Frequently Asked Questions (NISM Series-XIX-E: Category III Alternative Investment Fund Managers Certification Examination)
1. Who can take NISM Series-XIX-E: Category III Alternative Investment Fund Managers Certification Examination?
NISM Series-XIX-E: Category III Alternative Investment Fund Managers Certification Examination seeks to create a common minimum knowledge benchmark for Category III AIF Managers and its key investment team. It is based on fund management aspects relating to Category III AIFs. The examination focuses to enhance the quality of fund management activities in the Category III AIF space and enables a better understanding of features of AIF products, investment valuation norms, fund governance processes, fund performance measurements, taxation aspects and related regulations.
2. For whom is this examination mandated?
Please refer to NISM Notification NISM/Certification/Series-XIX-E: Category III Alternative Investment Fund Managers/2025/02 dated April 29, 2025 and SEBI Notification for NISM Series-XIX-E: Category III Alternative Investment Fund Managers Certification Examination dated June 25, 2025 (in the ‘Circulars’ section). SEBI has specified this examination to be the requisite standard for the key personnel, amongst the associated persons functioning in the key investment team of the Manager of Category III Alternative Investment Fund. Such key personnel may also obtain the requisite certification by passing Series-XIX-C: Alternative Investment Fund Certification Examination as mentioned in the NISM Notification NISM/Certification/ Series-XIX-C: Alternative Investment Fund Managers/2024/01 dated January 10, 2024 and SEBI Notification for NISM Series-XIX-C: Alternative Investment Fund Managers Certification Examination dated May 10, 2024 (in the ‘Circulars’ section).
3. How can I register for NISM Series-XIX-E: Category III Alternative Investment Fund Managers Certification Examination?
Candidates can register for this exam at:
https://certifications.nism.ac.in/nismaol/
After successful registration, candidates may select a test centre, date, and time slot of their choice on the Test Administrator’s website. Candidates are required to follow further instructions available on the Test Administrator’s website.
4. What is the fee structure?
The fees for “NISM Series-XIX-E: Category III Alternative Investment Fund Managers Certification Examination” is Fifteen Hundred Rupees only (Rs. 1500 /-)
5. What is the assessment structure?
The examination consists of 60 multiple-choice questions of 1 mark each and 4 case-based questions each case having 5 sub-questions of 2 marks each. It should be completed in 2 hours. There shall be negative marking of 25 percent of the marks assigned to a question. The passing score for the examination is 60% i.e. 60 marks out of 100.
6. Is there any study material available for preparing for this examination?
You will receive a soft copy of the workbook/study material after enrolment for the examination. For non-receipt of soft copy of the workbook/study material, contact NISM at: certification@nism.ac.in
You can also download the soft copy of the workbook/study material from NISM website after keying in your details at: https://api.nism.ac.in/cmp/
7. Do I have to pay for the study material?
You will receive a soft copy of the workbook/study material free of cost after enrolment for the examination. . You can also freely download the soft copy of the workbook/study material from the NISM website.
Candidate can buy NISM workbooks online through Taxmann Publications Private Ltd. Visit https://www.taxmann.com/bookstore/nism-iibf-books.aspx to place your orders for NISM workbook.
8. I have passed NISM Series-XIX-E: Category III Alternative Investment Fund Managers Certification Examination. When will I receive the certificate?
Upon successfully passing the NISM Examination, the NISM certificate will be issued after 72 hours from the date of the exam, provided that your profile is approved as per NISM requirements.
9. Where do I get sample questions for the Certification Examination? How can I appear for a mock test?
Candidates may refer to the chapter-end sample questions and the worked-out examples/ illustrations provided in the workbook. To appear for a mock test, candidates may click here.
10. I have passed NISM Series-XIX-E: Category III Alternative Investment Fund Managers Certification Examination and also provided PAN details. However, I have not received the certificate. Whom should I contact?
For non-receipt of certificate, please send an email to certification@nism.ac.in in mentioning your enrolment and exam details.
11. What is the validity period of the certificate?
The certificate will be valid for 3 years from the date of the examination.
12. How do I renew my certificate?
To renew your current certificate, you need to successfully pass the NISM Series-XIX-E: Category III Alternative Investment Fund Managers Certification Examination before the expiry of such certificate.
13. Can I request for re-evaluation of NISM Certification Examinations?
NISM Policy on Re-evaluation of performance of candidates appearing for Certification Examination and resolution of doubts about the questions forming part of such examination, if any.
“No re-evaluation of the performance of candidates appearing for Certification Examination conducted by NISM (Mandatory & Non-Mandatory examination) is permitted since the assessment of answers, with respect to Certification Examinations questions which are in the nature of the selection of only one correct answers from multiple choices offered, is carried out in an objective manner by in-built system architecture created for Certification Examination without any scope for human intervention and subjectivity element.
Also, considering the examination structure, no disclosure of the questions and/or answers is permitted as it will violate the confidentiality of the question bank, which is the essence of the examination.
In view of the above, no communication regarding re-evaluation, etc. will be entertained/serviced by NISM.”
Subject to the above, request/s received from a candidate for resolution of doubts about a question forming part of such examination will be considered as per the following policy:
(1) Candidate’s request/s will be considered only when he/she specifically mentions a particular question or two which he/she thinks contain errors.
(2) No request/s to disclose/discuss question/s and/or their answers shall be entertained as disclosure of the question/s will violate the essence of the question bank viz. breach the confidentiality/secrecy of the Question bank.
(3) Only those request/s made on-the-spot (before leaving the test centre) will be considered for verification.
(4) When a valid request is received from a candidate at the Test Centre, it shall be forwarded by the respective TA to NISM. NISM’s team will look into claim relating to the contested question/s to verify whether there is a mistake in the question or answer. If it is prima facie found that the question or answer contains a mistake, no score will be computed and consequently, no scorecard will be issued then at the Test Centre.
(5) Such matter will then be escalated with the question/answer to the Committee with the details of the nature of the error, the correct version of the question or contested correct answer and system recognized the correct answer. The Committee, after due diligence and proper scrutiny, will arrive at a conclusion whether the claim made by a candidate in relation to a question or answer is right. Such a conclusion will be recorded in writing and put up for formal approval to the authority of NISM.
(6) Score computation, kept in abeyance as per point 4, shall be carried based on the approval as per point – 5. Such a scorecard will then be issued to the candidate by TA/NISM.
(7) Even though NISM endeavours best efforts and has put in place a robust mechanism to review its question bank intermittently, attributable to continuous changes taking place emanating from dynamics of the market, encompassing products and features, and its regulatory framework, there is a possibility of inadvertently escaping some updation and/or escaping indirect impact on some question/answer. Therefore, to take care of such eventuality, the above process of entertaining request from the candidate in relation to the question/answer is put in place.
(8) The above policy and process will be subject to review from time to time and shall be binding and final in relation to any claim and/or matter when disposed off with the approval of the authority of NISM.
Click here for Re-evaluation Policy details.
