NISM AcademyNISM Series XIX-A AIF (Category I & II) Distributors: exam pattern, syllabus and mock tests
For distributors and placement agents of Category I and II AIFs. NISM Series XIX-A is a voluntary certification for distributors and placement agents of Category I and II Alternative Investment Funds: venture capital, private equity, private credit, infrastructure and similar funds. It covers how these funds work, their documents, fees, valuation, tax and regulation.
NISM Series XIX-A exam pattern at a glance
- Questions
- 80 + 5 case studies
- Duration
- 120 minutes
- Total marks
- 100
- Passing score
- 60% (60/100)
- Negative marking
- 10% per wrong answer
- Exam fee
- ₹1,770 incl. GST
- Certificate valid
- 3 years
80 one-mark questions plus 5 case studies of 4 one-mark questions each (20 marks). Fees and pattern are set by NISM and can change, so confirm on the official NISM Series XIX-A page before you book.
Who should take NISM Series XIX-A?
Distributors, placement agents and wealth managers who offer Category I and II AIFs to clients.
Why you need it: A voluntary benchmark for AIF distribution. Some manufacturers and platforms expect it from their distributors.
NISM Series XIX-A syllabus: 13 chapters
- Overview of Alternative Investments
- Alternative Investment Funds in India
- Concepts in the AIF Industry
- Regulatory Framework - Indian Context
- Alternative Investment Fund Structuring
- Risk and Return - Investor and Fund Perspective
- Investment Process and Governance of Funds
- Fund Due Diligence - Investor Perspective
- Legal Documents and Negotiations - Investor Perspective
- Fund Monitoring, Reporting and Exit
- Valuation
- Taxation - India Specific
- Good Practices
How to prepare for NISM Series XIX-A
Focus on how Category I and II differ from Category III, the fee waterfall and pass-through taxation. Negative marking is only 10%.
Not sure where you stand?
Take the free NISM Series XIX-A level check. It takes about 30 minutes, needs no payment, and tells you which chapters to study first. Launch offer: free for our first 100 users. Log in and every mock test, note and flashcard is unlocked.
Start the level checkNISM Series XIX-A FAQs
What is NISM Series XIX-A?
NISM Series XIX-A is the AIF (Category I & II) Distributors Certification Examination conducted by the National Institute of Securities Markets. A voluntary benchmark for AIF distribution. Some manufacturers and platforms expect it from their distributors.
How many questions are in NISM Series XIX-A?
The exam has 80 one-mark questions plus 5 case studies of 4 one-mark questions each (20 marks), for a total of 100 marks. You get 120 minutes.
What is the passing score for NISM Series XIX-A?
You need 60%, which is 60 out of 100 marks.
Is there negative marking in NISM Series XIX-A?
Yes. 10% of a question’s marks are deducted for each wrong answer. Unattempted questions score zero.
How should I prepare for NISM Series XIX-A?
Focus on how Category I and II differ from Category III, the fee waterfall and pass-through taxation. Negative marking is only 10%.
How do I register for NISM Series XIX-A?
Create an account on NISM’s certification portal, choose the exam, pick a test centre or remote-proctored slot, and pay the fee online. NISM Academy can’t register you; we link you to the official portal.
How long is the NISM Series XIX-A certificate valid?
Three years from the date you pass.