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Series XIX-D · Advanced

AIF Managers (Category I & II)

Benchmark for Category I and II 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

80

Duration

120 min

Pass mark

60%

Negative marking

25%

Exam fee

₹1,500 + payment gateway charges

Validity

3 years

Why this certification matters

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

Who should take it: Category I/II AIF managers and investment teams.

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.

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Practice pass · NISM Series XIX-D

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
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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

Covers managing Category I and II AIFs.

Category I/II AIF managers

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 · 14 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 3Alternative Investment Funds in India and Its Suitability
    1. 3.1Evolution and Growth of AIFs in India and Factors Enabling Preference for Indian AIF Market
    2. 3.2Types of AIFs
    3. 3.3Comparison of Categories
    4. 3.4Suitability of AIF Products to Investors
    5. 3.5Current AIF Market in India
    6. 3.6Role of AIFs in Portfolio Diversification
    7. 3.7AIF as A Risk Management Tool
  4. 4Chapter 4Alternative Investment Fund Ecosystem
    1. 4.1Concepts Prevalent in The AIF Industry
  5. 5Chapter 5Alternative Investment Fund Structuring
    1. 5.1Principle of ‘Pooling’
    2. 5.2General ‘Pooling’ Considerations
    3. 5.3Anatomy of AIF Constitution
    4. 5.4Common Fund Structures of AIF
    5. 5.5Comparative Analysis
  6. 6Chapter 6Fee Structure of Alternative Investment Funds
    1. 6.1Management Fees and Other Expenses
    2. 6.2Hurdle Rate
    3. 6.3High-Water Mark
  7. 7Chapter 7Fund Performance and Benchmarking
    1. 7.1Risks in AIF
    2. 7.2Types of Risks in AIFs
    3. 7.3Return Measures in Alternative Investments
    4. 7.4Pre and Post Tax Returns
    5. 7.5Benchmarking
    6. 7.6Benchmarking Agencies
    7. 7.7Worked Out Case
  8. 8Chapter 8Legal Documentation and Negotiations
    1. 8.1Introduction
    2. 8.2The Trust Document / Limited Liability Partnership Deed / Memorandum and Articles of Associations
    3. 8.3The Investment Management Agreement
    4. 8.4The Subscription (Investor Contribution) Agreement
    5. 8.5Private Placement Memorandum
    6. 8.6Wrapper
    7. 8.7Support Services Agreements
  9. 9Chapter 9Investment Strategies
    1. 9.1Investment Strategies Used by Category I and II AIFs
  10. 10Chapter 10Investment Process and Governance of Funds
    1. 10.1Deal Sourcing
    2. 10.2Investor Due Diligence
    3. 10.3Definitive Agreements
    4. 10.4Investor Protection Rights in Category I and II AIFs
    5. 10.5Regulation On Governance Structure in AIFs
    6. 10.6Role of Human Capital in Avoiding Conflict of Interests
    7. 10.7Co-Investments in AIFs
    8. 10.8Code of Conduct of Investment Managers of AIFs and Investment Committee
    9. 10.9Industry Best Practices
  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. 11.10Net Asset Value (NAV)
    11. 11.11Valuation Regulations
    12. 11.12Role of Third-Party Registered Valuers
  12. 12Chapter 12Fund Monitoring, Reporting and Exit
    1. 12.1Monitoring Alternative Investment Fund Progress and Performance
    2. 12.2Regulatory Framework for Fund Monitoring and Reporting
    3. 12.3Fund Reporting
    4. 12.4Exit Options
    5. 12.5Secondary Exits (Secondaries)
    6. 12.6Winding Up of an AIF
    7. 12.7Liquidation Scheme
    8. 12.8Dissolution Period
  13. 13Chapter 13Taxation
    1. 13.1Taxation of Category I and Category II AIFs
    2. 13.2Set Off and Carry Forward of Loss Under the ITA
    3. 13.3GAAR
    4. 13.4Other Applicable Taxes
    5. 13.5Examples
  14. 14Chapter 14Regulatory Framework
    1. 14.1SEBI (Alternative Investment Funds) Regulations, 2012
    2. 14.2Registration Process and Eligibility Criteria
    3. 14.3Sponsor / Manager Commitment
    4. 14.4Concept of Open-Ended and Close-Ended Funds
    5. 14.5Accredited Investor Framework
    6. 14.6First Close, Final Close and Tenure of Funds / Schemes
    7. 14.7Investors’ Subscription to The Fund/Scheme
    8. 14.8Dematerialization of AIF Units
    9. 14.9Raising Corpus Capital
    10. 14.10Investment Conditions Applicable to AIFs
    11. 14.11General Obligations and Responsibilities of AIFs
    12. 14.12Inspection
    13. 14.13Code of Conduct for AIFs
    14. 14.14Market Surveillance by AIFs
    15. 14.15Exemption from Enforcement of the Regulations in Special Cases
    16. 14.16Periodic Disclosures and Reporting
    17. 14.17Specific Due Diligence of Investors and Investments of AIFs
    18. 14.18Foreign Exchange Management Act, 1999
    19. 14.19FDO and Its Economic Significance
    20. 14.20Investment Framework Under FEMA
    21. 14.21Inbound Foreign Investment Routes
    22. 14.22Foreign Investments in AIFs
    23. 14.23Overseas Investments by AIFs
    24. 14.24Prevention of Anti-Money Laundering Act, 2002
    25. 14.25Regulatory Oversight
    26. 14.26Other Related SEBI Regulations
    27. 14.27SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018
    28. 14.28Foreign Account Tax Compliance Act and Common Reporting Standard
    29. 14.29NISM-Series-XIX-D: Category I and II Alternative Investment Fund Managers
    30. 14.30Important Links
    31. 14.31Register for Certification Exam
    32. 14.32Exam Center
    33. 14.33Study Material Download

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-D flashcards

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

NISM Series XIX-D: questions people ask

What is NISM Series XIX-D?

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

What is the exam pattern?

80 questions (60 MCQs + 4 cases of 5 questions), 100 marks, 120 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 ₹1,500 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-D exam?

NISM lists 80 questions for 100 marks, to be answered in 120 minutes.

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

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

Is there negative marking in NISM Series XIX-D?

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-D?

Category I/II AIF managers and investment teams.

How do I prepare for NISM Series XIX-D 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?

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

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