NISM Series XIX-E (Cat III AIF) study guide
NISM Series XIX-E (Cat III AIF) · Work through your exam, one topic at a time.
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 NISM Series XIX-E (Cat III AIF) study guide has 5 sections and about 1,735 words.
01AIFs in India - the Category III framework and regulatory context
How Category III AIFs sit inside the SEBI (Alternative Investment Funds) Regulations, 2012: who may invest, how much, how much leverage is allowed, and what legal form the fund may take. Category I: close-ended funds in venture capital, SME, infrastructure and social impact; no leverage except for hedging.
363 words, about 2 min02Category III AIF managers - eligibility, registration and compliance obligations
Registration mechanics - what SEBI registers, who may act as manager, and the continuing obligations that fall on a leveraged fund. The AIF is registered with SEBI , one registration per fund; individual schemes are launched under it.
370 words, about 2 min03Investment strategies, leverage and complex trading strategies of Category III AIFs
What Category III funds actually do, and how exposure - the basis of the leverage limit - is measured. Long-only listed equity , often concentrated and benchmark-agnostic.
319 words, about 2 min04Risk management, valuation, disclosure and investor protection
The controls that justify permitting leverage, and the disclosures that let investors police it. Documented framework covering leverage limits, counterparty/broker exposure, concentration, liquidity and stress testing, with daily monitoring of gross and net exposure against the 2x cap.
328 words, about 2 min05Operations, accounting, taxation and ethical/professional conduct
The back-office and tax treatment that most distinguishes Category III, plus the conduct standards expected of the manager. Units issued at NAV; subscriptions and redemptions per the scheme's terms (open-ended schemes allow periodic redemptions, closed-ended ones do not).
355 words, about 2 min