NISM XIX-C AIF Managers: Practice Tests

This course contains the use of artificial intelligence.

Fund-management questions often become difficult when several individually familiar rules interact. A commitment is not the same as paid-in capital, a fund return is not necessarily an investor return, and a negotiated right must be interpreted within the applicable fund structure.

The course contains 400 original questions in five tests: four topic tests (45, 85, 70 and 80 questions) and one 120-question, 180-minute mock with six five-question cases. These English practice tests are designed for the independent NISM-Series-XIX-C: Alternative Investment Fund Managers examination. Work through the topic practice to identify weak areas, examine the explanation for every alternative, and then use case-based practice to connect cash flows, commercial terms and decision conditions.

What to focus on

• Fund categories, investor suitability, the AIF ecosystem and pooling structures.
• Management fees, hurdles, high-water marks, distribution waterfalls and performance measures.
• Investment strategies, investor protection rights, due diligence and legal documentation.
• Valuation, fund reporting, exit choices, taxation and the Indian regulatory framework.

Use the explanations actively

Before reading a solution, identify the decisive fact and explain why the closest competing alternative fails. For numerical questions, write the cash-flow timing and fee basis before calculating. Revisit the relevant NISM workbook section when your reasoning differs from the explanation.

The examination basis is NISM's March 2026 workbook, specified for XIX-C examinations from 21 April 2026. Read the date and legal basis stated in a question; an examination-workbook provision and a later regulatory amendment may have different applicable dates.

The official examination has 90 independent one-mark questions and six cases with five two-mark subquestions each, takes 180 minutes, and applies a 25% penalty to an incorrect question's marks. The official passing mark is 90 out of 150. Udemy reports an equal-item practice percentage and does not reproduce this weighted negative-marking system. A practice percentage must not be interpreted as an official examination score. For the mock, keep the supplied question order: items 1–90 are standalone questions and items 91–120 are case questions. Recalculate your score as (standalone correct − 0.25 × standalone incorrect) + (2 × case correct − 0.5 × case incorrect); unanswered items score zero. Compare that manual score with 90/150. The 70% targets on topic tests are study targets, and the mock’s displayed 60% threshold is only an equal-item platform setting.

This is an independent preparation resource. It is not affiliated with or endorsed by NISM or SEBI, does not contain actual examination questions, and does not guarantee certification. Use the current official workbook and candidate instructions alongside practice. The material is for examination learning, not personalized investment or tax advice.