NISM Series XIX E Category III AIF Managers Mock Test 2026

The NISM Series XIX E Category III AIF Managers certification is intended for key investment team members of Category III Alternative Investment Funds registered with SEBI. Like other NISM examinations it is offered on a rolling basis at test centres across India, so your exam date is whichever slot you book rather than a fixed national date.

Category III funds are the hedge fund equivalent in the Indian regime and the only category permitted to employ leverage and complex trading strategies. The workbook covers the regulatory framework specific to Category III, permitted strategies including long short and arbitrage approaches, the use of derivatives and leverage limits, risk management and portfolio construction, valuation and net asset value computation, taxation which differs materially from the other categories, and reporting obligations.

Set 1 of this series is free and runs on the real exam pattern, with an explanation on every answer and a unit wise score report so you can see which chapters of the workbook still need another pass.