NISM Series XIX-A Mock Test: Alternative Investment Funds (Category I and II) Distributors
Up to 30 full-length mock tests of 100 questions each, built on the official syllabus, with an explanation for every answer.
About the NISM Series XIX-A exam
NISM Series XIX-A covers Category I and II Alternative Investment Funds — the AIF landscape, structuring, regulation, fees, due diligence, valuation, taxation and good practices for distributors.
Who should take it: Distributors and relationship managers who sell Category I and II AIFs such as venture capital, private equity and private credit funds.
NISM Series XIX-A exam pattern
| Questions | 100 multiple-choice questions |
|---|---|
| Total marks | 100 |
| Duration | 120 minutes |
| Passing score | 60% |
| Negative marking | −0.25 mark per wrong answer |
Indicative pattern. Exam bodies revise patterns — confirm the details in the latest official notification before your exam.
Syllabus covered in our NISM Series XIX-A question bank
Our 50-question bank for NISM Series XIX-A covers every chapter below. Mock tests mix questions across all of them in the same proportion as the real paper.
- Overview of Alternative Investments3 practice questions
- Alternative Investment Funds in India4 practice questions
- Concepts in the AIF Industry5 practice questions
- AIF Regulatory Framework6 practice questions
- Alternative Investment Fund Structuring4 practice questions
- Risk and Return – Fund and Investor Perspective4 practice questions
- Investment Process and Governance of Funds4 practice questions
- Fund Due Diligence – Investor Perspective4 practice questions
- Legal Documentation and Negotiation – Investor Perspective4 practice questions
- Fund Monitoring, Reporting and Exit3 practice questions
- Valuation3 practice questions
- Taxation – India Specific3 practice questions
- Good Practices3 practice questions
Free NISM Series XIX-A sample questions
Try five questions from our bank. Each mock test gives you 100 like these, with your score, chapter-wise analysis and explanations at the end.
Which feature most clearly distinguishes alternative investments such as private equity from traditional listed equity?
- Daily exchange-traded pricing
- Guaranteed minimum returns
- Lower minimum ticket sizes than mutual funds
- Lower liquidity and less frequent, less transparent pricing
Show answer & explanation
Answer: D. Lower liquidity and less frequent, less transparent pricing
Private assets are not traded on an exchange, so they are illiquid and valued only periodically, unlike listed shares.
Under the SEBI (AIF) Regulations, 2012, an AIF is best described as a privately pooled investment vehicle that:
- Collects funds from investors for investing according to a defined investment policy for their benefit
- Accepts deposits from the public and pays fixed interest
- Is a scheme of a SEBI-registered mutual fund
- Is a portfolio of individually held securities managed for one client
Show answer & explanation
Answer: A. Collects funds from investors for investing according to a defined investment policy for their benefit
The AIF definition centres on a privately pooled vehicle investing under a stated policy; mutual funds and PMS are covered by separate regulations.
In a typical AIF, the 'commitment' of an investor refers to:
- The amount paid upfront on signing
- The total amount the investor agrees to contribute over the fund's life, drawn down as needed
- The fund manager's personal investment
- The NAV of the investor's units on a given date
Show answer & explanation
Answer: B. The total amount the investor agrees to contribute over the fund's life, drawn down as needed
Investors commit capital upfront but pay it in tranches through drawdowns (capital calls) as the manager finds investments.
The minimum corpus required for each scheme of an AIF is:
- ₹5 crore
- ₹50 crore
- ₹20 crore
- ₹100 crore
Show answer & explanation
Answer: C. ₹20 crore
The AIF Regulations require each scheme (other than angel funds, which have separate rules) to have a corpus of at least ₹20 crore.
In India, most AIFs are set up as:
- Public limited companies
- Trusts
- Partnership firms under the 1932 Act
- Co-operative societies
Show answer & explanation
Answer: B. Trusts
The trust structure is preferred for flexibility, ease of distribution and tax pass-through for Category I and II.
NISM Series XIX-A mock test plans
Every plan unlocks one full-length mock test per day of the plan. Prices include GST.
| Plan | Mock tests | Questions | Price |
|---|---|---|---|
| 10 Days | 10 mock tests | 1,000 questions | ₹199 incl. GST |
| 15 Days | 15 mock tests | 1,500 questions | ₹279 incl. GST |
| 20 Days Popular | 20 mock tests | 2,000 questions | ₹349 incl. GST |
| 30 Days Best value | 30 mock tests | 3,000 questions | ₹449 incl. GST |
Official study material
Links open the official website. We do not host or alter official material.
NISM Series XIX-A mock test FAQs
How many questions are there in the NISM Series XIX-A exam?
The NISM Series XIX-A paper has 100 multiple-choice questions for 100 marks, to be completed in 120 minutes. This is the indicative pattern — always confirm it in the latest official notification.
Is there negative marking in NISM Series XIX-A?
Yes. −0.25 mark per wrong answer (25% of the marks for that question). Our mock tests apply the same rule.
What is the pass mark for NISM Series XIX-A?
You need 60% to pass. Our mock tests show pass or fail against the same mark.
How many NISM Series XIX-A mock tests do I get?
One full-length mock test is unlocked for each day of your plan: 10, 15, 20 or 30 mock tests on the 10 Days, 15 Days, 20 Days or 30 Days plans. You can retake any unlocked test while your plan is active.
Are these the actual exam questions?
No. Every question is an original practice question written to match the official syllabus and the exam's style. Reproducing real exam questions is not permitted, and we do not do it.
Where can I get the official NISM Series XIX-A study material?
NISM provides the latest workbook free of cost on its official portal after a short registration. The link is in the Official study material section on this page.