NISM Series XIX-D
NISM-Series-XIX-D: Category I and II Alternative Investment Fund Managers Certification Examination
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ExploreAbout this exam
NISM-Series-XIX-D is the National Institute of Securities Markets certification examination for Category I and II Alternative Investment Fund Managers. NISM is a public trust established in 2006 by the Securities and Exchange Board of India (SEBI), the regulator of the securities markets in India, and it carries out capacity building activities aimed at enhancing quality standards in the securities markets. This credential sits in NISM's Alternative Investment Funds family, alongside the XIX-A and XIX-B distributor examinations, the XIX-C AIF Managers examination and the XIX-E Category III AIF Managers examination. It is aimed at professionals who manage or support Category I and II alternative investment funds, where the regulatory posture, investor base and operational obligations differ from Category III vehicles. The syllabus spans four equally weighted domains: the AIF regulatory framework and manager obligations; the legal and regulatory environment for AIF managers; fund operations, compliance and risk management; and ethics, governance and investor protection. Preparation should combine a close reading of the SEBI AIF regulations and circulars with the NISM workbook, then move to scenario-based practice on compliance calendars, valuation, conflicts of interest and disclosure. NISM publishes study material and runs Continuing Professional Education programmes, including an AIF Managers CPE, which are useful for staying current after certification. This page is independent study support and is not affiliated with or endorsed by NISM or SEBI.
What you'll study
About NISM Series XIX-D preparation
Who should take the NISM-Series-XIX-D examination?
It is designed for people working with Category I and II alternative investment funds - fund managers, compliance and operations staff, and service providers. If your work concerns Category III funds, the XIX-E examination is the matching credential; XIX-D focuses on the Category I and II framework and manager obligations.
How is the exam structured and how long do I get?
NISM certification examinations are multiple choice. The published source material available here does not state the question count, duration, marks or passing score for XIX-D, so confirm those details on the official NISM page for this examination before you book. Do not rely on figures quoted in forums.
What score do I need to pass, and can I retake it?
Pass marks and retake rules are not stated in the source material available here. NISM sets these per examination and revises them from time to time, so check the current official examination page or information brochure. Treat any pass percentage you see in coaching material as unverified until you confirm it at source.
How much does the exam cost and how long is the certificate valid?
Fees and validity are not given in the source material available here. NISM certification examinations typically require renewal through Continuing Professional Education, and NISM does run AIF Managers CPE programmes, but confirm the exact validity period and fee for XIX-D on the official NISM site before planning.
How difficult is it, and where do candidates lose marks?
The main difficulty is precision, not volume. Candidates lose marks by confusing Category I and II obligations, mixing up the roles of manager, sponsor, trustee and custodian, and answering from general fund knowledge rather than the specific regulatory text. Questions on disclosures, valuation and conflicts of interest punish vague recall.
What study order works best?
Start with the AIF regulatory framework and the definitions of fund categories, then move to the legal environment, then operations and risk, and finish with ethics and investor protection. Read the SEBI AIF regulations alongside the NISM workbook so each rule is anchored to its source, then practise scenario questions across all four domains.
Are the four syllabus areas equally weighted?
The four domains - regulatory framework and manager obligations, legal and regulatory environment, fund operations and risk management, and ethics and governance - are shown here at 25 percent each. Confirm the current weightings in the official NISM examination brochure, since syllabi are revised periodically.
Does this page come from NISM or SEBI?
No. This is independent study material written for candidates preparing for the examination. It is not affiliated with, endorsed by or produced by NISM or SEBI. Always verify examination logistics, syllabus changes and regulatory requirements against the official NISM website and SEBI circulars.