What is the NISM 19D exam?
The NISM Series XIX-D: Category I and II Alternative Investment Fund Managers certification is mandatory under SEBI regulations for key investment team personnel of AIF managers who manage 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
- Fund management: investment strategy, valuation, and risk management
- Regulatory framework: SEBI AIF Regulations and compliance requirements
- Taxation of AIFs and investor-level tax implications
Passing the NISM 19D exam
You need 60% to pass the NISM 19D exam, with 25% negative marking for every wrong answer. Practising exam-pattern questions under the same negative-marking pressure 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.