NISM Series XIX-D study guide
NISM Series XIX-D · Work through your exam, one topic at a time.
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 NISM Series XIX-D study guide has 4 sections and about 1,597 words.
01Alternative Investment Funds (Category I and II): regulatory framework and manager obligations
This domain tests the scheme-level rulebook for Category I and II AIFs - the SEBI (Alternative Investment Funds) Regulations, 2012 as amended - plus what a manager must do before and after a scheme goes live. Questions usually marry a definition to a number.
442 words, about 2 min02Legal and regulatory environment for AIF managers
Managers work within overlapping regimes. This domain tests who approves what, what the placement memorandum must disclose, and where AIF rules end and company law, FEMA or tax begins.
397 words, about 2 min03Fund operations, compliance and risk management for Category I and II AIFs
Operations questions follow a rupee through the fund: commitment, drawdown, fee, valuation, NAV, report. Risk questions test the limits a manager must monitor daily.
377 words, about 2 min04Ethics, governance and investor protection
Ethics items on this exam are situational: a manager faces a choice, and you must identify the fiduciary answer, the disclosure required and the protection owed to investors. The manager owes a fiduciary duty; investors' interests come first, with honesty, fair dealing, independence, confidentiality and no misrepresentation or assured returns.
381 words, about 2 min