NISM Series XIX-B Open for practice
NISM Series XIX-B Mock Tests and Practice (NISM 19B)
NISM Series XIX-B: Alternative Investment Funds (Category III) Distributors
The certification for distributors of Category III alternative investment funds, which use complex trading strategies such as long-short, market-neutral, arbitrage and event-driven investing. It covers the Category III ecosystem, fund structures, SEBI rules including leverage limits, fees and high-water marks, performance and risk measures, strategies and due diligence, 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 326 NISM Series XIX-B 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 326 questions takes about 1 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 | Questions | Actions |
|---|---|---|---|
| 1 | Overview of Alternative Investments Lesson with examples |
18 | Practise |
| 2 | Growth of Alternative Investment Funds in India and Suitability of Category III AIFs Lesson with examples |
21 | Practise |
| 3 | Introduction to Category III AIF Ecosystem Lesson with examples |
37 | Practise |
| 4 | Category III AIF: Fund Structures and Service Providers Lesson with examples |
36 | Practise |
| 5 | Regulatory Framework Lesson with examples |
48 | Practise |
| 6 | Fees Structure, Fund Performance and Benchmarking Lesson with examples |
46 | Practise |
| 7 | Category III AIF Investment Strategies and Due Diligence Process Lesson with examples |
26 | Practise |
| 8 | Valuation Lesson with examples |
36 | Practise |
| 9 | Taxation Lesson with examples |
32 | Practise |
| 10 | Good Practices Lesson with examples |
26 | Practise |
Who takes this exam
Wealth managers, mutual fund and PMS distributors, private bankers and relationship managers who offer Category III 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 | Alpha and beta | Hedged return ≈ stock return − market return × beta |
| 3 | Continuing interest | Continuing interest = min(5% × corpus, ₹10 crore) |
| 5 | Concentration | Limit = 25% × investable funds |
| 5 | Continuing interest | Continuing interest = min(2.5% × corpus, ₹5 crore) |
| 5 | Leverage | Leverage = exposure ÷ NAV |
| 6 | Absolute return | Return = (end − start) ÷ start |
| 6 | CAGR | CAGR = (end ÷ start)^(1/years) − 1 |
| 6 | Carry | Carry = carry % × total profit (with full catch-up) |
| 6 | Drawdown | Max drawdown = (peak − trough) ÷ peak |
| 6 | Fund metrics | TVPI = DPI + RVPI |
| 6 | High-water mark | Fee = rate × (NAV − HWM) |
| 6 | Hurdle | Hard hurdle fee = rate × (NAV − start × (1 + hurdle)) |
| 6 | Jensen's alpha | α = Rp − [Rf + β × (Rm − Rf)] |
| 6 | Sharpe | Sharpe = (Rp − Rf) ÷ σp |
| 6 | Treynor | Treynor = (Rp − Rf) ÷ β |
| 7 | Exposure | Net = long − short |
| 7 | Exposure | Gross = long + short |
| 7 | Merger arbitrage | Spread = (offer − price) ÷ price |
| 8 | Case: valuation | Stake = ownership × (EBITDA × multiple − net debt) |
| 8 | EV to equity | EV = EBITDA × EV/EBITDA multiple |
| 8 | EV to equity | Stake = ownership × (EV − net debt) |
| 8 | EV to equity | Equity value = net profit × P/E |
| 8 | NAV | NAV = (assets − liabilities) ÷ units |
| 9 | TDS | TDS = 10% × income distributed |
NISM Series XIX-B: frequently asked questions
How many questions are there in the NISM Series XIX-B exam?
The NISM Series XIX-B 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-B, 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-B 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-B 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-B?
Read the chapter lessons (10 chapters), practise chapter by chapter from the 326-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-B 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.