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Series XIX-A · Advanced

AIF (Category I & II) Distributors

Voluntary benchmark for distributors and placement agents of Category I and II AIFs.

Educational content only. VIA Capital does not provide buy/sell calls, tips, or personalized advice. Always do your own research.

Questions

100

Duration

120 min

Pass mark

60%

Negative marking

10%

Exam fee

₹1,770 + payment gateway charges

Validity

3 years

Why this certification matters

Voluntary benchmark for distributors and placement agents of Category I and II AIFs.

Who should take it: AIF distributors and placement agents.

How VIA Capital preparation works

One clear path. Built for students, and built for discipline.

  1. Step 1

    Read

    Slide through the study book chapter by chapter.

  2. Step 2

    Practise

    Chapter questions with answer and explanation.

  3. Step 3

    Chapter tests

    Beginner and advanced tests for each chapter.

  4. Step 4

    Full mock sets

    100-question papers in a real exam screen.

  5. Step 5

    Review

    See every mistake and why, then improve.

Why prepare with VIA Capital

Student first

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Every answer explained

If you get one wrong, you learn why.

Help on every question

Report anything confusing, our team fixes it.

Honest

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Practice pass · NISM Series XIX-A

Everything you need to prepare, in one pass

  • Digital study book, read chapter by chapter
  • Chapter-wise questions to understand every chapter
  • Chapter tests, beginner and advanced
  • Full mock sets as questions are added
  • Answer and explanation for every question
  • Real exam screen with timer and question palette

Why we charge a small amount

This is not the NISM exam fee. It helps us run the platform: our research team writing and checking questions, keeping explanations accurate, and the technology behind the study book and exam screen.

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One simple package

…

11 days access · one series · incl. taxes

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The official NISM exam fee is paid separately to NISM.

Where it takes you

Voluntary exam on distributing Category I and II AIFs.

AIF distributorsPlacement agents

Roles are common examples. Whether a certification is required for a role depends on SEBI rules and the employer; confirm on nism.ac.in.

Full syllabus · 13 chapters

Matches official NISM curriculum · checked 30 September 2026
  1. 1Chapter 1Overview of Alternative Investments
    1. 1.1Introduction to Alternative Investment
    2. 1.2Alternative Investment Avenues
    3. 1.3Alternative Investments, Antecedents and Growth
    4. 1.4Distinguishing ‘Alpha’ and ‘Beta’
    5. 1.5Role of Alternative Investments in Portfolio Management
  2. 2Chapter 2Alternative Investment Funds in India
    1. 2.1Evolution and Growth of AIFs in India
    2. 2.2Trends Post-2008
    3. 2.3Types of AIFs
    4. 2.4Comparison of AIF Categories
    5. 2.5Suitability and Enablers for AIF Products in India
    6. 2.6Current AIF Market Status
  3. 3Chapter 3Concepts in the AIF Industry
    1. 3.1The Private Capital Ecosystem
    2. 3.2Due Diligence
    3. 3.3Sponsor Commitment
    4. 3.4Capital Commitment
    5. 3.5Capital Invested
    6. 3.6Drawdown
    7. 3.7Fees & Expenses
    8. 3.8Preferred Returns and Additional Returns
    9. 3.9Distributions / Waterfall
    10. 3.10First close and Final close
    11. 3.11Private Placement Memorandum (PPM)
    12. 3.12Co-investments
    13. 3.13Term Sheet, Summary of Principal Terms (SOPT)
    14. 3.14Environment, Social and Governance (ESG)
  4. 4Chapter 4AIF Regulatory Framework
    1. 4.1SEBI (Alternative Investment Funds) Regulations 2012
    2. 4.2General Provisions of the Foreign Exchange Management Act 1999 (FEMA)
  5. 5Chapter 5Alternative Investment Fund Structuring
    1. 5.1Introduction
    2. 5.2Principle of ‘Pooling’
    3. 5.3General ‘Pooling’ Considerations
    4. 5.4Anatomy of AIF Constitution
    5. 5.5Templates for AIF Structuring
  6. 6Chapter 6Risk and Return, Fund and Investor Perspective
    1. 6.1Basics of Risk and Return
    2. 6.2Nature and Types of Debt Investments
    3. 6.3Nature of Equity Investments
    4. 6.4Nature of Investor Risks in AIF
    5. 6.5Primary Metrics of Returns
    6. 6.6Return Measurement Metrics in Alternative Investments
    7. 6.7The J Curve
    8. 6.8Worked out Case
  7. 7Chapter 7Investment Process and Governance of Funds
    1. 7.1Deal Sourcing
    2. 7.2Due Diligence Review (DDR)
    3. 7.3Definitive Agreements
    4. 7.4Overview of Important Investor Protection Rights
    5. 7.5Co-investments in AIFs
    6. 7.6Regulation on Governance Structure in AIF
  8. 8Chapter 8Fund Due Diligence, Investor Perspective
    1. 8.1Investor Perspective
    2. 8.2Fund Selection
    3. 8.3Evaluating the Fund Manager
    4. 8.4Importance of Fund Due Diligence
    5. 8.5Fund Benchmarking
    6. 8.6Broad Aspects of Fund Due Diligence
    7. 8.7Sales Strategy Formulation by Distributor
  9. 9Chapter 9Legal Documentation and Negotiation, Investor Perspective
    1. 9.1Introduction
    2. 9.2The Trust Document / LLP Partnership Deed / Memorandum and Articles
    3. 9.3The Investment Management Agreement
    4. 9.4The Subscription (Investor Contribution) Agreement
    5. 9.5Private Placement Memorandum
    6. 9.6Support Services Agreements
  10. 10Chapter 10Fund Monitoring, Reporting and Exit
    1. 10.1Monitoring Alternative Investment Fund Progress and Performance
    2. 10.2Regulatory Framework for Fund Monitoring and Reporting
    3. 10.3Context and Scope of Effective Fund Monitoring
    4. 10.4Fund Reporting
    5. 10.5Conflicts and Concerns in Fund Reporting
    6. 10.6Possible Methods for Dealing with Adverse Situations
    7. 10.7Secondary Exits (Secondaries)
    8. 10.8Exits from Portfolio Companies
    9. 10.9Winding Up of an AIF
    10. 10.10Liquidation Scheme
    11. 10.11Dissolution Period
  11. 11Chapter 11Valuation
    1. 11.1Introduction
    2. 11.2Valuation Basics for Fixed Income Instruments
    3. 11.3Approaches to Equity Valuation
    4. 11.4Approaches to Business Valuation
    5. 11.5Asset based Valuation
    6. 11.6Discounted Cash Flow (DCF) Valuation
    7. 11.7Relative or Multiple based Valuation
    8. 11.8Valuation of AIF Portfolio Investments (Investee Companies)
    9. 11.9General Approach to Fund Valuation
    10. 11.10Valuation Regulations
    11. 11.11Role of Valuers and Limitations of Valuation
    12. 11.12Distributor Responsibility to Investors
  12. 12Chapter 12Taxation, India Specific
    1. 12.1Basic Framework
    2. 12.2AIF Taxation
    3. 12.3Business Income and Investment Income
    4. 12.4Taxation for residents in India
    5. 12.5Taxation of Non-residents in India
    6. 12.6General Anti-Avoidance Rules (GAAR)
    7. 12.7Goods and Services Tax (GST)
    8. 12.8Stamp Duty and Local Taxes
    9. 12.9Foreign Tax Account Compliance Act and Common Reporting Standard
  13. 13Chapter 13Good Practices
    1. 13.1Introduction
    2. 13.2Role of AIF Distributor
    3. 13.3Distributor Agreement
    4. 13.4Preparation of Distribution Pitch
    5. 13.5Scope of Distribution Services (Pre and Post)
    6. 13.6Distributor Good Practices
    7. 13.7Client Confidentiality and Data Privacy at Distributor Level
    8. 13.8Prohibit Fraudulent and Unfair Trade Practices
    9. 13.9Prohibit Conflict of Interest

Source: NISM curriculum page. Chapter names and order follow NISM; sub-topic numbering (1.1, 1.2) is added by VIA Capital for easy reading. NISM may revise its curriculum; always confirm on nism.ac.in.

Quick revision · flashcards

NISM Series XIX-A flashcards

Flip 10 cards free as a demo. The practice pass opens every card, chapter by chapter.

NISM Series XIX-A: questions people ask

What is NISM Series XIX-A?

NISM-Series-XIX-A: Alternative Investment Funds (Category I and II) Distributors Certification Examination. Voluntary benchmark for distributors and placement agents of Category I and II AIFs.

What is the exam pattern?

100 questions (80 MCQs + 5 cases of 4 questions), 100 marks, 120 minutes. Pass mark 60%. Negative marking of 10% of the marks for a question.

What is the fee and validity?

NISM lists the fee as ₹1,770 plus payment gateway charges. The certificate is valid for 3 years and is issued only if your PAN is updated. Always confirm on nism.ac.in.

Is VIA Capital official NISM material?

No. VIA Capital is an independent preparation platform. Use the official NISM workbook and register only on the NISM website.

How many questions are in the NISM Series XIX-A exam?

NISM lists 100 questions for 100 marks, to be answered in 120 minutes.

What is the passing score for NISM Series XIX-A?

You need 60% (60 of 100 marks) to pass.

Is there negative marking in NISM Series XIX-A?

Yes. 10% of the marks for a question are deducted for each wrong answer, so guessing has a cost.

Who should take NISM Series XIX-A?

AIF distributors and placement agents.

How do I prepare for NISM Series XIX-A on VIA Capital?

Follow the five steps: read each chapter, practise questions, pass the chapter tests, take the full mock tests, then sit the final practice exam. Your progress is saved to your account.

Where do I register for the real exam?

Only on the official NISM website, nism.ac.in. VIA Capital is an independent preparation platform and cannot book or conduct the NISM exam.

Ready to test yourself?

100 questions · 120 minutes · 10% negative marking. First 10 questions free, then full papers with the practice pass.

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