NISM-Series-19B: Alternative Investment Funds (Category III) Distributors Mock Tests

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Examination Objectives

  • Understand the fundamentals of alternative asset classes and the Alternative Investment Funds (Category III) markets in India.
  • Gain detailed knowledge regarding Category III AIFs, specifically covering:
    • The ecosystem of AIF (Category III) and the roles of its external service providers.
    • The function of Category III AIFs as a Risk Management Tool.
    • Fund structures, fee structures, techniques for performance measurement and their interpretations, and the importance and role of performance benchmarking.
    • Various investment strategies employed and the investment due diligence process followed by investors.
    • The concept of Net Asset Value (NAV), the valuation techniques used, and the role of third-party registered valuers.
    • Different taxation aspects for the fund and its investors, applicable in both domestic and International Financial Services Centre (IFSC) jurisdictions.
    • The role and conduct expected of distributors when servicing the Category III AIF market.
  • Be knowledgeable about the regulatory environment under which AIFs (Category III) operate in India.

Assessment Structure

  • It comprises 80 multiple-choice questions, with each question carrying 1 mark, amounting to a total of 80 marks.
  • Additionally, there are 5 case-based questions, with each case having 4 questions, contributing 20 marks to the examination (5 cases * 4 questions/case * 1 mark/question).
  • The total marks for the examination are 100.
  • Candidates are allotted 2 hours to complete the examination.
  • A passing score of 60 is required.
  • There is a negative marking of 10 percent of the marks assigned to a question for incorrect answers.

Syllabus Outline with Weights

Chapter No Chapter Name Weightage (marks)
1 Overview of Alternative Investments 4
2 Growth of Alternative Investment Funds in India and Suitability of Category III AIFs 4
3 Introduction to Category III AIF Ecosystem 12
4 Category III AIF: Fund Structures and Service Providers 12
5 Regulatory Framework 15
6 Fees Structure, Fund Performance and Benchmarking 15
7 Category III AIF Investment Strategies and Due Diligence Process 8
8 Valuation 12
9 Taxation 10
10 Good Practices 8
  Total marks 100

Study Materials

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NISM-Series-19B: Alternative Investment Funds (Category III) Distributors Workbook
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Exam Instructions

  • Each test contains multiple-choice questions.
  • Total 100 questions per test.
  • Navigate freely between questions.
  • Submit test to view your results.
  • Good luck!

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