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Series XIX-B · Advanced

AIF (Category III) Distributors

Voluntary benchmark for distributors and placement agents of Category III 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 III 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

Simple screens, small steps, no clutter.

Every answer explained

If you get one wrong, you learn why.

Help on every question

Report anything confusing, our team fixes it.

Honest

Independent practice. We never claim to be NISM or promise a pass.

Practice pass · NISM Series XIX-B

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.

ResearchQuestion writingTechnology
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One simple package

…

11 days access · one series · incl. taxes

Try 10 questions free Start studying

The official NISM exam fee is paid separately to NISM.

Where it takes you

Voluntary exam on distributing Category III 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 · 10 chapters

Matches official NISM curriculum · checked 30 September 2026
  1. 1Chapter 1Overview of Alternative Investments
    1. 1.1Introduction to Alternative Investments
    2. 1.2Alternative Investment Avenues
    3. 1.3Alternative Investments, Antecedents and Growth
    4. 1.4Role of Alternative Investments in Portfolio Management
  2. 2Chapter 2Growth of Alternative Investment Funds in India and Suitability of Category III AIFs
    1. 2.1Evolution and Growth of Category III AIFs in India
    2. 2.2Types of AIFs
    3. 2.3Comparison of Categories
    4. 2.4Suitability and Enablers for Category III AIF Products in India
    5. 2.5Current Category III AIF Market Status
  3. 3Chapter 3Introduction to Category III AIF Ecosystem
    1. 3.1Investments under Category III AIF
    2. 3.2Characteristics of Category III AIF
    3. 3.3Concepts prevalent in the Category III AIF industry
    4. 3.4Investments by Category III AIFs
    5. 3.5Comparison between Category III AIF and Traditional Investments
    6. 3.6Hedge Funds: Global Market Overview
    7. 3.7Category III AIF as a Risk Management tool
  4. 4Chapter 4Category III AIF: Fund Structures and Service Providers
    1. 4.1Fund structures of a Category III AIF
    2. 4.2Service Providers in the Category III AIF industry
  5. 5Chapter 5Regulatory Framework
    1. 5.1SEBI (Alternative Investment Funds) Regulations, 2012
    2. 5.2Registration of a Category III Alternative Investment Fund
    3. 5.3Accredited Investors, Accreditation Agencies and the Accredited Investor Framework
    4. 5.4Conditions for investment in a Category III AIF
    5. 5.5Private Placement Memorandum
    6. 5.6Guidelines on Operational, Prudential and Reporting Norms
    7. 5.7Conditions for investment in a Category III AIF
    8. 5.8Concentration Limits
    9. 5.9Category III AIFs: Open-ended v/s Close-ended
    10. 5.10Category III AIFs: Direct Plan Vs. Plans through Distributors
    11. 5.11Dematerialization of AIF Units
    12. 5.12First Close, Final Close and Fund Tenure
    13. 5.13Fund raising process, Regulatory requirements
    14. 5.14Listing of Close-ended Funds/ Schemes
    15. 5.15Category III AIFs: Participation in Credit Default Swaps
    16. 5.16General obligations and responsibilities of a Category III AIF
    17. 5.17Investor Charter
    18. 5.18Compliance Test Reporting (CTR)
    19. 5.19Foreign Account Tax Compliance Act and Common Reporting Standard
    20. 5.20SEBI (Prohibition of Insider Trading) Regulations, 2015
    21. 5.21Prevention of Anti-Money Laundering Act, 2002
    22. 5.22Foreign Exchange Management Act, 1999
    23. 5.23SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018
    24. 5.24Winding-up
    25. 5.25SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Markets) Regulations, 2003
  6. 6Chapter 6Fees Structure, Fund Performance and Benchmarking
    1. 6.1Fee Structure of a Category III AIF
    2. 6.2Fund Performance Measurement Tools
    3. 6.3Performance Benchmarking
  7. 7Chapter 7Category III AIF Investment Strategies and Due Diligence Process
    1. 7.1Equity-Market Investment Strategies
    2. 7.2Global-Macro Strategy
    3. 7.3Convertible Arbitrage Strategy
    4. 7.4Event-driven Investment Strategies
    5. 7.5Due Diligence Process
  8. 8Chapter 8Valuation
    1. 8.1Net Asset Value (“NAV”)
    2. 8.2Valuation Techniques
    3. 8.3Computation of NAV for a Category III AIF vs. NAV attributable to a series of units issued to investors
    4. 8.4Role of third-party Registered Valuers
  9. 9Chapter 9Taxation
    1. 9.1Comparison of Tax-regime among all categories of AIFs
    2. 9.2Taxation principles applicable to Trust structure
    3. 9.3Tax applicability on income from Category III AIFs
    4. 9.4Goods and Services Tax
    5. 9.5Taxation on distribution/ redemption of units by Category III AIFs
    6. 9.6Taxation on transfer of Category III AIF units by investors
    7. 9.7Tax applicability to Category III AIFs in IFSC
    8. 9.8Tax impact on performance of Category III AIF
  10. 10Chapter 10Good Practices
    1. 10.1Fund Pitch Book, Role and Significance
    2. 10.2Role of Distributors, Pre-investment and Post-investment
    3. 10.3Client Confidentiality and Data Privacy at Distributor Level
    4. 10.4Code of Conduct
    5. 10.5Importance of Insurance for a Category III AIF

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-B flashcards

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

NISM Series XIX-B: questions people ask

What is NISM Series XIX-B?

NISM-Series-XIX-B: Alternative Investment Funds (Category III) Distributors Certification Examination. Voluntary benchmark for distributors and placement agents of Category III 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-B exam?

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

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

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

Is there negative marking in NISM Series XIX-B?

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-B?

AIF distributors and placement agents.

How do I prepare for NISM Series XIX-B 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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