AIF Managers (All)
Comprehensive certification for AIF Managers across all categories — fund structuring, governance, valuation, and exits.
Exam Pattern & Marking
Detailed Syllabus
15 chapters · 100 total marks
| # | Chapter | Marks | Practice Qs |
|---|---|---|---|
| 1 | Fee Structure and Fund Performance | 15 | 75 |
| 2 | Investment Strategies and Governance | 13 | 65 |
| 3 | Fund Structuring | 10 | 50 |
| 4 | Due Diligence (Investor Perspective) | 7 | 35 |
| 5 | Legal Documents and Negotiations | 7 | 35 |
| 6 | Regulatory Framework | 7 | 35 |
| 7 | Valuation | 7 | 35 |
| 8 | Taxation | 6 | 30 |
| 9 | Ecosystem | 5 | 25 |
| 10 | Fund Monitoring, Reporting, and Exit | 5 | 25 |
| 11 | Investment Landscape and Types | 5 | 25 |
| 12 | Modern Portfolio Theory and Capital Market Theory | 4 | 20 |
| 13 | AIFs in India and Suitability | 3 | 15 |
| 14 | Indices and Benchmarking | 3 | 15 |
| 15 | Informational Efficiency | 3 | 15 |
| Total | 100 | 500 |
Marks per chapter reflect the official NISM syllabus weightage. Practice question counts show the bank size in our app — use them to gauge depth of preparation needed per chapter.
Key Knowledge Areas
Overview
Series XIX-C is the senior comprehensive certification for AIF Managers — covering all three categories (I, II, III). Required for principal officers, CIOs, and key investment personnel at SEBI-registered AIF managers.
At a glance: 100 questions · 2 hours · 60% pass mark · 0.25 negative marking · ₹1,500 + GST.
Who should take XIX-C
- Principal officers / CIOs at AIF managers
- Senior portfolio managers running AIFs
- Compliance officers wanting comprehensive AIF knowledge
- Anyone with multi-category AIF responsibility
Key Knowledge Areas
AIF ecosystem
| Stakeholder | Role |
|---|---|
| Manager | Investment decisions, operations |
| Trustee | Fiduciary oversight (Cat I/II if trust) |
| Custodian | Holds AIF assets |
| Investor (LP) | Capital provider |
| Sponsor | Promoter, must commit 2.5% / ₹5 crore (whichever lower) |
| Valuer | Independent NAV determination |
Fund structuring decisions
- Vehicle: Trust vs LLP vs company
- Domicile: India vs IFSC (GIFT City) vs offshore
- Tax pass-through: Cat I yes; Cat II yes (mostly); Cat III no
- Gateway: Onshore vs offshore feeder
Investment process
A typical AIF investment cycle: deal sourcing → due diligence → investment committee → term sheet → final agreement → drawdown → monitoring → exit.
Governance requires:
- IC (Investment Committee) approval thresholds
- Conflict of interest policy
- Independent valuation periodicity
- Quarterly investor reporting
Valuation
- Cat I/II PE/VC funds: NAV computed semi-annually using IPEV guidelines
- Cat III: Daily / weekly NAV
- Independent valuer mandatory for Cat I/II
Exits & distributions
Exits across categories:
- VC/PE: IPO, strategic sale, secondary sale, buyback
- Real estate: Asset sale, REIT listing
- Debt: Maturity, refinance
- Cat III: Continuous redemption (open-ended) or lock-in (close-ended)
Reporting & compliance
- PPM: Updated annually if material change
- Investor reporting: Quarterly minimum
- SEBI filings: Quarterly returns, annual audited financials
- Compliance officer: Must be designated, often holds NISM XIX-C
Exam Tips
Tip 1: Sponsor commitment (2.5% / ₹5 crore lower) and skin-in-the-game requirements are guaranteed exam topics.
Tip 2: Valuation guidelines — IPEV for PE/VC, regular for Cat III — appear in 5+ marks.
Tip 3: Governance structures — IC, AC, valuation committee — and their independence requirements are tested.
Tip 4: Recent SEBI AIF reforms (accredited investor, large value funds, dematerialisation) are exam-favourites.
Try the Free Quiz
Test your knowledge with our free XIX-C practice quiz — or get the full bank of 500+ XIX-C questions plus mock tests in the NISM Exam Prep app.
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