# NISM Introduces Separate Certification Exams for AIF Managers

Published: 14 May 2025  |  Last updated: 21 Jul 2025
Author: Treelife
Practice area: News
Source: https://treelife.in/news/nism-introduces-separate-certification-exams-for-aif-managers/

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Blog Content Overview

- [1 1) NISM Series-XIX-D:](#1_NISM_Series-XIX-D)
- [2 2) NISM Series-XIX-E:](#2_NISM_Series-XIX-E)

The **National Institute of Securities Markets (NISM)** has announced a significant change in the certification framework for **Alternative Investment Fund (AIF)** managers. Effective **May 1, 2025**, the existing unified **NISM Series-XIX-C** certification will be split into two distinct exams, tailored to the specific AIF categories:

### **1) NISM Series-XIX-D:**

Meant for key investment personnel managing **Category I and II AIFs**, this exam will cover topics such as **regulatory guidelines**, **fund management practices**, **investment valuation norms**, **taxation**, and other category-specific aspects.

### **2) NISM Series-XIX-E:**

Targeted at those managing **Category III AIFs**, it will focus on similar themes, but customized to reflect the distinctive features and regulatory nuances of **Category III funds**.

The new exams are stated to be available starting **May 1, 2025**.

However, while NISM has clarified the structure and launch of these certifications, uncertainty remains regarding the exact timelines for mandatory compliance. The **Securities and Exchange Board of India (SEBI)** has yet to issue a formal notification specifying when these exams will become compulsory for AIF managers.

With the **May 9, 2025** deadline approaching, it will be interesting to see how this transition unfolds.

Write to us at **priya.k@treelife.in** if you need assistance here.

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