How long is the NISM Series XIX-D exam?

The exam runs for 120 minutes and carries 100 marks in total.

How long is the NISM Series XIX-D certificate valid?

NISM certifications are generally valid for 3 years from the date of passing, after which they must be renewed. Confirm the current position on nism.ac.in before your certificate lapses.

NISM Series XIX-D

Category I and II Alternative Investment Fund Managers

For managers of Category I and II AIFs — venture capital, infrastructure and private equity style funds.

Exam pattern

Duration: 120 min
Total marks: 100
Pass mark: 60% (60)
Negative marking: 25%

There is negative marking of 25% of the marks for that question, so a wrong answer costs you 0.25 marks on a 1-mark question. Guess only when you can eliminate at least two options.

Syllabus and chapter weightage

Weightages are taken from the official syllabus table published in the NISM workbook, so you can see exactly where the marks are.

Every chapter can be read free, no account needed — tap a chapter to open its plain-English Foundation lesson.

Sample questions

5 questions from the chapter tests, one per chapter. Pick your answer before you open the explanation.

Question 1 · Chapter 1: Investments Landscape
Which statement about the relationship between savers and investors is correct according to the workbook?
1. A.Every investor is a saver but not vice versa
2. B.Every saver is an investor but not vice versa
3. C.Savers and investors are the same thing
4. D.Neither group necessarily overlaps with the other
Show the answer
Answer: A. Every investor is a saver but not vice versa
The workbook states that those who save funds have the choice of investing. Hence, EVERY INVESTOR IS A SAVER BUT NOT VICE VERSA.

Saving is just the difference between money earned and money spent. Investment is the current commitment of savings with an expectation of receiving a higher amount of committed savings, and it involves some specific time period — it is the process of making the savings work.

Saving is therefore the necessary first step, and investment is one of the things that may be done with the result.
Question 2 · Chapter 2: Types of Investments
What does the workbook identify as the essential characteristic of alternative investments?
1. A.Illiquidity — they are not readily convertible into cash, being off-market investments or complex structures without a ready market
2. B.High returns guaranteed by the fund manager
3. C.Exemption from regulation by SEBI
4. D.Availability to the general public at large
Show the answer
Answer: A. Illiquidity — they are not readily convertible into cash, being off-market investments or complex structures without a ready market
The workbook states that the essential characteristic of alternative investments is ILLIQUIDITY, i.e. they are NOT READILY CONVERTIBLE INTO CASH as they are EITHER OFF-MARKET INVESTMENTS OR BECAUSE THEY ARE COMPLEX STRUCTURES THAT DO NOT HAVE A READY MARKET.

By contrast traditional investments are primarily ON-MARKET opportunities whose common feature is LIQUIDITY, i.e. NEARNESS TO CASH, because they can be exited through the market or by anytime redemption from an open ended mutual fund.

Note there are two routes to illiquidity — being off-market, or being a complex structure without a ready market — and an examination question may test either.
Question 3 · Chapter 3: Alternative Investment Funds in India and its Suitability
The evolution of alternative investments in India can be traced to which measure, and on what date?
1. A.The Venture Capital Guidelines notified on 25 November 1988 by the Government of India
2. B.The SEBI (Venture Capital Fund) Regulations of 1996
3. C.The SEBI (Alternative Investment Funds) Regulations of 2012
4. D.The Insolvency and Bankruptcy Code of 2016
Show the answer
Answer: A. The Venture Capital Guidelines notified on 25 November 1988 by the Government of India
The workbook states that the evolution of alternative investments in India can be traced to the VENTURE CAPITAL GUIDELINES NOTIFIED ON 25th NOVEMBER, 1988 by the Government of India, which initially provided a RESTRICTED SCOPE for venture capital financing.

The scope was broad-banded by SEBI in 1996 through the SEBI (Venture Capital Fund) Regulations, 1996, which brought the entire spectrum of private capital investment in unlisted companies into the ambit of institutional investment. The regulations were revised following the recommendations of the K.B. Chandrasekhar Committee in 2000, and tax breaks were given to VCFs at fund level.

The SEBI (AIF) Regulations 2012 are the current framework, but they are not where the evolution begins.
Question 4 · Chapter 4: Alternative Investment Funds Ecosystem
Under the AIF Regulations, what is the minimum corpus required in each scheme and the maximum number of investors in a single scheme?
1. A.Minimum corpus INR 20 crore and a maximum of 1000 investors
2. B.Minimum corpus INR 10 crore and a maximum of 500 investors
3. C.Minimum corpus INR 20 crore and a maximum of 200 investors
4. D.Minimum corpus INR 50 crore and a maximum of 1000 investors
Show the answer
Answer: A. Minimum corpus INR 20 crore and a maximum of 1000 investors
The workbook states that the minimum investment requirement of each investor is INR 1 CRORE. The MINIMUM CORPUS IN EACH SCHEME SHALL BE INR 20 CRORE and the MAXIMUM NUMBER OF INVESTORS IN A SINGLE SCHEME SHALL NOT EXCEED 1000.

It adds that keeping in view the character of an AIF, they are allowed to raise their corpus from investors ONLY THROUGH PRIVATE PLACEMENT.

Corpus is defined in a footnote as the total amount of funds COMMITTED by investors to the AIF by way of a written contract or any such document as on a particular date.
Question 5 · Chapter 5: Alternative Investment Fund Structuring
Pooled asset management is also known by what name, and why?
1. A.Blind pool investing, because there is no concept of an individual corpus
2. B.Discretionary management, because the manager exercises discretion
3. C.Segregated management, because each investor corpus is kept distinct
4. D.Passive investing, because no active decisions are taken
Show the answer
Answer: A. Blind pool investing, because there is no concept of an individual corpus
The workbook states that in asset management services, THERE IS NO CONCEPT OF AN INDIVIDUAL CORPUS. THAT IS WHY IT IS ALSO KNOWN AS BLIND POOL INVESTING. Instead, the contributions provided by investors are POOLED together into a common corpus that would be managed by an investment manager.

The contrast is with individual portfolio management, where the individual investment corpus of each investor is KEPT DISTINCT and which is a CUSTOMISED SERVICE OFFERED AT INDIVIDUAL INVESTOR LEVEL, so that there would be AS MANY INVESTMENT MANAGEMENT OUTCOMES AS THERE ARE INVESTORS.

Pooling brings economies of scale, a broad-based strategy with risk diversification, enhanced risk-taking capability and regulatory efficiency in compliance management.

Start preparing free

The Foundation lessons are open to everyone. A free account adds the chapter tests, two deeper levels per chapter, and mock exams that use this paper’s real marking rules.

Read chapter 1 free Create a free account

What we teach from

Our Series XIX-D material is written from the official NISM workbook, and every lesson and question cites the workbook page it came from — so you can check any figure against the source rather than taking our word for it.

FINAL_Series-XIX-D_Cat I&II AIF Managers_Ver-July-2026_with-covers_Final · July-2026 edition · 404 pages

The workbook is published and copyrighted by NISM. Get your own copy and confirm the current edition at nism.ac.in.

Frequently asked questions

What is the passing mark for NISM Series XIX-D?: You need 60% to pass NISM-Series-XIX-D: Category I and II Alternative Investment Fund Managers. On a 100-mark paper that is 60 marks.
Is there negative marking in NISM Series XIX-D?: There is negative marking of 25% of the marks for that question, so a wrong answer costs you 0.25 marks on a 1-mark question. Guess only when you can eliminate at least two options.
How long is the NISM Series XIX-D exam?: The exam runs for 120 minutes and carries 100 marks in total.
How long is the NISM Series XIX-D certificate valid?: NISM certifications are generally valid for 3 years from the date of passing, after which they must be renewed. Confirm the current position on nism.ac.in before your certificate lapses.