NISM Series XIX-A Open for practice
NISM Series XIX-A Mock Tests and Practice (NISM 19A)
NISM Series XIX-A: Alternative Investment Funds (Category I and II) Distributors
The certification for distributors of Category I and II alternative investment funds: venture capital, angel, private equity, private credit and infrastructure funds. It covers how AIFs are regulated and structured, risk and return, fund due diligence, legal terms, valuation, taxation and good conduct.
- Duration
- 120 min
- Questions
- 100
- Maximum marks
- 100
- Pass mark
- 60%
- Negative marking
- 10%
- NISM fee
- ₹1,770
Verified 13 Oct 2026 from NISM's official certification listing. Certificate valid 3 years. NISM currently lists all certification examinations as online, remote-proctored.
Structure: 80 multiple-choice questions plus 5 cases with 4 questions each (1 mark each).
Free mock tests
3 full-length papers, each 100 questions in 120 minutes, with the real exam's 10% negative marking, and every chapter in its exam weightage. No question appears in more than one paper, so each one is a fresh test.
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Free Mock 1
100 questions
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Free Mock 2
100 questions
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Free Mock 3
100 questions
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After you submit, open the review and tap Explain this with the AI Coach on any question you got wrong.
A free account saves your answers, scores and mistake notebook. No payment details needed.
What a paid plan adds
The free mocks show you where you stand. A paid plan gives you the practice to close the gaps before exam day.
- Unlimited full mocks, freshly drawn from all 335 NISM Series XIX-A questions and favouring ones you haven't seen, so you never sit the same paper twice.
- Unlimited practice by chapter, weak topic and mistake notebook. The free plan stops at 30 questions a day.
- 60 AI Coach messages a day (free: 5). Clear every doubt as it comes up, get calculations worked step by step and a revision plan for your exam date.
- Last-24-hours revision: a timed paper of your recent mistakes plus the highest-weight chapters, built for the day before the exam.
- Retake any free mock to check that you've fixed what you got wrong.
Why start today
- At 30 free questions a day, working through all 335 questions takes about 2 days. With a plan you set the pace, and every extra day of practice before the exam counts.
- Access opens straight away: pay by UPI, enter the reference number, and you get 24 hours of full access while we confirm the payment.
- Plans start at ₹129 (Last 24 hours, 2 days), including GST. No auto-renewal: a plan simply ends.
Syllabus and chapter weightage
Workbook version: March 2026| # | Chapter | Weight | Questions | Actions |
|---|---|---|---|---|
| 1 | Overview of Alternative Investments Lesson with examples |
5 | 18 | Practise |
| 2 | Alternative Investment Funds in India Lesson with examples |
5 | 18 | Practise |
| 3 | Concepts in the AIF Industry Lesson with examples |
5 | 25 | Practise |
| 4 | AIF Regulatory Framework Lesson with examples |
10 | 33 | Practise |
| 5 | Alternative Investment Fund Structuring Lesson with examples |
10 | 30 | Practise |
| 6 | Risk and Return – Fund and Investor Perspective Lesson with examples |
10 | 31 | Practise |
| 7 | Investment Process and Governance of Funds Lesson with examples |
10 | 30 | Practise |
| 8 | Fund Due Diligence – Investor Perspective Lesson with examples |
15 | 47 | Practise |
| 9 | Legal Documentation and Negotiation – Investor Perspective Lesson with examples |
10 | 31 | Practise |
| 10 | Fund Monitoring, Reporting and Exit Lesson with examples |
5 | 18 | Practise |
| 11 | Valuation Lesson with examples |
5 | 18 | Practise |
| 12 | Taxation – India Specific Lesson with examples |
5 | 18 | Practise |
| 13 | Good Practices Lesson with examples |
5 | 18 | Practise |
Who takes this exam
Wealth managers, mutual fund and PMS distributors, private bankers and relationship managers who offer AIFs to high-net-worth clients and family offices.
Formula sheet
Formulas used in our original calculation questions for this exam.
| Chapter | Topic | Formula |
|---|---|---|
| 3 | Carry | Carry = carry % × total profit (with full catch-up) |
| 3 | Drawdowns | Uncalled = commitment − contributed capital |
| 3 | Fund metrics | TVPI = DPI + RVPI |
| 4 | Concentration | Limit = 25% × investable funds |
| 4 | Continuing interest | Continuing interest = min(2.5% × corpus, ₹5 crore) |
| 5 | Co-investment | Co-investment cap = 3 × contribution via main scheme |
| 6 | Case: return math | Value = earnings × multiple |
| 6 | Leverage | Equity multiple = (exit value − debt) ÷ equity invested |
| 11 | Case: valuation | Stake = ownership × (EBITDA × multiple − net debt) |
| 11 | EV to equity | EV = EBITDA × EV/EBITDA multiple |
| 11 | EV to equity | Stake = ownership × (EV − net debt) |
| 11 | EV to equity | Equity value = net profit × P/E |
| 12 | TDS | TDS = 10% × income distributed |
NISM Series XIX-A: frequently asked questions
How many questions are there in the NISM Series XIX-A exam?
The NISM Series XIX-A exam has 100 questions for 100 marks, to be answered in 120 minutes. 80 multiple-choice questions plus 5 cases with 4 questions each (1 mark each).
What is the passing mark for NISM Series XIX-A, and is there negative marking?
You need 60% to pass. Each wrong answer costs 10% of the marks for that question, so guessing has a price.
What is the fee for the NISM Series XIX-A exam and how long is the certificate valid?
NISM lists the fee as ₹1,770. The certificate is valid for 3 years. NISM currently lists all certification examinations as online, remote-proctored.
Are the NISM Series XIX-A mock tests on Integrato Digital free?
Yes. A free account gives you 3 full-length mock papers, each in the real exam pattern (100 questions, 120 minutes) with every chapter in its exam weightage. No question repeats across the free papers, and a 20-question diagnostic needs no sign-up at all. Paid plans add unlimited practice from the full bank and more mocks.
How should I prepare for NISM Series XIX-A?
Read the chapter lessons (13 chapters), practise chapter by chapter from the 335-question bank, review every explanation you get wrong, then take full mock tests under exam timing until you score comfortably above the pass mark.
Are these official NISM questions?
No. Integrato Digital is an independent practice platform and is not affiliated with or endorsed by NISM. Every question and lesson is original, written to the published NISM syllabus and test objectives.
Registering for the exam
Registration, scheduling, fees and certificates are handled only by NISM. Use the official page to register:
Official NISM Series XIX-A page on nism.ac.in
NISM also publishes the official workbook for each exam on its website. Our questions and notes are original and are written to complement it, not replace it.