NISM Series XIX-E (Cat III AIF)
NISM-Series-XIX-E: Category III Alternative Investment Fund Managers Certification Examination
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The NISM-Series-XIX-E: Category III Alternative Investment Fund Managers Certification Examination is one of the certification examinations offered under the Alternative Investment Funds family in the NISM certification catalogue, alongside the Series XIX-A, XIX-B, XIX-C and XIX-D examinations and the NISM Series XIX-C Alternative Investment Fund Managers CPE/eCPE programme. It is aimed at professionals who manage, administer, or support Category III alternative investment funds - the AIF category associated with complex trading strategies and leveraged positions - and who are expected to understand the regulatory framework, eligibility and registration obligations, investment strategies, risk management, valuation, disclosure, investor protection, operations, accounting, taxation, and ethical conduct applicable to such managers. The examination is delivered by the National Institute of Securities Markets (NISM), a public trust established in 2006 by the Securities and Exchange Board of India (SEBI), the regulator of the securities markets in India, which carries out capacity building activities aimed at enhancing quality standards in securities markets. Candidates preparing for this examination should work through the official NISM workbook for the series, build familiarity with the SEBI AIF regulatory framework as it applies to Category III funds, and practise applying concepts to scenario-based questions rather than memorising definitions. This page is an independent study resource and is not affiliated with, endorsed by, or operated by NISM or SEBI.
What you'll study
About NISM Series XIX-E (Cat III AIF) preparation
Who should take the NISM-Series-XIX-E examination?
It is intended for professionals working with Category III alternative investment funds - fund managers, compliance and risk staff, operations and fund accounting teams, and others whose roles require a working knowledge of the Category III AIF framework. It is listed in the NISM catalogue under Alternative Investment Funds, alongside the XIX-A, XIX-B, XIX-C and XIX-D examinations.
How does this exam differ from the other Series XIX examinations?
NISM lists five Alternative Investment Funds certification examinations: XIX-A (Category I and II distributors), XIX-B (Category III distributors), XIX-C (Alternative Investment Fund Managers), XIX-D (Category I and II AIF Managers) and XIX-E (Category III AIF Managers). XIX-E is the manager-side credential focused specifically on Category III funds, whereas XIX-B addresses distribution.
What is the exam format, duration, number of questions and passing score?
These details are not stated in the source material available to us, so we do not publish figures. NISM confirms only the examination's name and its place in the Alternative Investment Funds certification family. Check the official NISM page for this series for the current test blueprint, duration, marking scheme and pass mark before you book a slot.
How much does the exam cost and can I retake it?
Fees and retake rules are not given in the source material available to us, so we have not listed them. Because NISM periodically revises certification logistics, confirm the current fee, rescheduling window and retake policy directly on the official NISM certification page rather than relying on older figures.
How should I sequence my study?
Start with the Category III AIF framework and regulatory context so later topics have a home, then move to manager eligibility, registration and compliance obligations. Follow with investment strategies and leverage, then risk management, valuation and disclosure, and finish with operations, accounting, taxation and professional conduct. Revisit the regulatory material last, since it anchors everything else.
Is the exam difficult?
We cannot state a difficulty level or pass rate, as the source material does not provide one. The syllabus spans regulation, leverage and complex strategies, valuation and taxation, so candidates without hands-on AIF exposure generally need more preparation time than those already working in fund management or compliance.
What are the most common preparation mistakes?
Treating the material as pure recall is the biggest risk: questions often test how rules apply to a scenario. Other frequent errors include confusing Category III requirements with those for Category I and II funds, and skipping the taxation and valuation chapters because they feel technical. Build a one-page comparison of the categories and revise it repeatedly.
Where can I find the official study material?
NISM publishes workbooks for its certification examinations and links a Study Material page from its website. Use the workbook for this specific series rather than a generic AIF text. This page is an independent study resource and is not affiliated with NISM or SEBI, so always treat the official NISM material as the authoritative reference.