NISM Series XIX-C study guide
NISM Series XIX-C · Work through your exam, one topic at a time.
NISM Series XIX-C is the Alternative Investment Fund Managers Certification Examination offered by the National Institute of Securities Markets (NISM), the public trust established in 2006 by the Securities and Exchange Board of India (SEBI). NISM describes itself as carrying out capacity building activities aimed at enhancing quality standards in the securities markets. The NISM Series XIX-C study guide has 4 sections and about 1,651 words.
01AIF Regulatory Framework and Fund Structures
This domain tests what legally qualifies as an AIF in India, the legal forms a fund may take, the SEBI registration route, and the hard structural limits - corpus, ticket size, investor count, tenure - that must be satisfied before a scheme can launch. An AIF is a privately pooled vehicle established or incorporated in India that collects funds from Indian or foreign investors under a defined investment policy for their benefit, and is not covered by the SEBI (Mutual Funds) Regulations, 1996 or the CIS Regulations, 1999.
425 words, about 2 min02Roles, Responsibilities and Compliance Obligations of AIF Managers
The exam tests the manager (AIFM) as the regulated operating entity: who may act as manager, the fiduciary and disclosure duties attached to that role, and the recurring compliance calendar it must run across every scheme. The AIFM is a company or LLP with a principal place of business in India, registered with SEBI, responsible for investment decisions, risk management, valuation, compliance and reporting for each scheme it manages.
427 words, about 2 min03AIF Categories, Strategies, Valuation and Risk Management
This domain tests the three-category architecture, which strategies sit where, the concentration and leverage guardrails that apply to each, and how AIFs must value illiquid positions and manage risk. Category I: funds investing in start-ups, early-stage ventures, social ventures, SMEs or infrastructure - subcategories are Venture Capital Fund, SME Fund, Social Venture Fund and Infrastructure Fund.
389 words, about 2 min04Distribution, Investor Protection, Ethical and Operational Practices
The exam tests how AIF units are sold, what a distributor may and may not say, and the operational ethics expected between distributor, manager and investor. AIF units are privately placed.
410 words, about 2 min