Product Expertise
Understand Category III AIF strategies, leverage, and market suitability.
Free practice test
NISM Series XIX-B: 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.
Your practice session
FREE
Test your exam readiness
25questions
40 mintime limit
60%to pass (15 of 25)
Nonegative marking
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Topic-wise scores & answer explanations after submission
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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-B 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.
Recognized in 151 countries
Conferred under AAFM® international standards, with certification issued from the USA.
300,000+ global alumni
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.
From Product Knowledge to Informed Distribution
Move Beyond the Performance Pitch
A meaningful Category III conversation links strategy, risk, fees, disclosures and investor needs.
Explain the Strategy
Discuss equity-market, global-macro, convertible arbitrage and event-driven approaches without reducing them to a return claim.
Examine the Risk
Consider leverage, liquidity, concentration and the role of Category III AIFs in a portfolio.
Read the Performance
Look beyond headline returns to fees, measurement methods and relevant benchmarks.
Check Suitability
Use the private placement memorandum, due diligence and investor circumstances to frame a more informed conversation.
Why choose AAFM India?
Prepare for your exam. With AAFM India.
Chapter-wise lessons, concept builders and exam-focused practice—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
Understand before you memorise
Chapter-wise concept builders help you understand the reasoning behind the answers.
05
One free mock test
Check your understanding and identify the topics you need to revise before you enrol.
06
One free demo video
See how we teach before choosing the course.
Who this is for
Built for Aspiring and Working AIF Professionals
For professionals who want to explain Category III funds accurately, assess investor fit and prepare for the certification examination.
Aspiring AIF Distributors
Build the product, regulatory and client-service knowledge covered by Series XIX-B.
Wealth and Relationship Professionals
Strengthen discussions about strategies, risks, fees and investor suitability.
Fund's Sales and Placement Teams
Connect fund structures and disclosures to responsible distribution practices.
Investors and Finance Professionals
Develop a structured understanding of Category III strategies, performance and valuation.
Program Overview
Learn How Category III AIFs Work—and How to Discuss Them Responsibly
Category III AIFs use a range of investment strategies and can involve complex risks, fees and valuation questions. Distributors need to understand the full structure before discussing suitability with an investor.
This preparation course follows the NISM Series XIX-B workbook’s 10 chapters. It moves from alternative-investment fundamentals and the AIF ecosystem through regulation, fund structures, strategies, performance measurement, NAV, taxation and distributor good practices.
UNDERSTAND
The Product
Distinguish Category III AIFs from other AIF categories and traditional investments.
MAP
The Structure
Recognise the sponsor, manager, trustee, custodian and other service providers.
INTERPRET
The Numbers
Work through fees, NAV, performance measures and benchmarks.
SERVE
The Investor
Connect suitability, disclosures, due diligence and 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.
Prepare for Concepts, Calculations and Case-Based Questions
Work through the 10-chapter syllabus with attention to fund structures, regulatory obligations, fees, performance measurement, valuation and taxation. Practise applying concepts to investor scenarios and numerical questions.
Learn from experience
◆Meet Your Trainers
Romit Barat
Executive Director – AAFM® India
Key
Expertise:• Regulatory Certifications & Financial Education
• Investment & Portfolio Management
• Corporate Growth & Innovation
Industry-relevant skills
Skills You Will Build
Ecosystem Navigation
Map fund structures and service provider roles.
Risk Evaluation
Analyze Category III vehicles as risk management tools.
Valuation & Metrics
Compute NAV, interpret performance, and use benchmarks.
Tax & Legal Literacy
Apply domestic and IFSC taxation rules.
Client Servicing & Ethics
Maintain compliance, data privacy, and conduct codes.
Course Curriculum
What You Will Learn
Alternative Investment Funds (Category III) 10 Lessons 00:00:00
Module-1 Overview of Alternate Investment
1 Lessons
00:00:00 Hours
-
Chapter 1-Overview of Alternate Investment
.
Module-2 Growth of AIF and Suitability of Cat III
1 Lessons
00:00:00 Hours
-
Chapter 2 - Growth of AIF and Suitability of Cat III
.
Module-3 Introduction to Category III AIF Ecosystem
1 Lessons
00:00:00 Hours
-
Chapter 3 - Introduction to Category III AIF Ecosystem
.
Module-4 Fund Structures and Service Providers
1 Lessons
00:00:00 Hours
-
Chapter 4- Fund Structures and Service Providers
.
Module-5 Regulatory Framework
1 Lessons
00:00:00 Hours
-
Chapter 5- Regulatory Framework
.
Module-6 Fees structure, Performance & Benchmarking
1 Lessons
00:00:00 Hours
-
Chapter 6 - Fees structure, Performance & Benchmarking
.
Module-7 Fund structure and strategies
1 Lessons
00:00:00 Hours
-
Chapter 7-Fund structure and strategies
.
Module-8 Valuation
1 Lessons
00:00:00 Hours
-
Chapter 8 - Valuation
.
Module-9 Taxation (AIF)
1 Lessons
00:00:00 Hours
-
Chapter 9 - Taxation (AIF)
.
Module-10 Good-Practices
1 Lessons
00:00:00 Hours
-
Chapter 10 - Good-Practices
.
Frequently Asked Questions
NISM Series XIX-B is the Alternative Investment Funds (Category III) Distributors Certification Examination, a voluntary NISM exam aimed at setting a common minimum knowledge benchmark for AIF distributors and placement agents who sell Category III funds.
A Category III AIF is an alternative investment fund that uses complex trading strategies, including listed or unlisted derivatives, and can employ leverage, which makes its risk, fee and valuation profile different from traditional mutual funds or Category I and II AIFs.
The exam has 80 standalone MCQs plus 20 questions spread across five case-based sets, for a total of 100 marks in a two-hour duration.
The passing score stated in the December 2025 workbook is 60 marks out of 100, with negative marking equal to 10% of the marks assigned to an incorrect answer.
The regulatory framework and fees, performance and benchmarking each carry 15% weightage, while the AIF ecosystem, fund structures and valuation each carry 12%.
The program covers alternative investments, the Category III AIF ecosystem, fund structures, regulation, fees and performance, investment strategies and due diligence, valuation, taxation and distributor good practices.
Yes, the program includes fee calculations, performance measurement, NAV and valuation questions, and it advises candidates to be comfortable using Microsoft Excel or OpenOffice Calc for these computations.
The certification is designed for AIF distributors and placement agents who market Category III funds, along with wealth managers, fund sales teams and investor-service professionals who need to explain these strategies to clients.
No, this is a preparation course only. Candidates must separately register for and pass the official NISM Series XIX-B examination to earn the certification.
Self-paced or live
◆Choose your Study Mode
Choose the study mode that works best for NISM Your selected course access and applicable fees are shown below.
Study on your own schedule
₹12499
+ 18% GST
₹14748.82 payable today
- Chapter-wise structured learning
- Exam-focused practice
- 6 months of LMS access
- Mock-test practice
- Mobile and desktop access
- Learning support
Ready to Prepare for Series XIX-B?
Understand the product. Interpret the numbers. Discuss suitability with confidence.
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