NISM Essentials / Series XIX-E

NISM Series XIX-E

Category III AIF management, learned the lean way.

₹499₹69929% off

NISM Series XIX-E covers Category III AIFs, including investment landscape, portfolio theory, AIF suitability, ecosystem, structuring, fees, performance, benchmarking, legal documentation, Category III strategies, governance, 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 III AIFs, strategies, valuation, taxation and regulation.

5 mocks

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

15 chapters mapped

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

Self-paced

Built for busy schedules, study whenever it fits.

Why NISM Essentials

Lean prep for Category III 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-E syllabus, including Category III AIF structures, strategies, governance, 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.

01Investment Landscape3 marks group
What it covers
Meaning of investment, saving and speculation
Investment objectives: capital preservation, capital appreciation, regular income and tax saving
Required rate of return, real/nominal risk-free rate, inflation adjustment and risk premium
Risk-return relationship and major investment risks
Overview of Indian securities markets
By the end

Build the investment foundation required before moving into Category III AIF concepts.

02Types of Investments3 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 alternative investments in portfolio management
Antecedents and growth of alternative investments
By the end

Classify investment avenues and understand where alternative assets sit in a portfolio.

03Introduction to Modern Portfolio Theory and Capital Market Theory3 marks group
What it covers
Framework and assumptions of Modern Portfolio Theory
Expected return and variance for individual securities and portfolios
Efficient frontier and portfolio optimization
Estimation issues in portfolio construction
Capital Market Theory and its assumptions
Capital Market Line, CAPM and Security Market Line
By the end

Connect portfolio theory, risk, return and market models to AIF fund management.

04AIFs in India & its Suitability3 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
Comparison between Category III AIF and traditional investments
Role of AIFs in portfolio diversification and risk management
By the end

Understand where Category III AIFs fit in the Indian alternative investment landscape.

05AIF Ecosystem5 marks
What it covers
Investments and characteristics of funds under Category III AIFs
Category III AIF ecosystem: investors, sponsors, trustees, managers and service providers
Capital commitment and sponsor commitment
Drawdown, capital invested, first close and final close
Fees, expenses, hurdle rate and high watermark
Additional returns, distributions, due diligence and ESG
By the end

Map the key stakeholders and operating terms used in the Category III AIF ecosystem.

06AIF Structuring10 marks
What it covers
Principle of pooling
General pooling considerations
Anatomy of an AIF constitution
Common fund structures of AIFs
Comparative analysis of fund structures
By the end

Explain how Category III AIFs are structured and why fund structure matters.

07Fee Structure and Fund Performance10 marks
What it covers
Management fees and other expenses
Hurdle rate and high-water mark
Risks and types of risks in AIFs
Risk measures
Return measures in alternative investments
Pre-tax and post-tax returns
Risk-adjusted return metrics and performance measures
By the end

Read fee terms and evaluate fund performance using the main return and risk metrics.

08Indices and Benchmarking4 marks
What it covers
Meaning and uses of indices
Factors differentiating indices
Index methodologies
Stock market indices
Bond market indices
Stock-bond composite indices
Performance benchmarking
By the end

Understand how benchmarks are selected and used to evaluate AIF performance.

09Legal Documentation and Negotiations8 marks
What it covers
Trust document, LLP deed, memorandum and articles of association
Investment Management Agreement
Subscription or investor contribution agreement
Private Placement Memorandum
Wrapper and support services agreements
By the end

Identify the main legal documents used in AIF setup, investor onboarding and operations.

10Investment Strategies12 marks
What it covers
Investment strategies used by Category III AIFs
How strategy selection affects return profile and risk
Use of market-linked and derivative-oriented strategy concepts
Strategy-level risk, leverage and portfolio construction considerations
By the end

Differentiate the major Category III AIF strategy ideas and their risk-return implications.

11Governance of Funds and Due Diligence7 marks
What it covers
Investor due diligence
Definitive agreements
Regulation on governance structure in AIFs
Role of human capital in avoiding conflict of interests
Co-investments in AIFs
Code of conduct of investment managers, AIFs and investment committee
Industry best practices
By the end

Understand governance, diligence and conflict-management expectations for Category III AIFs.

12Valuation10 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
Net Asset Value and valuation techniques
Category III NAV computation and valuation regulations
Role of third-party registered valuers
By the end

Apply the valuation and NAV concepts used for Category III AIF fund reporting.

13Fund Monitoring, Reporting and Exit10 marks
What it covers
Monitoring AIF progress and performance
Regulatory framework for fund monitoring and reporting
Fund reporting
Exit options
Winding up of an AIF
Liquidation process and dissolution period
By the end

Track how Category III AIFs are monitored, reported, exited and wound up.

14Taxation8 marks
What it covers
Taxation of 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 tax rules and concepts that affect Category III AIFs and investors.

15Regulatory 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 tenure of funds or schemes
Investor subscription, corpus raising and investment conditions
Operational, prudential and reporting norms for Category III AIFs
General obligations, code of conduct and market surveillance
FEMA, PMLA, PIT, PFUTP, ICDR, FPI, FATCA and CRS references
By the end

Navigate the key regulations that govern Category III AIF managers in India.

The study toolkit

Four ways you learn it

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

01

Playbooks

Chapter-wise visual playbooks for Category III 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-E and into the AIF management syllabus with clarity.

Enroll in course
Student voices

Proof, not promises

Category III AIFs felt complex, but the chapter map made the full syllabus manageable.

KK Krishna KaulCategory III AIF learner

The portfolio theory, fee structure and performance chapters became much easier to revise.

RM Riya MenonAIF performance learner

The course connected Category III strategies, valuation and governance without making it scattered.

AV Arjun VermaHedge fund strategies 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, NAV computation and fund monitoring 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-E syllabus properly.

RD Rohan DesaiFund management learner