong answer: 0.25 on a 1-mark question and 0.5 on a 2-mark case question. An unanswered question scores zero.

Yes. The workbook covers fee, waterfall, return, valuation and tax computations, and notes that test centre workstations carry Microsoft Excel or LibreOffice for numericals. Practise on both.

14, in the July 2026 workbook. Eight of them carry 10 marks each. Chapters 1 and 2 share 2 marks.

Yes. The workbook's chapter-wise weightage table gives marks for every chapter, adding up to 100. It does not say which chapters the case studies are drawn from.

₹1,500 plus payment gateway charges.

There is no fixed date. NISM runs the exam on demand: you book an available slot on NISM's certification portal.

No. It is computer-based, booked through NISM's certification portal and taken at a test centre.

Anyone. NISM publishes no minimum educational qualification. The certification is aimed at the key investment team of Category I and II AIF managers, but others can sit it too.

You can register for another attempt on NISM's certification portal. Check the portal for the current re-booking rules and fee before you pick a date.

3 years.

Either re-take the exam or complete NISM's Continuing Professional Education (CPE) programme before the certificate expires, if one is offered for this series. Check NISM's CPE options for the current terms. The workbook notes that after expiry, fresh certification is needed to keep meeting SEBI's requirement.

Under the SEBI (AIF) Regulations, at least one person in the key investment team of a Category I or II AIF manager must hold XIX-C or XIX-D. It does not apply to AI-only funds. Whether your role needs it is your employer's compliance call.

No. XIX-D covers Category I and II AIF managers, XIX-E covers Category III, and XIX-C, the broader AIF managers exam, is accepted for either.

NISM's own workbook, version July 2026. Its note says to use that version for the exam on or after September 11, 2026.

It combines regulation with finance computations, and 40 marks sit in case studies. NISM has not published a pass rate for it. With 60% needed and negative marking on both question types, it needs steady preparation and computation practice, not a quick read.

Eight chapters carry 10 marks each: 5, 6, 7, 9, 10, 11, 12 and 14. Chapters 6, 7 and 11 are the most computational. Do not skip the rest: chapters 4, 8 and 13 add 16 marks between them.

With four options, a blind guess has a small positive expected value: +0.0625 marks on a 1-mark question and +0.125 on a case question. Ruling out even one option makes a guess clearly worth taking. The cost is variance: many blind guesses can move your score either way.