Series XIX-ANew
Alternative Investment Funds (Category I and II) Distributors
50 questionsPass mark 60%Negative marking 10% / wrong answer
Exam preparation
NISM Series XIX-A: Alternative Investment Funds (Category I and II) Distributors
The paper on distributing Category I and II alternative investment funds, or AIFs. These funds pool money to invest under a shared plan. Topics include fund structure, risk, fees, valuation, tax and investor protection.
Questions1001 mark each
Duration120 min2 hours
Pass mark60%60 of 100 marks
Negative marking10%0.1 marks off per wrong answer
NISM Series XIX-A Alternative Investment Funds (Category I and II) Distributors
Exam rules read on NISM's site on 29 October 2026. Check the current rules on NISM's site (opens in a new tab)
The NISM-Series-XIX-A: Alternative Investment Funds (Category I and II) Distributors Certification Examination is 100 questions worth 100 marks in 120 minutes, and 60% is the pass mark. A wrong answer costs 0.1 marks and a blank costs nothing, so the two are not the same choice. The certificate is valid 3 years from the date of the examination. Every figure here was read from NISM's own published pages on 29 October 2026.
What the Series XIX-A certification is for
The paper on distributing Category I and II alternative investment funds, or AIFs. These funds pool money to invest under a shared plan. Topics include fund structure, risk, fees, valuation, tax and investor protection.
Who takes it
People who distribute Category I and II AIFs or help investors understand these funds. Students and other interested learners may also take this voluntary exam.
Why it is on this site
Learn how commitments, fees and long holding periods affect investors. Check a fund and its terms before relying on a target return.
Exam format at a glance
Questions1001 mark each
Total marks100100 × 1
Duration120 min2 hours
Pass mark60%60 of 100 marks
Negative marking10%0.1 marks off per wrong answer
Certificate validity3 yearsfrom the date of the examination
80 single questions and 5 case studies with 4 questions each. Every question carries 1 mark. 120 minutes, 100 marks and 60% to pass. A wrong answer loses 10% of its marks. These practice questions include independent mini-scenarios. The real exam groups its case questions around shared passages.
The examination fee is deliberately not printed here. NISM publishes it per certification and revises it from time to time, and a fee is the one figure on a page like this that somebody acts on with money — read the current one on nism.ac.in.
How the marking works — and what the quiz here does with it
Each question carries 1 mark, so the paper is scored out of 100 and 60 marks are needed to pass. A wrong answer deducts 10% of the marks assigned to the question — 0.1 marks here. A question left unanswered scores nothing and deducts nothing, so a wrong answer and a blank are not equivalent, and deciding between them is part of what the paper tests.
The practice quiz here uses these same figures. Timed practice applies this pass mark and this deduction. Its clock runs at this paper's pace (120 minutes for 100 questions), scaled to the size of your set.
Syllabus units, and what each is worth
13 practice topics, in the order our questions are written. Each row links to the topic's full questions and answers. Each answer explains why the other options are wrong. The marks column is the published syllabus outline's, and where two of our unit headings sit under one published unit they show that unit's whole mark value. The official outline gives a combined figure for these headings.
| Unit | Practice questions | Published marks |
|---|---|---|
| Overview of Alternative Investments | 7 | 5 of 1005% of the paper |
| Alternative Investment Funds in India | 7 | 5 of 1005% of the paper |
| Concepts in Alternative Investment Funds Industry | 7 | 5 of 1005% of the paper |
| Regulatory Framework – Indian Context | 15 | 10 of 10010% of the paper |
| Alternative Investment Fund Structuring | 15 | 10 of 10010% of the paper |
| Risk and Return – Investor and Fund Perspective | 15 | 10 of 10010% of the paper |
| Investment Process and Governance of Funds | 15 | 10 of 10010% of the paper |
| Fund Due Diligence – Investor Perspective | 23 | 15 of 10015% of the paper |
| Legal Documents and Negotiations – Investor Perspective | 15 | 10 of 10010% of the paper |
| Fund Monitoring, Reporting and Exit | 7 | 5 of 1005% of the paper |
| Valuation | 8 | 5 of 1005% of the paper |
| Taxation – India specific | 8 | 5 of 1005% of the paper |
| Good Practices | 8 | 5 of 1005% of the paper |
Because a shared unit reports its whole value under each of our headings, the marks column does not add to 100 — the published units do. The source each figure is quoted from is printed on that unit's own page.
Test yourself on this syllabus
It is marked with the pass mark and negative marking shown above.
150 Series XIX-A practice questions
Answer one at a time and see the reason straight away. Or sit a timed set marked like this paper: 0.1 marks off for a wrong answer, 60% to pass.
Start practising →NISM Series XIX-A mock tests
Three fixed papers of 50 questions each, timed at this exam's pace, with its pass mark and negative marking. When you submit, you see your score and why each answer is right.
Take a mock test →Every series' practice set
The other certifications we hold questions for, each scored on its own published pass mark and marking rule — which are not the same as this paper's.
Browse every series →Which NISM exam applies to you
Which series fits your work, with the lessons and tools for each one.
Open the certification hub →The other certifications on this site
- Series VIII — Equity Derivatives
- Series V-A — Mutual Fund Distributors
- Series XV — Research Analyst
- Series VII — Securities Operations and Risk Management
- Series I — Currency Derivatives
- Series X-A — Investment Adviser (Level 1)
- Series IV — Interest Rate Derivatives
- Series VI — Depository Operations
- Series XVI — Commodity Derivatives
- Series XXI-A — Portfolio Management Services (PMS) Distributors
- Series XII — Securities Markets Foundation
- Series XIII — Common Derivatives
- Series III-A — Securities Intermediaries Compliance (Non-Fund)
- Series IX — Merchant Banking
- Series V-D — Mutual Fund - Specialized Investment Fund Distributors
- Series XXI-B — Portfolio Managers
- Series II-B — Registrars to an Issue and Share Transfer Agents - Mutual Fund
- Series II-A — Registrars to an Issue and Share Transfer Agents - Corporate
Sources & review date. The question count, total marks, duration, pass mark, negative marking and certificate validity above come from NISM's own pages for the NISM-Series-XIX-A: Alternative Investment Funds (Category I and II) Distributors Certification Examination, last read on 29 October 2026. Marks per question, marks needed to pass and marks lost per wrong answer are worked out from those figures. The syllabus marks are quoted from the published outline. The mapping from that outline onto this site's own unit headings is stated on each unit's page, including where one published unit covers two headings and its marks are therefore reported whole under both. The unit headings follow the order of these practice questions. Compare them with NISM's published unit list.
NISM Series XIX-A: common questions
How many questions are in the NISM Series XIX-A exam?
The NISM-Series-XIX-A: Alternative Investment Funds (Category I and II) Distributors Certification Examination has 100 questions worth 100 marks in total, to be completed in 120 minutes (2 hours).
What is the passing score for NISM Series XIX-A?
60%, which on a 100-mark paper means 60 marks, calculated after negative marking has been applied to wrong answers. Checked against NISM's own published page for this examination on 29 October 2026.
Is there negative marking in NISM Series XIX-A?
Yes — 10% of the marks assigned to a question. Each question here carries 1 mark, so a wrong answer costs 0.1 marks. A question left unanswered neither earns nor deducts anything, so a wrong answer and a blank are not the same thing.
How long is the NISM Series XIX-A certificate valid?
3 years from the date of the examination. NISM also runs a Continuing Professional Education programme for its certifications. Confirm the current revalidation route on nism.ac.in before your certificate expires.
Are the practice questions on this page from the NISM Series XIX-A exam?
No. LearnNifty wrote all 150 of them from NISM's public syllabus for this certification. NISM does not publish its question bank. The questions help you practise the syllabus. They cannot predict the paper.
What does the NISM Series XIX-A syllabus cover?
Our practice questions for this certification are sorted into 13 topics: Overview of Alternative Investments, Alternative Investment Funds in India, Concepts in Alternative Investment Funds Industry, Regulatory Framework – Indian Context, Alternative Investment Fund Structuring, Risk and Return – Investor and Fund Perspective, Investment Process and Governance of Funds, Fund Due Diligence – Investor Perspective, Legal Documents and Negotiations – Investor Perspective, Fund Monitoring, Reporting and Exit, Valuation, Taxation – India specific, Good Practices. That is the structure the practice set follows. NISM publishes its own curriculum and test objectives for the examination on nism.ac.in, and the workbook current for your sitting is the only examinable material.
Where does LearnNifty get these NISM Series XIX-A exam figures from?
The question count, time, pass mark, negative marking and certificate validity come from NISM's own exam pages, last read on 29 October 2026. The quiz here marks with the same figures. NISM changes them from time to time, so confirm them on nism.ac.in before you register.
Is a calculator allowed in the NISM Series XIX-A exam?
At a test centre, yes. NISM's candidate rules let you bring your own calculator. It must be silent and must not connect to any computer. In a remote proctored exam you cannot use your own calculator. The screen gives you a scientific calculator instead. Check NISM's candidate rules on nism.ac.in before exam day.
Sit a Series XIX-A paper marked on the figures above
Series XIX-A questions written against the published syllabus and scored under this paper’s own rules — 60% to pass, 0.1 marks off for a wrong answer. Practice mode explains every option as you go. Timed practice hides answers until you submit.
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