NISM Series XIX-C study plan

Map the AIF regulatory architecture end to end: SEBI (AIF) Regulations, the definitions of AIF, the exclusions, and how AIFs differ from mutual funds, PMS and portfolio managers

Distinguish the three AIF categories (I, II, III) by permitted strategies, leverage, investor base and regulatory intent, and write a one-page comparison table from memory

Reproduce the sub-categories of Category I (venture capital, SME, infrastructure, social impact) and state the minimum corpus and minimum investor commitment for each

Identify who may act as sponsor and manager, the net worth and qualification requirements, and the registration process including the conditions attached to registration

Explain the legal structure options for an AIF (trust, company, LLP, body corporate) and the consequences of each for taxation, liability and governance

Trace the scheme-level rules: separate schemes, close-ended vs open-ended permission, tenure and extension, and liquidation and winding-up timelines

Summarize permitted investments, the restriction on investing in associates, co-investment rules and the treatment of uninvested capital

State the reporting obligations to SEBI and to investors, including quarterly and annual reporting and the compliance test requirements

Define the fiduciary duties of the manager and sponsor, and list the specific conflicts of interest the regulations require to be disclosed or avoided

Outline the manager's compliance function: who is responsible, what the compliance officer does, and the record-keeping and audit trail expectations

Explain the code of conduct obligations, the insider trading and anti-fraud overlay, and how these apply to AIF personnel

Describe the manager's obligations around investor onboarding, KYC and AML, and the treatment of accredited and non-accredited investors

Explain the valuation framework: who values, the role of the independent valuer, valuation frequency by scheme type, and the treatment of unlisted and hard-to-value assets

Describe the risk management obligations of the manager and the risk limits that differ across Category I, II and III schemes

Compare the main strategies used by AIFs (venture, growth, buyout, private credit, distressed, hedge and long-short) and match each to the category that permits it

Analyze how leverage and derivative use is regulated for Category III and what additional disclosures apply

Work through the performance and fee mechanics: management fee, performance fee, hurdle rate, high-water mark and catch-up, and calculate each in a worked example

Compute and interpret common AIF performance measures (IRR, MOIC, DPI and TVPI) from a simple cash-flow schedule

Explain the rules on performance benchmarking, disclosure of past performance and the prohibition on misleading return claims

Describe how valuation errors and NAV misstatements are handled, including investor compensation considerations

Describe the distribution framework for AIFs: who may distribute, the role of the placement agent, and the restrictions on solicitation and public advertising

Explain investor protection provisions: minimum investment thresholds, the accredited investor concept, disclosure in the private placement memorandum, and exit and redemption rights

Outline the grievance redressal mechanism, SEBI complaint handling and the role of the ombudsman or dispute resolution route

Identify the ethical red flags in AIF sales and management, including mis-selling, fee opacity, side letters and preferential treatment of select investors

Consolidate all four domains into a single condensed revision sheet of no more than five pages, organized by domain weight

Answer a full-length timed mock test under exam conditions and record the score per domain

Diagnose the two weakest domains from the mock and re-read only the source material behind each wrong answer

Rehearse the numerical items (fees, IRR, corpus and minimum investment arithmetic) until each can be done without reference notes

Re-test every item in the week 7 error log and confirm each is now answered correctly with reasoning stated aloud

Take a second full-length timed mock and compare domain scores against week 7 to verify improvement

Memorize the specific numeric thresholds, timelines and limits that the exam is likely to test, using spaced repetition

Finalize exam-day logistics and a last-24-hour revision plan limited to the condensed sheet and the numeric list