NISM-Series-19A: Alternative Investment Funds (Category I and II) Distributors Mock Tests

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Attempt full-length exam simulation with 100 questions (standard MCQs).

Examination Objectives

Understand the fundamental aspects of alternative asset classes and the Alternative Investment Funds (AIFs) markets, specifically Category I and II, in India.
Gain detailed knowledge of the following:
- General concepts commonly found in the AIF industry.
- The structure of AIFs, their risk-return relationships, investment processes, governance aspects, and strategies for monitoring and exit.
- The significance of fund due diligence, legal documentation, and negotiation skills, as well as how investors assess risk and return.
- Valuation processes and methodologies employed by AIFs for their investee companies.
- Various taxation aspects relevant to both the fund and its investors.
- The role and conduct expected of distributors in serving investors.
- Backend operations, documentation requirements, and reporting procedures.
Comprehend the regulatory environment governing Category I and II AIFs in India.

Assessment Structure

It comprises 80 multiple-choice questions, with each question carrying 1 mark, totalling 80 marks.
There are 5 case-based questions, with each case containing 4 questions, and each question carrying 1 mark, totalling 20 marks (5 * 4 * 1 = 20).
The total marks for the examination are 100.
Candidates are allotted 2 hours to complete the examination.
A passing score of 60 percent is required.
There will be negative marking, deducting 10 percent of the marks assigned to a question for incorrect answers.
Candidates should be proficient in both Microsoft Excel or OpenOffice Calc, as test centre workstations are equipped with either software for numerical computations.

Syllabus Outline with Weights

Chapter No	Chapter Name	Weightage (marks)
1	Overview of Alternative Investments	5
2	Alternative Investment Funds in India	5
3	Concepts in Alternative Investment Funds Industry	5
4	Regulatory Framework – Indian Context	10
5	Alternative Investment Fund Structuring	10
6	Risk and Return – Investor and Fund Perspective	10
7	Investment Process and Governance of Funds	10
8	Fund Due Diligence – Investor Perspective	15
9	Legal Documents and Negotiations – Investor Perspective	10
10	Fund Monitoring, Reporting and Exit	5
11	Valuation	5
12	Taxation – India specific	5
13	Good Practices	5
	Total marks	100