NISM Series XIX-A study guide
NISM Series XIX-A · Work through your exam, one topic at a time.
NISM Series XIX-A is the Alternative Investment Funds (Category I and II) Distributors Certification Examination, one of a family of NISM certification examinations covering alternative investment funds. The source material confirms the exam's existence and its full official name, and lists it within the Alternative Investment Funds group alongside NISM Series XIX-B (Category III distributors), XIX-C (AIF managers), XIX-D (Category I and II AIF managers) and XIX-E (Category III AIF managers). The NISM Series XIX-A study guide has 5 sections and about 1,806 words.
01AIF Regulatory Architecture and Fund Categorisation
This domain tests the legal skeleton of an Alternative Investment Fund: what an AIF is, how SEBI classifies it, and what registration and structural rules apply before a scheme can accept money. Questions often turn on category boundaries and on the consequences of getting the classification wrong.
411 words, about 2 min02Category I and II Product Strategies and Investor Suitability
This domain tests whether a distributor can match an investor to a Category I or II strategy. Questions often ask you to identify the subcategory, explain the risk-return profile, or spot a suitability mismatch.
333 words, about 2 min03Private Placement, Distribution and Investor Onboarding
This domain tests how AIF units may be offered, who may be approached, what a distributor must check, and what conduct is prohibited. It is the highest-risk area for distribution misconduct.
358 words, about 2 min04Compliance, Disclosure and Reporting Obligations
This domain tests the ongoing obligations that surround an AIF: what must be disclosed to investors, what must be reported to SEBI, and what a distributor must record. Questions often present a conduct scenario and ask which disclosure or record is missing.
328 words, about 2 min05Taxation, Valuation and Investor Servicing
This domain tests the investor-facing mechanics after subscription: how AIF income is taxed, how units are valued, how capital calls and distributions work, and what servicing standards apply. Category I and II AIFs generally receive pass-through treatment for income other than business income, so investors are taxed broadly as if they had invested directly, subject to conditions.
376 words, about 2 min