NISM AcademyNISM Series XIX-D Category I & II AIF Managers: exam pattern, syllabus and how to register
For managers of Category I and II AIFs and their key investment team. NISM Series XIX-D is the certification for managers of Category I and II AIFs (venture capital, private equity, private credit, infrastructure) and their key investment team. It covers product features, valuation, governance, performance measurement, taxation and the SEBI (AIF) Regulations.
NISM Series XIX-D exam pattern at a glance
- Questions
- 60 + 4 case studies
- Duration
- 120 minutes
- Total marks
- 100
- Passing score
- 60% (60/100)
- Negative marking
- 25% per wrong answer
- Exam fee
- ₹1,500 + charges
- Certificate valid
- 3 years
60 one-mark questions plus 4 case studies of 5 questions each (2 marks each, 40 marks). Fees and pattern are set by NISM and can change, so confirm on the official NISM Series XIX-D page before you book.
Who should take NISM Series XIX-D?
Managers of Category I and II AIFs and key members of their investment teams.
Why you need it: Meets SEBI’s certification requirement for the key investment team of a Category I or II AIF manager.
NISM Series XIX-D syllabus: 8 chapters
- Private markets landscape
- AIF ecosystem
- Fund structure & fees
- Deal sourcing & due diligence
- Valuation & exits
- Performance measurement
- Taxation
- Regulatory framework
How to prepare for NISM Series XIX-D
Case studies are 40% of the marks. Practise IRR, multiples and waterfall questions. 25% negative marking applies.
NISM Series XIX-D mock tests are coming soon
We are building exam practice one series at a time and start with the most requested. Tell us you want NISM Series XIX-D: it takes one tap and needs no sign-up.
Request NISM Series XIX-DNISM Series XIX-D FAQs
What is NISM Series XIX-D?
NISM Series XIX-D is the Category I & II AIF Managers Certification Examination conducted by the National Institute of Securities Markets. Meets SEBI’s certification requirement for the key investment team of a Category I or II AIF manager.
How many questions are in NISM Series XIX-D?
The exam has 60 one-mark questions plus 4 case studies of 5 questions each (2 marks each, 40 marks), for a total of 100 marks. You get 120 minutes.
What is the passing score for NISM Series XIX-D?
You need 60%, which is 60 out of 100 marks.
Is there negative marking in NISM Series XIX-D?
Yes. 25% of a question’s marks are deducted for each wrong answer. Unattempted questions score zero.
How should I prepare for NISM Series XIX-D?
Case studies are 40% of the marks. Practise IRR, multiples and waterfall questions. 25% negative marking applies.
How do I register for NISM Series XIX-D?
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-D certificate valid?
Three years from the date you pass.