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100+ Free NISM Series XIX-C Practice Questions

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Key Facts: NISM Series XIX-C Exam

60%

Passing Score

NISM

120

Questions

90 MCQs + 30 case-based

3 hours

Duration

180 minutes

₹3,000

Exam Fee

NISM

The NISM Series XIX-C: AIF Managers exam requires a 60% passing score in a 3-hour duration. The exam fee is ₹3,000, with a 25% negative marking penalty for incorrect answers.

Sample NISM Series XIX-C Practice Questions

Try these sample questions to test your NISM Series XIX-C exam readiness. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.

1What is the minimum corpus required for Category I and Category II Alternative Investment Funds (other than angel funds) under SEBI regulations?
A.₹20 crore
B.₹10 crore
C.₹5 crore
D.₹50 crore
Explanation: Under SEBI (Alternative Investment Funds) Regulations, 2012, the minimum corpus required for any scheme of Category I or Category II AIF (other than an Angel Fund) is ₹20 crore. The fund must raise this corpus within the specified period to be operational.
2What is the minimum corpus required for an Angel Fund to register as a sub-category under Category I AIF?
A.₹20 crore
B.₹10 crore
C.₹5 crore
D.₹1 crore
Explanation: Under SEBI regulations, Angel Funds have a relaxed minimum corpus requirement of ₹5 crore, compared to the standard ₹20 crore required for other AIFs. This relaxation is intended to encourage early-stage angel investing in India.
3What is the minimum investment amount required from a regular investor (not an employee/director of the AIF/manager) in an Alternative Investment Fund in India?
A.₹50 lakh
B.₹1 crore
C.₹25 lakh
D.₹5 crore
Explanation: To ensure that AIFs only onboard sophisticated investors who understand private market risks, SEBI mandates a high entry barrier. The minimum investment amount for any regular investor is ₹1 crore.
4Under SEBI (AIF) Regulations, what is the minimum investment amount required for employees or directors of the AIF or its manager?
A.₹1 crore
B.₹10 lakh
C.₹50 lakh
D.₹25 lakh
Explanation: SEBI provides a relaxation on the minimum investment threshold for employees and directors of the AIF or its manager to align their interests with the fund. They are allowed to invest a minimum of ₹25 lakh instead of the standard ₹1 crore.
5What is the passing score required to clear the NISM Series XIX-C: Alternative Investment Fund Managers Certification Examination?
A.55%
B.50%
C.60%
D.65%
Explanation: The NISM Series XIX-C: Alternative Investment Fund Managers Certification Examination requires a minimum score of 60% to pass. This translates to scoring at least 90 marks out of the total 150 marks.
6What is the validity period of the certificate awarded upon passing the NISM Series XIX-C: Alternative Investment Fund Managers Certification Examination?
A.3 years
B.2 years
C.5 years
D.1 year
Explanation: Like most NISM certifications, the Series XIX-C certificate is valid for a period of 3 years from the date of passing the examination. Candidates must renew it after expiry through CPE or retaking the exam.
7What is the minimum tenure required for close-ended Alternative Investment Funds (AIFs) from the date of final close under SEBI regulations?
A.10 years
B.5 years
C.1 year
D.3 years
Explanation: Under SEBI (Alternative Investment Funds) Regulations, 2012, close-ended AIF schemes (such as Category I and II AIFs) must have a minimum tenure of 3 years. This ensures that the fund has a stable capital base for executing long-term investment strategies.
8By how many years can the tenure of a close-ended Alternative Investment Fund (AIF) be extended, subject to the approval of two-thirds of the investors by value?
A.Up to 1 year
B.Up to 2 years
C.Up to 3 years
D.No extension is permitted
Explanation: SEBI allows the tenure of close-ended AIFs to be extended for up to 2 years, provided that two-thirds (66.67%) of the investors by value of their investment in the AIF approve the extension. If consent is not obtained, the fund must liquidate.
9Which of the following AIF categories is defined as those funds that invest in start-ups, early-stage ventures, social ventures, SMEs, or infrastructure, which the government or regulators consider socially or economically desirable?
A.Category I AIF
B.Category II AIF
C.Category III AIF
D.Mutual Funds
Explanation: Category I AIFs are funds that invest in sectors that are considered socially or economically desirable by the government or regulators. These include Venture Capital Funds, SME Funds, Social Venture Funds, Infrastructure Funds, and Special Situation Funds.
10Which category of Alternative Investment Funds (AIFs) is permitted to employ diverse or complex trading strategies, including leverage through investment in listed or unlisted derivatives?
A.Category II AIF
B.Category I AIF
C.Category III AIF
D.Angel Funds
Explanation: Category III AIFs are permitted to employ diverse or complex trading strategies and can use leverage, including short selling and trading in derivatives. These funds are similar to hedge funds and can be open-ended or close-ended.

About the NISM Series XIX-C Exam

The NISM Series XIX-C Certification Examination establishes a minimum knowledge benchmark for Alternative Investment Fund (AIF) managers, covering Category I, II, and III AIF operations, valuation, taxation, and SEBI compliance guidelines.

Questions

120 scored questions

Time Limit

3 hours

Passing Score

60%

Exam Fee

₹3,000 (NISM)

NISM Series XIX-C Exam Content Outline

25%

Alternative Investment Landscape and Fund Structure

General financial system, AIF definition, categorization (Cat I, II, III), and key fund documentation (PPM, trust deed).

30%

Investment Strategies and Valuation Guidelines

AIF investment limits, downstream FEMA rules, unlisted share valuation, IPEV guidelines, and net asset value (NAV) rules.

25%

Performance Benchmarking, Taxation and Operations

Gross/Net IRR calculations, TVPI, Hurdle rates, american/european waterfalls, and Section 115UB tax pass-through rules.

20%

Regulatory Compliance and Case Studies

SEBI (AIF) Regulations 2012, PMLA, Insider Trading, and key regulatory orders.

How to Pass the NISM Series XIX-C Exam

What You Need to Know

  • Passing score: 60%
  • Exam length: 120 questions
  • Time limit: 3 hours
  • Exam fee: ₹3,000

Keys to Passing

  • Complete 500+ practice questions
  • Score 80%+ consistently before scheduling
  • Focus on highest-weighted sections
  • Use our AI tutor for tough concepts

NISM Series XIX-C Study Tips from Top Performers

1Be thorough with downstream investment rules and FEMA FDI limits for Category I, II, and III AIFs.
2Understand performance metrics like Gross and Net IRR, TVPI, Hurdle rate, and american vs. european waterfall models.
3Learn the valuation guidelines: unlisted valuations must be certified by an IBBI Registered Valuer.
4Master Category-wise taxation rules, specifically Section 115UB pass-through status for Category I/II AIFs.

Frequently Asked Questions

What is the NISM Series XIX-C exam?

It is a certification exam mandated for key investment team members of SEBI-registered Alternative Investment Funds (AIFs) to verify their fund management and compliance proficiency.

Is there negative marking in NISM Series XIX-C?

Yes, there is negative marking of 25% of the assigned marks (0.25 marks deducted per wrong answer).