NISM Essentials / Series XIX-D

NISM Series XIX-D

Category I & II AIF management, learned the lean way.

₹499₹69929% off

NISM Series XIX-D covers Category I and II AIFs, including investment landscape, AIF suitability, fund ecosystem, structuring, fees, fund performance, benchmarking, legal documentation, Category I and II strategies, valuation, monitoring, taxation and SEBI compliance. Essentials trims it into chapter-wise playbooks, practice questions and mocks, so you can clear the exam without the fluff.

300+ questions

Chapter-wise practice for Category I & II AIFs, valuation, taxation and regulation.

5 mocks

Three to clear and two bonus, built around the exam rhythm.

14 chapters mapped

The full XIX-D syllabus organised by chapter and marks allocation.

Self-paced

Built for busy schedules, study whenever it fits.

Why NISM Essentials

Lean prep for Category I & II AIFs

Built for busy schedules, focused on the exam, and heavy on practice.

300+ questions

Chapter-wise practice questions to reinforce concepts as you learn them, not just at the end.

5 mocks

Five full-length mocks, three to clear and two bonus, so the real exam feels familiar.

Focused prep

Aligned to the XIX-D syllabus, including Category I and II AIF structures, strategies, valuation, taxation and regulation.

Time-smart

Trimmed to exactly what you need, so you spend less time searching and more time preparing.

The syllabus

Every chapter, mapped to the exam

Open a chapter to see what it covers and what you should be able to do by the end.

01Investments Landscape2 marks group
What it covers
Meaning of investment, savings and speculation
Investment objectives: preservation, appreciation, income and tax saving
Required rate of return, inflation adjustment and risk premium
Risk-return relationship and key investment risks
Overview of Indian securities markets
By the end

Build the foundation for investment decision-making before moving into AIF products.

02Types of Investments2 marks group
What it covers
Traditional investments vs alternative investments
Types of traditional investment avenues
Types of alternative investments
Channels for making investments
Role of alternatives in portfolio management
Antecedents and growth of alternative investments
By the end

Classify investment avenues and explain why alternative investments matter in portfolio construction.

03Alternative Investment Funds in India and its Suitability2 marks
What it covers
Evolution and growth of AIFs in India
Types of AIFs and comparison of categories
Suitability of AIF products for investors
Current AIF market in India
Role of AIFs in portfolio diversification
AIFs as a risk management tool
By the end

Understand where Category I and II AIFs fit in the Indian alternative investment landscape.

04Alternative Investment Fund Ecosystem5 marks
What it covers
Key concepts used in the AIF industry
Core participants and service providers in an AIF setup
Role of the sponsor, manager, trustee and other stakeholders
Operational flow of an AIF structure
By the end

Identify the main players in the AIF ecosystem and how they support fund operations.

05Alternative Investment Fund Structuring10 marks
What it covers
Principle of pooling
General pooling considerations
Anatomy of an AIF constitution
Common fund structures of AIFs
Comparative analysis of structures
By the end

Explain how Category I and II AIFs are structured and why structure matters for fund operations.

06Fee Structure of AIFs10 marks
What it covers
Management fees and other expenses
Hurdle rate and preferred return concepts
High-water mark mechanics
How fee structures affect investor and manager outcomes
By the end

Read and interpret the major fee terms used in Category I and II AIF documents.

07Fund Performance and Benchmarking of AIFs10 marks
What it covers
Risks in AIFs and types of AIF risks
Return measures in alternative investments
Pre-tax and post-tax returns
Benchmarking and benchmarking agencies
Worked-out case application
By the end

Measure fund performance and connect returns, risks and benchmarks in an AIF context.

08Legal Documents and Negotiations6 marks
What it covers
Trust document, LLP deed or memorandum and articles
Investment Management Agreement
Subscription or investor contribution agreement
Private Placement Memorandum
Wrapper and support services agreements
By the end

Recognise the key legal documents used in AIF formation, subscription and negotiations.

09Investment Strategies10 marks
What it covers
Investment strategies used by Category I AIFs
Investment strategies used by Category II AIFs
Private equity, debt, infrastructure and other relevant strategy types
How strategy choice affects fund design and risk
By the end

Differentiate the main Category I and II AIF strategies and their practical implications.

10Investment Process and Governance of Funds10 marks
What it covers
Deal sourcing
Investor due diligence
Definitive agreements
Investor protection rights in Category I and II AIFs
Governance structure and conflict management
Co-investments, code of conduct and industry best practices
By the end

Map the investment process from sourcing to governance and investor protection.

11Valuation10 marks
What it covers
Valuation basics for fixed income instruments
Approaches to equity and business valuation
Asset-based valuation
Discounted Cash Flow valuation
Relative or multiple-based valuation
Valuation of AIF portfolio investments
Fund valuation, NAV, valuation regulations and registered valuers
By the end

Apply the main valuation frameworks used for AIF portfolio investments and fund reporting.

12Fund Monitoring, Reporting and Exit10 marks
What it covers
Monitoring fund progress and performance
Regulatory framework for fund monitoring and reporting
Fund reporting
Exit options and secondary exits
Winding up, liquidation process and dissolution period
By the end

Understand how AIFs are monitored, reported, exited and eventually wound up.

13Taxation5 marks
What it covers
Taxation of Category I and Category II AIFs
Set-off and carry-forward of losses under the Income Tax Act
GAAR and MLI concepts
Other applicable taxes
By the end

Revise the key tax rules that affect Category I and II AIFs and their investors.

14Regulatory Framework10 marks
What it covers
SEBI Alternative Investment Funds Regulations, 2012
Registration process and eligibility criteria
Sponsor and manager commitment
Open-ended and close-ended fund concepts
Accredited Investor framework
First close, final close and fund tenure
Investor subscription, corpus raising and investment conditions
General obligations, cybersecurity and DPDP Act references
FEMA, PMLA and other related SEBI regulations
FATCA and Common Reporting Standard
By the end

Navigate the regulatory framework governing Category I and II AIF managers in India.

The study toolkit

Four ways you learn it

Every chapter is covered four ways, so Category I and II AIF concepts stay exam-ready.

01

Playbooks

Chapter-wise visual playbooks for Category I and II AIFs, with diagrams, glossary cues and worked examples.

02

Sprint notes

Fast sprint recaps with tables and process maps to lock everything in before exam day.

03

Practice questions

Over 300 chapter-wise practice questions that reinforce securities, RTA and regulatory concepts as you go.

04

Mock papers

Five full-length mock papers, three to clear and two bonus, that mirror the Series II-A exam.

Lean, focused prep, built to get you through NISM Series XIX-D and into the AIF management syllabus with clarity.

Enroll in course
Student voices

Proof, not promises

Category I and II AIFs felt dense, but the chapter map made the whole syllabus manageable.

KK Krishna KaulCategory I & II AIF learner

The fee structure chapters became much clearer after the hurdle rate and high-water mark examples.

RM Riya MenonAIF fee structure learner

The course connected fund structures, Category I and II strategies and governance without making it scattered.

AV Arjun VermaPrivate equity learner

SEBI AIF rules, FEMA, PMLA and reporting requirements became much easier to revise.

NP Neha PatelCompliance trainee

Legal documentation and governance felt theoretical before. The playbooks made them practical.

DJ Danish JainAIF operations learner

Valuation, fund monitoring and benchmarking were the hardest parts, but the mocks made them manageable.

SI Sara IqbalValuation learner

Concise notes and chapter-wise practice helped me cover the full XIX-D syllabus properly.

RD Rohan DesaiFund management learner