Series XIX-E · Advanced

AIF Managers (Category III)

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

FreeStart free mock test · 10 questions Learn the concepts first

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

Questions

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 III AIF managers and their key investment team.

Who should take it: Category III AIF managers and investment teams.

How VIA Capital preparation works

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

Step 1
Read
Slide through the study book chapter by chapter.
Step 2
Practise
Chapter questions with answer and explanation.
Step 3
Chapter tests
Beginner and advanced tests for each chapter.
Step 4
Full mock sets
100-question papers in a real exam screen.
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-E

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 Category III AIFs.

Category III 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 · 15 chapters

Matches official NISM curriculum · checked 30 September 2026

1Chapter 1Investments Landscape4 topics
1. 1.1Investment
2. 1.2Investment Versus Speculation
3. 1.3Investment Objectives
4. 1.4Estimating the required rate of return
2Chapter 2Types of Investments6 topics
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
3Chapter 3Introduction to Modern Portfolio Theory and Capital Market Theory14 topics
1. 3.1Framework for constructing portfolios, Modern Portfolio Theory
2. 3.2Assumptions of the theory
3. 3.3Expected rate of return for individual security
4. 3.4Variance of return for individual security (Ex-Ante Risk)
5. 3.5Expected rate of return for a portfolio: (Ex-Ante Return)
6. 3.6Variance of return for a portfolio
7. 3.7Efficient Frontier
8. 3.8Portfolio Optimization process
9. 3.9Estimation issues
10. 3.10Introduction to Capital Market Theory
11. 3.11Assumptions of Capital Market Theory and the implication of relaxing these assumptions
12. 3.12Capital Market Line
13. 3.13Capital Asset Pricing Model (CAPM)
14. 3.14Security Market Line
4Chapter 4Alternative Investment Funds in India and Its Suitability8 topics
1. 4.1Evolution and Growth of AIFs in India and Factors enabling preference for Indian AIF market
2. 4.2Types of AIFs
3. 4.3Comparison of Categories
4. 4.4Suitability of AIF products to Investors
5. 4.5Current AIF Market in India
6. 4.6Comparison between Category III AIF and Traditional Investments
7. 4.7Role of AIFs in Portfolio Diversification
8. 4.8AIF as a Risk Management Tool
5Chapter 5Alternative Investment Fund Ecosystem1 topics
1. 5.1Concepts prevalent in the AIF industry
6Chapter 6Alternative Investment Fund Structuring5 topics
1. 6.1Principle of ‘Pooling’
2. 6.2General ‘Pooling’ Considerations
3. 6.3Anatomy of AIF Constitution
4. 6.4Common Fund structures of AIF
5. 6.5Comparative Analysis
7Chapter 7Fee Structure and Fund Performance9 topics
1. 7.1Management Fees and Other Expenses
2. 7.2Hurdle Rate
3. 7.3High-Water Mark
4. 7.4Risks in AIF
5. 7.5Types of Risks in AIFs
6. 7.6Risk Measures
7. 7.7Return Measures in Alternative Investments
8. 7.8Pre and Post Tax Returns
9. 7.9Risk-adjusted Return Metrics and Performance Measures
8Chapter 8Indices and Benchmarking8 topics
1. 8.1Index
2. 8.2Uses of Indices
3. 8.3Factors differentiating the indices
4. 8.4Index Methodologies
5. 8.5Stock market indices
6. 8.6Bond Market Indices
7. 8.7Stock-Bond (Composite) Indices
8. 8.8Performance Benchmarking
9Chapter 9Legal Documentation and Negotiations7 topics
1. 9.1Introduction
2. 9.2The Trust Document / Limited Liability Partnership Deed / Memorandum and Articles of Associations
3. 9.3The Investment Management Agreement
4. 9.4The Subscription (Investor Contribution) Agreement
5. 9.5Private Placement Memorandum
6. 9.6Wrapper
7. 9.7Support Services Agreements
10Chapter 10Investment Strategies1 topics
1. 10.1Investment Strategies used by Category III AIFs
11Chapter 11Governance of Funds and Due Diligence7 topics
1. 11.1Investor Due Diligence
2. 11.2Definitive Agreements
3. 11.3Regulation on Governance Structure in AIF
4. 11.4Role of Human Capital in avoiding Conflict of Interests
5. 11.5Co-investments in AIFs
6. 11.6Code of Conduct of Investment Managers of AIFs and Investment Committee
7. 11.7Industry Best Practices
12Chapter 12Valuation12 topics
1. 12.1Introduction
2. 12.2Valuation Basics for Fixed Income Instruments
3. 12.3Approaches to Equity Valuation
4. 12.4Approaches to Business Valuation
5. 12.5Asset based Valuation
6. 12.6Discounted Cash Flow (DCF) Valuation
7. 12.7Relative or Multiple based Valuation
8. 12.8Net Asset Value (NAV)
9. 12.9Valuation Techniques
10. 12.10Computation of NAV for a Category III AIF vs. NAV attributable to a series of units issued to investors
11. 12.11Valuation Regulations
12. 12.12Role of third-party Registered Valuers
13Chapter 13Fund Monitoring, Reporting and Exit8 topics
1. 13.1Monitoring Alternative Investment Fund Progress and Performance
2. 13.2Context and Scope of Effective Fund Monitoring
3. 13.3Regulatory Framework for Fund Monitoring and Reporting
4. 13.4Fund Reporting
5. 13.5Exit Options
6. 13.6Winding Up of an AIF
7. 13.7Liquidation Scheme
8. 13.8Dissolution Period
14Chapter 14Taxation5 topics
1. 14.1Taxation of AIFs
2. 14.2Set off and carry forward of loss under the ITA
3. 14.3GAAR
4. 14.4Other applicable taxes
5. 14.5Examples
15Chapter 15Regulatory Framework4 topics
1. 15.1SEBI (Alternative Investment Funds) Regulations, 2012
2. 15.2Foreign Exchange Management Act, 1999
3. 15.3Prevention of Anti-Money Laundering Act, 2002
4. 15.4Other related SEBI Regulations

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-E flashcards

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

NISM Series XIX-E: questions people ask

What is NISM Series XIX-E?

NISM-Series-XIX-E: Category III Alternative Investment Fund Managers Certification Examination. Benchmark for Category III 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-E exam?

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

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

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

Is there negative marking in NISM Series XIX-E?

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-E?

Category III AIF managers and investment teams.

How do I prepare for NISM Series XIX-E 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.

Start mock test Daily quick quiz

AIF Managers

Benchmark for AIF managers and their key investment team.

Same field: Alternative funds (AIF)

View series

Advanced

NISM Series XIX-D