← NISM Mock Test Center

Series XIX-C · Advanced

AIF Managers

Benchmark for AIF managers and their key investment team.

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

Questions

120

Duration

180 min

Pass mark

60%

Negative marking

25%

Exam fee

₹3,000 + payment gateway charges

Validity

3 years

Why this certification matters

Benchmark for AIF managers and their key investment team.

Who should take it: AIF managers and key investment personnel.

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-C

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
  • Secure checkout by RazorpayPay by UPI, card or net banking on Razorpay's checkout.
  • We never see card or UPI detailsPayment details are entered with Razorpay, not stored by VIA Capital.
  • Access after verified paymentAccess starts only after Razorpay's payment signature is verified.
  • Payment record in your accountYour payment and expiry date are saved to your VIA Capital account.

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

Covers managing AIFs: portfolio theory, valuation, governance and rules.

AIF managersInvestment teams

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 · 17 chapters

Matches official NISM curriculum · checked 30 September 2026
  1. 1Chapter 1Investments Landscape
    1. 1.1Investment
    2. 1.2Investment versus Speculation
    3. 1.3Investment Objectives
    4. 1.4Estimating the required rate of return
  2. 2Chapter 2Types of Investments
    1. 2.1Traditional Investments Vs. Alternative Investments
    2. 2.2Types of Traditional Investments
    3. 2.3Types of Alternative Investments
    4. 2.4Channels for making investments
    5. 2.5Role of Alternative Investments in Portfolio Management
    6. 2.6Alternative Investments, Antecedents and Growth
  3. 3Chapter 3Concept of Informational Efficiency
    1. 3.1Informational efficiency Vs. Operational Efficiency
    2. 3.2Efficient Capital markets and Random Walk Theory
    3. 3.3Tests and Results of Efficient Market Hypotheses
    4. 3.4Market Anomalies
    5. 3.5Implication of market efficiency on Valuation and Portfolio Management
  4. 4Chapter 4Introduction to Modern Portfolio Theory
    1. 4.1Framework for constructing portfolios, Modern Portfolio Theory
    2. 4.2Assumptions of the theory
    3. 4.3Definition of risk averse, risk seeking and risk neutral investor
    4. 4.4Expected rate of return for individual security
    5. 4.5Variance of return for individual security (Ex-Ante Risk)
    6. 4.6Expected rate of return for a portfolio: (Ex-Ante Return)
    7. 4.7Variance of return for a portfolio
    8. 4.8Efficient Frontier
    9. 4.9Portfolio Optimization process
    10. 4.10Estimation issues
  5. 5Chapter 5Introduction to Capital Market Theory
    1. 5.1Introduction to Capital Market Theory
    2. 5.2Assumptions of Capital Market Theory and the implication of relaxing these assumptions
    3. 5.3Capital Market Line
    4. 5.4Diversification of risk and market portfolio
    5. 5.5Types of risk, Market and Non-market risk
    6. 5.6Capital Asset Pricing Model, CAPM
    7. 5.7Security Market Line
    8. 5.8Empirical test of CAPM
    9. 5.9Multi factor models of risk and return
  6. 6Chapter 6Alternative Investment Funds in India and Its Suitability
    1. 6.1Evolution and Growth of AIFs in India and Factors enabling preference for Indian AIF market
    2. 6.2Types of AIFs
    3. 6.3Comparison of Categories
    4. 6.4Suitability of AIF products to Investors
    5. 6.5Current AIF Market in India
    6. 6.6Comparison between Category III AIF and Traditional Investments
    7. 6.7Role of AIFs in Portfolio Diversification
    8. 6.8AIF as a Risk Management Tool
  7. 7Chapter 7Alternative Investment Fund Ecosystem
    1. 7.1Concepts prevalent in the AIF industry
  8. 8Chapter 8Alternative Investment Fund Structuring
    1. 8.1Principle of ‘Pooling’
    2. 8.2General ‘Pooling’ Considerations
    3. 8.3Buy-out Transactions
    4. 8.4Anatomy of AIF Constitution
    5. 8.5Common Fund structures of AIF
    6. 8.6Comparative Analysis
  9. 9Chapter 9Fee Structure and Fund Performance
    1. 9.1Fee Structure
    2. 9.2Management Fees and Other Expenses
    3. 9.3Hurdle Rate
    4. 9.4High-Water Mark
    5. 9.5Risk Metrics
    6. 9.6Risks in AIF
    7. 9.7Types of Risks in AIFs
    8. 9.8Risk Measures
    9. 9.9Return Metrics
    10. 9.10Return Measures in Alternative Investments
    11. 9.11Pre and Post Tax Returns
    12. 9.12Risk-Return Metrics
    13. 9.13Risk-adjusted Return Metrics and Performance Measures
    14. 9.14Worked out Case
  10. 10Chapter 10Indices and Benchmarking
    1. 10.1Index
    2. 10.2Uses of Indices
    3. 10.3Factors differentiating the indices
    4. 10.4Index Methodologies
    5. 10.5Stock market indices
    6. 10.6Bond Market Indices
    7. 10.7Stock-Bond (Composite) Indices
    8. 10.8Performance Benchmarking
  11. 11Chapter 11Investment Strategies, Investment Process and Governance of Funds
    1. 11.1Investment Strategies
    2. 11.2Investment Strategies used by Category I and II AIFs
    3. 11.3Investment Strategies used by Category III AIFs
    4. 11.4Investment Process
    5. 11.5Deal Sourcing
    6. 11.6Governance of Funds
    7. 11.7Investor Due Diligence
    8. 11.8Definitive Agreements
    9. 11.9Investor Protection Rights in Category I and II AIFs
    10. 11.10Regulation on Governance Structure in AIF
    11. 11.11Role of Human Capital in avoiding Conflict of Interests
    12. 11.12Co-investments in AIFs
    13. 11.13Code of Conduct of Investment Managers of AIFs and Investment Committee
    14. 11.14Industry best practices
  12. 12Chapter 12Fund Due Diligence, Investor Perspective
    1. 12.1Fund Due Diligence
    2. 12.2Investment Due Diligence by Investors
    3. 12.3Manager Evaluation
    4. 12.4Manager Selection
    5. 12.5Key Man Clause
    6. 12.6Due Diligence on other Legal Documents
    7. 12.7Mitigation of Conflict of Interest
  13. 13Chapter 13Legal Documentation and Negotiations
    1. 13.1Introduction
    2. 13.2The Trust Document / Limited Liability Partnership Deed / Memorandum and Articles of Associations
    3. 13.3The Investment Management Agreement
    4. 13.4The Subscription (Investor Contribution) Agreement
    5. 13.5Private Placement Memorandum
    6. 13.6Wrapper
    7. 13.7Support Services Agreements
  14. 14Chapter 14Valuation
    1. 14.1Introduction
    2. 14.2Valuation Basics for Fixed Income Instruments
    3. 14.3Approaches to Equity Valuation
    4. 14.4Approaches to Business Valuation
    5. 14.5Asset based Valuation
    6. 14.6Discounted Cash Flow (DCF) Valuation
    7. 14.7Relative or Multiple based Valuation
    8. 14.8Valuation of AIF Portfolio Investments (Investee Companies)
    9. 14.9General Approach to Fund Valuation
    10. 14.10Net Asset Value (NAV)
    11. 14.11Valuation Techniques
    12. 14.12Computation of NAV for a Category III AIF vs. NAV attributable to a series of units issued to investors
    13. 14.13Valuation Regulations
    14. 14.14Role of third-party Registered Valuers
  15. 15Chapter 15Fund Monitoring, Reporting and Exit
    1. 15.1Monitoring Alternative Investment Fund Progress and Performance
    2. 15.2Regulatory Framework for Fund Monitoring and Reporting
    3. 15.3Fund Reporting
    4. 15.4Exit Options
    5. 15.5Secondary Exits (Secondaries)
    6. 15.6Winding Up of an AIF
    7. 15.7Liquidation Scheme
    8. 15.8Context and Scope of Effective Fund Monitoring
    9. 15.9Dissolution Period
  16. 16Chapter 16Taxation
    1. 16.1Taxation of Category I and Category II AIFs
    2. 16.2Taxation of Category III AIF
    3. 16.3Surcharge Rates
    4. 16.4Set off and carry forward of loss under the ITA
    5. 16.5General Anti-Avoidance Rule (GAAR)
    6. 16.6Multilateral Convention to Implement (MLI)
    7. 16.7Other applicable taxes
    8. 16.8Examples
  17. 17Chapter 17Regulatory Framework
    1. 17.1SEBI (Alternative Investment Funds) Regulations, 2012
    2. 17.2Registration Process and Eligibility Criteria
    3. 17.3Sponsor / Manager Commitment
    4. 17.4Concept of Open-ended and Close-ended Funds
    5. 17.5Accredited Investor Framework
    6. 17.6First Close, Final Close and Tenure of Funds / Schemes
    7. 17.7Investors’ subscription to the Fund/Scheme
    8. 17.8Raising Corpus Capital
    9. 17.9Investment Conditions applicable to AIFs
    10. 17.10Guidelines on Operational, Prudential and Reporting Norms for Category III AIFs
    11. 17.11General Obligations and Responsibilities of AIFs
    12. 17.12Inspection
    13. 17.13Code of Conduct for AIFs
    14. 17.14Exemption from enforcement of the regulations in special cases
    15. 17.15Periodic Disclosures and Reporting
    16. 17.16Dematerialization of AIF Units
    17. 17.17Market Surveillance by AIFs
    18. 17.18Specific due diligence of investors and investments of AIFs
    19. 17.19FDI and its Economic Significance
    20. 17.20Investment Framework under FEMA
    21. 17.21Inbound Foreign Investment Routes
    22. 17.22Foreign Investments in AIFs
    23. 17.23Overseas Investments by AIFs
    24. 17.24Prevention of Anti-Money Laundering Act, 2002
    25. 17.25Regulatory Oversight
    26. 17.26Other related SEBI Regulations
    27. 17.27SEBI (Prohibition of Insider Trading) Regulations, 2015
    28. 17.28SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Markets) Regulations, 2003
    29. 17.29SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018
    30. 17.30SEBI (Foreign Portfolio Investors) Regulations, 2019
    31. 17.31Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS)

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-C flashcards

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

NISM Series XIX-C: questions people ask

What is NISM Series XIX-C?

NISM-Series-XIX-C: Alternative Investment Fund Managers Certification Examination. Benchmark for AIF managers and their key investment team.

What is the exam pattern?

120 questions (90 MCQs + 6 cases of 5 questions), 150 marks, 180 minutes. Pass mark 60%. Negative marking of 25% of the marks for a question.

What is the fee and validity?

NISM lists the fee as ₹3,000 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-C exam?

NISM lists 120 questions for 150 marks, to be answered in 180 minutes.

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

You need 60% (90 of 150 marks) to pass.

Is there negative marking in NISM Series XIX-C?

Yes. 25% of the marks for a question are deducted for each wrong answer, so guessing has a cost.

Who should take NISM Series XIX-C?

AIF managers and key investment personnel.

How do I prepare for NISM Series XIX-C 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?

120 questions · 180 minutes · 25% negative marking. First 10 questions free, then full papers with the practice pass.

Start mock test Daily quick quiz
You may also like

Related NISM series

Preparing for NISM Series XIX-C AIF Managers? These certifications sit closest to it on the same career path.

Advanced

NISM Series XIX-D

AIF Managers (Category I & II)

Benchmark for Category I and II AIF managers and their key investment team.

Same field: Alternative funds (AIF)

View series
Advanced

NISM Series XIX-E

AIF Managers (Category III)

Benchmark for Category III AIF managers and their key investment team.

Same field: Alternative funds (AIF)

View series
Intermediate

NISM Series XXI-A

Portfolio Management Services Distributors

Mandatory for individuals distributing or marketing Portfolio Management Services (PMS) products.

Same field: Portfolio management

View series

Ready to book the real exam?

How to register on the official NISM website

VIA Capital does not take exam registrations. Enrolment, fees and certificates are handled only by NISM. Follow these steps on their website.

  1. 1

    Create your NISM account

    Register on the official NISM certification portal with your name exactly as on your ID, plus email and mobile.

  2. 2

    Choose the examination

    Select the series you want (for example, Series V-A) and read the current test objectives and rules.

  3. 3

    Pick a test centre and date

    Choose an available test centre or mode, date and time slot.

  4. 4

    Pay the examination fee

    Pay the fee shown on the NISM portal. Fees can change, so rely only on the amount NISM shows.

  5. 5

    Keep your confirmation

    Save the enrolment confirmation and carry a valid photo ID on exam day.

Go to NISM certification portal Official NISM website

Opens nism.ac.in in a new tab. Always check current fees, rules and eligibility there.