NISM Series XIX-C AIF Managers Certification Exam - 36
NISM Series XIX-C AIF Managers Certification Exam - 36
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Q 1. What happens to long-term capital gains on listed equity shares if STT is not paid at the time of acquisition?
A) Exempted from tax
B) Taxes at corporate tax rates
C) Taxed at 5%
d) Taxed at 15%
Q 2. Which regulatory body oversees the Indian Capital Markets and introduced the SEBI (Alternative Investment Funds) Regulations in 2012?
A) RBI
B) SEBI
C) IRDAI
d) BSE
Q 3. Who can AIFs raise capital commitments from?
a) Only Indian investors
b) Only Foreign Investors
c) Indian, Foreign, and Non-Resident Indian Investors
d) Only institutional investors
Q 4. What is the permissible legal structure for an AIF formed under SEBI (Alternative Investment Funds) Regulations?
A) Only a Company
B) Only a Trust
C) Only a Limited Liability Partnership
d) None of the mentioned structures
Q 5. Which investment option is NOT available to NRIs on a non-repatriable basis?
a) Units of domestic mutual funds
b) Bonds issued by Public Sector Undertakings (PSUs) in India
c) Shares and debentures of Indian companies
d) None of the above
Q 6. Which regulatory body registers and governs Alternative Investment Funds (AIFs) in India?
a) IRDAI (Insurance Regulatory and Development Authority of India)
b) SEBI (Securities and Exchange Board of India)
c) RBI (Reserve Bank of India)
d) None of the above
Q 7. What action should Investment Managers take if redemptions are suspended in Category III AIFs?
A) Continue accepting new subscriptions
B) Document the decision with reasons and communicate it to SEBI and investors
C) Cease all operations indefinitely
d) Discontinue regular review of the suspension
Q 8. In what circumstances might SEBI forego the notice period before ordering an inspection of an AIF?
A) If the AIF requests it
B) If the AIF is in good standing
C) If SEBI deems it necessary in the interest of investors
d) If the inspection is at the request of the AIF's sponsors
Q 9. Which government body issues the FDI policy in India?
a) SEBI
b) RBI
c) DPIIT, Ministry of Commerce and Industry
d) None of the above
Q 10. What percentage of investable funds must Infrastructure Funds invest in unlisted securities or units of VCUs or investee companies engaged in infrastructure projects?
a) 50%
b) 60%
c) 75%
d) 90%
Q 11. What is the purpose of the Foreign Investment Facilitation Portal (FIFP) established by DPIIT?
a) To streamline the process of foreign investment approvals
b) To regulate foreign investments in specific sectors
c) To monitor foreign exchange transactions
d) None of the above
Q 12. Why are Category I and II AIFs required to be formed as close-ended funds according to SEBI regulations?
A) To increase liquidity for investors
B) To allow investors to redeem their capital at any time
C) To ensure proper exit valuations for investments
d) To facilitate the sale of underlying portfolio companies
Q 13. When did India become a signatory to exchange information under CRS?
a) June 3, 2015
b) July 9, 2015
c) August 31, 2015
d) None of the above
Q 14. What is the significance of angel investors in the financing ecosystem?
a) They eliminate all risks associated with start-up ventures
b) They bridge the financing gap in the early stages of start-ups
c) They provide secure loans to start-up ventures
d) They solely rely on bank loans for investment
Q 15. What is the requirement for investor approval to extend the tenure of a Category III AIF?
a) Simple majority
b) One-third
c) Half of the investors
d) Unanimous consent