NISM Series XIX-D Study Material: What to Use
The official NISM workbook, third-party notes and mock tests, and what each is genuinely good for.
The one essential piece of study material for NISM Series XIX-D is NISM's own workbook. The exam is largely based on it, and its chapter-wise weightage table is the one the paper follows. NISM also notes that it does not guarantee every question will come from the workbook, so treat it as the core, not the boundary.
The current workbook is version July 2026. Its own note says to refer to that version for the exam taken on or after September 11, 2026, and that the updates made in it are highlighted in yellow. If you have an older copy, replace it.
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What to use, and what each is good for
NISM workbook, July 2026
Use it for
The full syllabus: 14 chapters, worked examples, sample questions and case studies
Watch out for
Older versions that miss recent changes to the SEBI (AIF) Regulations
The workbook's weightage table
Use it for
Deciding how long to spend on each chapter
Watch out for
Treating the early chapters as optional: they are light but still count
Excel or LibreOffice
Use it for
Practising the fee, IRR, multiple and valuation computations the way you will do them at the test centre
Watch out for
Practising only on a calculator, then losing time on the exam workstation
SEBI circulars cited in the footnotes
Use it for
Checking the exact wording of a rule the workbook summarises
Watch out for
Reading them in place of the workbook; the exam follows the workbook
Your own notes and formula sheet
Use it for
Fee terms, return measures, AIF categories, regulatory conditions
Watch out for
Copying the workbook out in full instead of condensing it
Timed practice papers
Use it for
Testing recall and computation under the 120-minute limit with negative marking
Watch out for
Question sets written for an older workbook, or with no case questions
| Material | Use it for | Watch out for |
|---|---|---|
| NISM workbook, July 2026 | The full syllabus: 14 chapters, worked examples, sample questions and case studies | Older versions that miss recent changes to the SEBI (AIF) Regulations |
| The workbook's weightage table | Deciding how long to spend on each chapter | Treating the early chapters as optional: they are light but still count |
| Excel or LibreOffice | Practising the fee, IRR, multiple and valuation computations the way you will do them at the test centre | Practising only on a calculator, then losing time on the exam workstation |
| SEBI circulars cited in the footnotes | Checking the exact wording of a rule the workbook summarises | Reading them in place of the workbook; the exam follows the workbook |
| Your own notes and formula sheet | Fee terms, return measures, AIF categories, regulatory conditions | Copying the workbook out in full instead of condensing it |
| Timed practice papers | Testing recall and computation under the 120-minute limit with negative marking | Question sets written for an older workbook, or with no case questions |
What is inside the workbook
- check_circle14 chapters in four sections: basics of investments, the AIF ecosystem, managing AIF investments, and taxation and regulation
- check_circleA chapter-wise weightage table adding up to 100 marks
- check_circleLearning objectives at the start of each chapter and sample questions at the end of each
- check_circleWorked computations, including a worked-out performance case in chapter 7
- check_circleThree sample case studies at the end, with worked solutions, on incentive fees and on the tax treatment of fund income and distributions
- check_circleTwo annexures: a template of risk factors at fund and investor level, and the Investor Charter for AIFs
- check_circleA glossary of terms, and footnotes naming the SEBI regulation or circular behind many rules
How to get it
Get the workbook from NISM: its Series XIX-D page at nism.ac.in is the place to start. Check the version printed on the cover before you rely on any copy, including one a colleague passes on.
Free account, this exam preselected.
What the workbook does well, and where to add
The workbook is thorough on how a Category I or II AIF works from end to end: how it is constituted, how capital is called, how fees and carry are worked out, how performance is measured, how investments are valued and exited, and how the fund is taxed and regulated. Because it is written by the body that sets the exam, it is also the safest source on terms such as hurdle, catch-up, drawdown and first close.
Its weakness for exam purposes is length. It runs to several hundred pages, and much of chapter 14 restates regulations in detail. Reading it twice does not mean you can do a waterfall computation in a few minutes. Two additions help: a short formula and terms sheet of your own, and regular practice on numerical questions in a spreadsheet.
Notes worth making as you read
- checkA one-page comparison of Category I, Category II and Category III AIFs
- checkEvery fee term with a worked example: management fee, set-up costs, hurdle (and its types), high-water mark, catch-up and carried interest
- checkThe European and American waterfalls side by side, with who gets paid at each step
- checkReturn measures and their formulas: IRR, XIRR, TVPI, DPI, RVPI, MOIC and PME
- checkThe trust, LLP and company forms, and the domestic, co-investment and offshore feeder structures
- checkThe SEBI (AIF) Regulations conditions you can be asked about: registration, sponsor and manager commitment, closes and tenure, accredited investors, investment conditions
- checkThe tax treatment of Category I and II AIFs at fund and investor level, and the withholding rules
On practice questions
The workbook notes that its sample caselets and questions are for reference only and that the actual exam's difficulty may vary. Use the chapter-end sample questions to check understanding, and work the three sample case studies in a spreadsheet, timed, before you sit the paper.
Beware of out-of-date material
SEBI amends the AIF rules often, and the July 2026 workbook highlights its own updates for that reason. Notes, videos or question sets made for an older version can teach a rule that has since changed. When a source disagrees with the current workbook, go with the workbook.
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