What is the NISM 19A exam?
The NISM Series XIX-A: Alternative Investment Funds (Category I and II) Distributors certification is mandatory under SEBI regulations for individuals who distribute or advise on Category I and Category II AIFs in India. Category I includes venture capital funds, SME funds, social venture funds, and infrastructure funds. Category II includes private equity funds, debt funds, and fund of funds that do not fall under Category I or III.
What this practice test covers
- AIF structures: Category I and Category II fund types and their characteristics
- Regulatory framework: SEBI AIF Regulations and compliance requirements
- Taxation of AIFs and investor-level tax implications
- Distribution norms, investor suitability, and documentation
Passing the NISM 19A exam
You need 50% to pass the NISM 19A exam. Practising exam-pattern questions is the fastest way to identify and fix weak areas before exam day.
Why practice with mock tests
Reading the workbook tells you what you know; a timed mock test tells you what you can actually answer. Full-length mocks surface the topics you keep getting wrong and remove surprises on the real exam.