From Headline Return to Fund Economics
Look at fees, distributions, return measures and the timing of cash flows.
Free practice test
NISM Series XIX-A: Free Mock Test
Answer 25 exam-style questions, one at a time. At the end, you'll see your score, your strong and weak topics, and the right answers with short explanations.
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FREE
Test your exam readiness
25questions
40 mintime limit
60%to pass (15 of 25)
Nonegative marking
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These practice questions are prepared by AAFM India to help learners practice. They are not NISM's official exam questions. NISM conducts the Series XIX-A exam and issues the certificate.
Why professionals choose AAFM® India
The American Academy of Financial Management® has set standards in financial certification since 1996. AAFM® India brings these international standards to Indian professionals, with a curriculum built for Indian markets, regulation, and clients.
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Conferred under AAFM® international standards, with certification issued from the USA.
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Join a worldwide community of certified wealth managers, planners, and private bankers.
Faculty who practice
Instructors hold CA, CFA, FRM, CFP, and CWM® designations with current industry experience.
A curriculum for this decade
AI in portfolio management, alternative funds, international tax, behavioral finance - updated continuously.
Who this is for
For Professionals Who Work with Private-Market Funds and Investors
The examination is aimed at AIF distributors and placement agents. The syllabus is also useful to professionals supporting AIF product, investor and operational conversations.
AIF Distributors
Build the product, risk and documentation knowledge needed for informed Category I and II fund discussions.
Placement Agents
Understand the fund’s strategy, terms and due-diligence questions before presenting an opportunity.
Wealth & Private Banking Teams
Assess where an illiquid private-market allocation may fit within an investor’s objectives and risk capacity.
Fund & Product Teams
Connect fund structures, economics, governance and reporting across the investment lifecycle.
Investor Relations Teams
Explain capital calls, valuations, progress reports and exit timelines more clearly.
Aspiring Alternatives Professionals
Develop a structured foundation in the Category I and II AIF market and its distribution practices.
Prepare for your exam. With AAFM India.
Chapter-wise learning, exam-focused practice and extended LMS access—all in one place.
01
Practice that follows the exam
Our quizzes follow the exam’s topic weightage, helping you plan your practice around the syllabus.
02
Chapter-wise video lectures
Work through chapter-wise video lectures and replay the topics you want to revise.
03
Learn from Renowned Industry Experts
Learn with industry experts who bring practical market knowledge and subject expertise into your exam preparation.
04
6 Months of LMS Access
Revisit lessons, practice material and course resources for six months through the learning platform.
05
One free mock test
Check your understanding and identify the topics you need to revise before you enrol.
06
Industry-Relevant Learning
Gain a practical understanding of Category I and Category II Alternative Investment Funds, including their structures, investment strategies, regulatory framework, and role in India's alternative investment landscape.
The professional pathway
Go Beyond an AIF’s Strategy Name
Learn to examine the structure, people, documents, cash flows and risks behind a Category I or II AIF before discussing it with an investor.
Know How an AIF Works
Understand the roles of the sponsor, manager, trustee, distributor and investor, and how a fund is constituted.
Follow Capital and Returns
Work through commitments, drawdowns, fees, waterfalls, performance measures and the J-curve.
Ask Better Questions
Examine the manager, due diligence, PPM, governance, valuation, reporting and exit process.
Program Overview
From Commitment to Exit: Understand the Complete AIF Journey
NISM Series XIX-A focuses on the distribution of Category I and II Alternative Investment Funds. Its workbook connects alternative asset classes with AIF regulation, fund structuring, risk and return, deal processes, investor due diligence, legal documentation, valuation, taxation and distributor good practices.
FOUNDATION
Understand alternative assets, AIF categories, private-capital terminology, the regulatory framework and fund structures.
INVESTMENT PROCESS
Study risk and return, fund governance, manager due diligence, investor protection and key legal documents.
AFTER INVESTMENT
Follow monitoring, reporting, exits, valuation, India-specific taxation and responsible distributor conduct.
Don’t pass? Get a 100% refund.*
If you do not pass the examination, you can claim a 100% refund under AAFM India’s applicable refund policy.
*Refund coverage and eligibility are governed by the applicable policy. Review the refund terms before enrolling.
*Refund coverage and eligibility are governed by the applicable policy. Review the refund terms before enrolling.
Skills That Strengthen Every AIF Conversation
Core Product Knowledge
Master alternative asset classes (Venture Capital, Private Equity, Infrastructure, Real Estate). Analyze risk-return trade-offs in Category I and II AIFs. Evaluate pooling structures and fund economics.
Regulatory & Tax Competency
Navigate SEBI regulatory frameworks and compliance guidelines. Apply FEMA guidelines to cross-border or foreign investments. Interpret India-specific taxation rules, including GAAR and GST.
Investor Advisory & Due Diligence
Conduct thorough fund and sponsor due diligence. Explain valuation approaches for unlisted investee companies. Decode complex legal documentation and reporting standards.
Client Servicing & Distribution Ethics
Communicate exit strategies and liquidity risks to High-Net-Worth Individuals (HNIs). Manage client expectations and resolve distribution conflicts ethically.
Learn from experience
◆Meet Your Trainers
Romit Barat
Executive Director – AAFM® India
Key
Expertise:• Regulatory Certifications & Financial Education
• Investment & Portfolio Management
• Corporate Growth & Innovation
AAFM INDIA
The shift
Move from Selling a Theme to Understanding the Fund
AIF conversations need a clear view of the manager, strategy, documents, capital commitments, liquidity and possible outcomes. Learn to connect those pieces before discussing suitability.
From Brand Name to Due Diligence
Examine the manager’s process, track record, governance and investment approach.
From Ticket Size to Commitment
Explain the difference between committed capital, a drawdown and capital actually invested.
From Capital Commitment to Capital Deployment
Understand how committed capital is called, deployed into investments, and returned to investors over the fund’s lifecycle.
What You Will Learn
A structured learning path across the 13 chapters of the NISM Series XIX-A workbook.
Alternative Investment Funds (Category I & II) 14 Lessons 00:00:00
Module-1 Overview of Alternative-Investments
1 Lessons
00:00:00 Hours
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Chapter-1 Overview of Alternative Investments
.
Module-2 Alternative-Investment-Funds-in-India
1 Lessons
00:00:00 Hours
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Chapter-2 Alternative Investment Funds in India
.
Module-3 Concepts-in-the-AIF-Industry
1 Lessons
00:00:00 Hours
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Chapter-3 Concepts in the AIF Industry
.
Module-4 AIF-Regulatory-Framework
1 Lessons
00:00:00 Hours
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Chapter-4 AIF Regulatory Framework
.
Module-5 Alternative-Investment-Fund-Structuring
1 Lessons
00:00:00 Hours
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Chapter-5 Alternative Investment Fund Structuring
.
Module 6-Risk-and-Return-Fund-and-Investor-Perspective
1 Lessons
00:00:00 Hours
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Chapter-6 Risk and Return Fund and Investor Perspective
.
Module-7 Investment-Process-and-Governance-of-Funds
1 Lessons
00:00:00 Hours
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Chapter-7 Investment Process and Governance of Funds
.
Module-8 Fund-Due-Diligence-Investor-Perspective
1 Lessons
00:00:00 Hours
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Chapter-8 Fund Due Diligence Investor Perspective
.
Module 9 - Legal-Documentation-and-Negotiation-Investor-Perspective
1 Lessons
00:00:00 Hours
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Chapter-9 Legal Documentation and Negotiation Investor Perspective
.
Module-10 Fund-Monitoring-Reporting-and-Exit
1 Lessons
00:00:00 Hours
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Chapter-10 Fund Monitoring Reporting and Exit
.
Module-11 Valuation
1 Lessons
00:00:00 Hours
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Chapter-11 Valuation
.
Module-12 Taxation-India-Specific
1 Lessons
00:00:00 Hours
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Chapter-12 Taxation India Specific
.
Module-13 Good-Practices
1 Lessons
00:00:00 Hours
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Chapter-13 Good Practices
.
Module-14 AIF Category I & II Case Studies
1 Lessons
00:00:00 Hours
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Alternative Investment Funds (Category I and II) Case Study
.
Frequently Asked Questions
NISM Series XIX-A is the Alternative Investment Funds (Category I and II) Distributors Certification Examination, intended to establish a common knowledge benchmark for AIF distributors and placement agents handling Category I and II funds.
No, the Series XIX-A examination focuses on Category I and II AIFs; Category III may come up for comparison, but it is not the main scope of this workbook.
A capital call, or drawdown, is a request from the fund to an investor to pay in a portion of the capital the investor originally committed, since AIFs typically call committed capital in stages as investment opportunities arise rather than collecting it all upfront.
The December 2025 workbook states the exam has 80 one-mark multiple-choice questions plus five case-based sets of four one-mark questions each, totaling 100 marks over a two-hour duration.
The workbook states a 60% passing score for the NISM Series XIX-A examination, though candidates should confirm the current requirement with NISM before booking.
Its 13 chapters cover alternative investments, AIF structures and regulation, risk and return, fund governance, manager and investor due diligence, key legal documents, monitoring, valuation, taxation and distributor good practices.
The J-curve describes the typical pattern of an AIF's returns, where early fees and costs create a dip in reported performance before the fund's investments mature and generate distributions, causing returns to rise.
It is built for AIF distributors and placement agents, along with private wealth and relationship managers, fund and product teams, and investor relations professionals who work with private-market fund investors.
No, this is preparation content. NISM conducts the certification examination and awards the certification only to candidates who pass it.
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