NISM Series 19C AIF Managers Syllabus Breakdown 2026

Your one‑stop guide to ace the NISM Series 19C exam and become a certified Alternative Investment Fund (AIF) Manager.

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📚 What Is NISM Series 19C?

Aspect	Details
Full Form	NISM Series 19C – Alternative Investment Funds (AIF) – Managers
Conducted By	National Institute of Securities Markets (NISM)
Target Audience	Portfolio managers, fund distributors, compliance officers, senior executives of AIFs, and anyone involved in managing AIFs.
Exam Pattern	100 multiple‑choice questions, 2 hours, 50 % passing mark.
Validity	Certification is valid for 3 years from the date of issue.
Why It Matters	Required under SEBI (AIF) Regulations, 2012 for all AIF managers and key personnel.

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🗂️ Syllabus Overview – 2026 Edition

The 2026 syllabus is divided into four major modules. Below is a high‑level snapshot, followed by a detailed breakdown.

Module	Weightage*	Core Topics
Module 1 – Overview of AIFs	20 %	Definition, classification, regulatory framework, registration, compliance
Module 2 – Investment Strategies & Instruments	30 %	Types of AIFs (Category I‑III), investment restrictions, valuation, risk management
Module 3 – Operations & Governance	30 %	Fund structure, documentation, custodians, trustees, reporting, audit
Module 4 – Investor & Market Practices	20 %	Investor onboarding, KYC/AML, marketing, fee structures, dispute resolution

*Weightage based on the latest NISM guidelines (subject to minor change).

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Module 1 – Overview of AIFs

Sub‑Topic	Key Points
Definition & Objectives	Legal definition under SEBI; purpose of AIFs; role in capital markets
Classification (Category I‑III)	Eligibility criteria, examples, permissible activities
Regulatory Framework	SEBI (AIF) Regulations, 2012; relevant sections of the Companies Act, 2013; RBI & PFRDA cross‑references
Registration Process	Application flow, required documents, timelines, fees
Compliance Obligations	Annual returns, audit reports, disclosure norms, risk‑based capital adequacy

Module 2 – Investment Strategies & Instruments

Sub‑Topic	Key Points
Category I AIFs	Venture capital, social & infrastructure funds; investment caps
Category II AIFs	Debt‑funds, private equity; leverage limits
Category III AIFs	Hedge funds, complex strategies; short‑selling, derivatives usage
Valuation of Assets	Fair value measurement, NAV calculation, use of external valuers
Risk Management	Portfolio risk limits, stress testing, VaR, liquidity management
Leverage & Borrowing	Maximum permissible leverage per category, margin requirements

Module 3 – Operations & Governance

Sub‑Topic	Key Points
Fund Structure	Role of sponsor, trustee, manager, custodian, and compliance officer
Key Documentation	Trust deed, partnership deed, offering memorandum, investment policy
Custodian & Trustee Functions	Safekeeping, segregation of assets, conflict‑of‑interest safeguards
Reporting & Disclosure	Quarterly & annual reports, performance disclosures