NISM 19-C: Alternative Investment Fund Managers Mock Tests

Prepare with confidence for the NISM-Series-XIX-C: Alternative Investment Fund Managers Exam using our comprehensive online mock test series. Designed meticulously using the NISM Workbook (December 2023 edition) as reference, this test series equips learners with deep conceptual understanding and practical insights across all exam chapters.

This test series includes 6 full-length mock tests built from a 1500+ question bank, covering every Test Objective and Learning Outcome prescribed by NISM. Each question is carefully crafted to enhance conceptual clarity and strengthen problem-solving skills essential for the final exam.
However, the mock test questions are designed with detailed explanation to build strong conceptual foundations that will help you apply knowledge effectively in case-based questions during the actual exam.

TEST OBJECTIVES & LEARNING OUTCOMES COVERED

Below topics are fully covered across the mock tests:

1. Investments Landscape

• Required rate of return
• Types of risk
• Market participants
• Overview of Indian securities markets
• Meaning of investments

2. Types of Investments

• Traditional & alternative investments
• Equity, fixed income, derivatives
• Channels of investment
• Role of alternative investments in portfolio management
• Growth of AIF industry

3. Informational Efficiency

• Market efficiency concepts
• Random Walk Theory
• Market anomalies
• Implications on valuation & portfolio management

4. Modern Portfolio Theory (MPT)

• Expected return
• Portfolio construction framework
• Portfolio optimization process

5. Capital Market Theory

• Market and non-market risk
• Market portfolio
• Capital Market Line

6. Alternative Investment Funds in India

• Evolution and growth of AIFs
• Types & categories of AIFs
• Suitability to investors
• AIFs vs mutual funds & traditional investments
• Role in diversification

7. AIF Ecosystem

• Key industry concepts
• Capital & sponsor commitment
• Due diligence & ESG
• Fees, expenses, lock-in, exit load
• First close, final close, green shoe option
• Service providers

8. AIF Structuring

• Fund structures (onshore/offshore, master feeder, parallel structures)
• Pooling principles
• Buyout transactions
• Comparative analysis

9. Fee Structure & Fund Performance

• Hurdle rate, high-water mark, carry, clawback
• Return metrics: gross vs net
• Risk-return metrics
• Role of taxation
• Evaluation of fund performance

10. Indices & Benchmarking

• Stock & bond market indices
• Composite indices
• Index methodologies
• MSCI India indices
• Performance benchmarking

11. Investment Strategies & Governance

• Category-wise AIF strategies
• Investment process
• Co-investments
• Best practices & governance
• Conflict of interest management

12. Fund Due Diligence – Investor Perspective

• Manager evaluation & selection
• Key Man clause
• Conflict of interest mitigation
• Due diligence documents & questionnaire

13. Legal Documentation & Negotiations

• PPM, trust deed/LLP deed, investment management agreement
• Subscription agreements
• Investor charter
• Wrapper & support service agreements

14. Valuation

• Equity & business valuation
• Fixed income valuation
• DCF & comparable multiples
• NAV calculations
• Role of third-party valuers
• Techniques for AIF portfolio valuation

15. Fund Monitoring, Reporting & Exit

• Reporting framework
• Monitoring fund performance
• Exit options
• Secondary exits
• Winding up and liquidation

16. Taxation

• Taxation of Category I, II & III AIFs
• Set-off, carry forward of losses
• GAAR, MLI

17. Regulatory Framework

• SEBI (AIF) Regulations, 2012
• Foreign investments & FEMA framework
• FATCA & CRS
• Investment conditions, disclosures & reporting
• Accredited investor framework
• Market surveillance
• FPI & ICDR regulations

What You Will Learn

• 1500+ exam-oriented questions covering each NISM learning objective
• Detailed explanations for all correct answers
• Each question tagged with chapter number for quick recall and better retention
• Explanation of covered learning outcome to reinforce understanding

Requirements

No prerequisites required.
This mock test is ideal for anyone preparing for the NISM-Series-XIX-C: Alternative Investment Fund Managers Certification.

Who Should Enroll

• AIF Managers & investment team members
• Professionals employed/engaged in AIF schemes
• Students seeking advanced knowledge of AIFs
• MBA Finance students
• PMS service providers
• Stock market professionals
• Fund managers & investment managers
• Investment bankers
• Financial market professionals