Examination Overview - NISM Series XIX-A: Alternative Investment Funds (Category I and II) Distributors Certification Mock Test
The examination is designed to establish a minimum knowledge benchmark for professionals and aspiring candidates seeking to understand Alternative Investment Funds (AIFs) in India, specifically Category I and Category II funds, which play a crucial role in channelizing capital into sectors such as startups, infrastructure, and private equity.
This certification aims to enhance the understanding of the AIF ecosystem by covering key aspects such as fund structures, investment strategies, risk-return dynamics, governance frameworks, due diligence processes, valuation methodologies, taxation, and regulatory guidelines prescribed by the Securities and Exchange Board of India (SEBI). It ensures that candidates develop the ability to evaluate investment opportunities, assess risks, and understand the lifecycle of AIF investments from fundraising to exit.
By strengthening conceptual clarity around legal documentation, negotiation, fund monitoring, reporting standards, and investor servicing practices, the examination promotes informed decision-making and responsible participation in the alternative investments space. It also supports higher standards of transparency, compliance, and investor protection within the Indian financial ecosystem.
Examination Objectives
On successful completion of the examination, the candidate should be able to:
Know the basics of alternative asset classes and the Alternative Investment Funds (Category I and II) markets in India.
Understand the general concepts prevalent in the Alternative Investment Funds (AIF) industry.
Structure, risk-return relationship, investment process, governance aspects, monitoring and exit strategies of AIFs.
Importance of fund due diligence, legal documentation, and negotiation skills along with assessment of risk and return.
Valuation processes and methodologies followed by AIFs for investee companies.
Various taxation aspects applicable to the fund and its investors.
Role and conduct of distributors in servicing investors.
Back-end processes including documentation and reporting.
Know the regulatory environment in which Alternative Investment Funds (Category I and II) operate in India.
Assessment Structure
| Component |
Details |
| Mode of Exam |
Online (Computer-Based Test) |
| Multiple Choice Questions |
80 Questions × 1 Mark = 80 Marks |
| Case-Based Questions |
5 Cases × 4 Questions × 1 Mark = 20 Marks |
| Language Options |
English |
| Number of Questions |
100 |
| Total Marks |
100 |
| Marks per Question |
1 mark |
| Passing Criteria |
60% |
| Negative Marking |
10% of the marks assigned to the question |
| Exam Duration |
2 Hours (120 Minutes) |
| Exam Fee |
Rs. 1,770 (inclusive of GST) + payment gateway charges extra |
| Result Declaration |
Immediately after exam completion |
| Certificate Validity |
3 Years from the date of passing |
| PAN Requirement |
PAN must be updated in your profile to apply |
| Exam Delivery Modes |
At 150+ NISM test centers across India |
Syllabus Outline – Alternative Investment Funds (Category I and II) Distributors Certification Examination
| Chapter No. |
Chapter Name |
Weightage (%) |
| Chapter 1 |
Overview of Alternative Investments |
5 |
| Chapter 2 |
Alternative Investment Funds in India |
5 |
| Chapter 3 |
Concepts in Alternative Investment Funds Industry |
5 |
| Chapter 4 |
Regulatory Framework – Indian Context |
10 |
| Chapter 5 |
Alternative Investment Fund Structuring |
10 |
| Chapter 6 |
Risk and Return – Investor and Fund Perspective |
10 |
| Chapter 7 |
Investment Process and Governance of Funds |
10 |
| Chapter 8 |
Fund Due Diligence – Investor Perspective |
15 |
| Chapter 9 |
Legal Documents and Negotiations – Investor Perspective |
10 |
| Chapter 10 |
Fund Monitoring, Reporting and Exit |
5 |
| Chapter 11 |
Valuation |
5 |
| Chapter 12 |
Taxation – India specific |
5 |
| Chapter 13 |
Good Practices |
5 |
| Total |
Total Weightage |
100 |
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Frequently Asked Questions - NISM Series XIX-A: Alternative Investment Funds (Category I and II) Distributors Certification
The NISM Series XIX-A examination establishes a minimum knowledge benchmark for professionals distributing Category I and Category II Alternative Investment Funds (AIFs) in India. It covers fund structures, investment strategies, due diligence, taxation, and SEBI regulations governing private equity, infrastructure, and startup investments.
The exam consists of 100 questions totalling 100 marks. It is uniquely structured into two sections: 80 standard Multiple Choice Questions (80 marks) and 5 Case-Based Questions, with each case featuring 4 questions (20 marks in total).
Yes, the examination enforces a 10% negative marking policy for every incorrect answer. To build accuracy and avoid losing crucial marks, we highly recommend practising with our NISMExams.in premium mock test packages.
Candidates must secure a minimum of 60% (60 marks out of 100) to successfully clear the NISM Series XIX-A certification examination.
Candidates are given exactly 2 hours (120 minutes) to complete the 100-question computer-based test. Managing your time between the standard MCQs and the lengthy case studies is critical, which is why our timed mock tests are essential for preparation.
The official examination fee charged by NISM is Rs. 1,770 (inclusive of GST). Please note that additional payment gateway charges may apply during the online registration process.
To successfully apply and register for the NISM Series XIX-A examination, it is mandatory to have your Permanent Account Number (PAN) updated and verified within your NISM candidate profile.
Upon successful completion, your NISM Series XIX-A certification remains valid for a period of 3 years from the date of passing the examination.
According to the syllabus outline, Chapter 8: "Fund Due Diligence – Investor Perspective" holds the highest weightage, accounting for 15% of the total exam marks.
Yes, 20% of the exam is dedicated to case studies. To help you master this section, our NISMExams.in premium package specifically includes 24 Case Study-Based Questions designed to sharpen your practical understanding of real-world AIF scenarios.
If you are serious about clearing the exam on your first attempt, you cannot rely on random, outdated PDFs or guesswork. NISMExams.in provides structured, mock-driven preparation that trains you exactly the way the real computer-based exam tests you.
Our comprehensive package includes 500 exam-focused questions, 24 targeted case study questions, 15 test attempts per set, and 15 days of uninterrupted access to refine your understanding and track your progress.
The premium NISM Series XIX-A mock test package is highly affordable, priced at just Rs. 599 (inclusive of GST). This provides you with expert-curated, exam-level study resources at a fraction of the cost of an exam retake.
Absolutely. Our massive question bank is strictly aligned with the latest NISM Series XIX-A syllabus. We constantly update our content to ensure you are studying the most relevant taxation laws, valuation methodologies, and SEBI compliance guidelines.
Yes! We encourage candidates to try our free demo mock tests available on the website to gauge their baseline knowledge and experience our authentic exam interface before upgrading to the Rs. 599 premium package for full, extensive practice.
Purchasing the package grants you 15 days of continuous access to the study portal. This provides ample time to utilise the NISM 19B Demo Test and other resources on nismexams.in to finalise your exam preparation.
Yes, it is a mandatory requirement to have your PAN updated in your NISM profile before applying. While your documentation is being verified, you can begin your preparation with a NISM XIXB Practice Test at nismexams.in.
Yes, Chapter 8 is dedicated to Valuation (12% weightage) and covers NAV, unlisted securities, and the role of independent valuers. You can conquer these technical concepts by taking a specialised NISM 19B Mock Test on nismexams.in.
Because it is an online computer-based test, the result is declared immediately after you submit the exam. Ensure you see a "Pass" on your screen by building your competence through a NISM XIXB Demo Test on nismexams.in.
Random PDFs are often outdated and fail to simulate the actual computer-based testing environment. To clear the exam on your first attempt, you need the structured, exam-level application provided by a premium NISM XIXB Mock Test at nismexams.in.