NISM Series XIX-A study plan

Map the full NISM Series XIX-A syllabus structure for Category I and II AIF distribution into a one-page topic tree, listing every chapter heading you must cover

Define AIF under SEBI regulation and distinguish it from mutual funds, PMS, and collective investment schemes by writing the three legal tests in your own words

Classify the three AIF categories (I, II, III) and list which sub-categories fall under Category I, stating the investment rationale for each

Build a personal glossary of 25 core AIF terms (commitment, drawdown, corpus, sponsor, manager, trustee, custodian) with one-line definitions

Explain the SEBI (Alternative Investment Funds) Regulations registration pathway: who applies, eligibility of sponsor and manager, and the role of the trustee or board of directors

Describe the eligibility criteria, fit-and-proper requirements, and capital adequacy expectations for a fund manager and sponsor

Outline the scheme-level requirements for Category I and II schemes, including minimum corpus, minimum investor commitment, and maximum investor count

Differentiate the registration and launch process for a close-ended Category I or II scheme from an open-ended Category III scheme

Trace the permitted investments for each Category I sub-category (venture capital, SME, infrastructure, social impact) and state one restriction unique to each

State the investment conditions and leverage restrictions that apply to Category II funds, including the treatment of unlisted and listed securities

Explain the tenure, extension, and liquidation rules for close-ended Category I and II schemes

Describe the valuation framework: who values, how often, and what the regulations require for unlisted securities

List the investor protection rules applying to Category I and II funds: minimum investment, investor consent, related-party limits, and conflict-of-interest handling

Explain the drawdown and commitment mechanics, including how capital is called and what happens on default by an investor

Describe the distribution waterfall for Category I and II funds and how hurdle rates and catch-up clauses affect investor returns

Summarize the roles and liabilities of the sponsor, manager, trustee, custodian, and valuer in the AIF structure

Summarize the disclosure and reporting obligations for Category I and II funds, including periodic reporting to SEBI and investor reporting

Describe the performance disclosure rules and how returns must be presented to prospective investors

Explain the compliance and audit requirements, including the role of the compliance officer and the annual audit

Identify the key regulatory differences between Category I, II, and III that an investor-facing distributor must be able to explain

Describe the distributor's role, eligibility, and conduct expectations when distributing Category I and II AIFs, including the distinction from a mutual fund distributor

Explain the suitability and risk-profiling process for AIF investors, including the accredited-investor concept and minimum commitment thresholds

Outline the KYC, anti-money-laundering, and record-keeping obligations that apply to AIF distribution

Prepare a client suitability checklist that a distributor would use before recommending a Category I or II fund

Review the regulatory penalties and enforcement actions that apply to non-compliance by AIF managers and distributors

Explain the tax treatment of Category I and II AIFs, including pass-through status and the treatment of gains for investors

Describe the winding-up and liquidation process for an AIF scheme, including investor rights in that process

Revisit the topics you scored weakest on in earlier weeks and rewrite those notes from memory

Take two full-length mock exams under timed conditions and record your score for each chapter area

Review every incorrect mock question and write the correct concept in one sentence without looking at the answer key

Recite the key numerical thresholds (minimum corpus, minimum investment, investor limits, tenure) from memory in a single sitting

Assemble a final one-page revision sheet covering categories, registration, investments, disclosures, and distributor conduct