NISM Series XIX-C AIF Managers Certification Exam - 41

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Q 1. Which transactions are exempt from the condition of paying STT at the time of acquisition for listed equity shares?

A) Acquisition through preferential issue

B) Acquisition through a recognized stock exchange

C) Acquisition after delisting and before relisting

d) None of the above
 
Q 2. What is the classification of listed debentures held for more than 12 months according to Indian tax laws?

A) Short-term capital assets

B) Long-term capital assets

C) Business assets

d) Non-taxable assets
 
Q 3. Which route is primarily utilized for foreign investments with strategic or long-term purposes?

a) FPI Route

b) FVCI Route

c) FDI Route

d) None of the above
 
Q 4. How does FEMA define a 'non-resident' person?

a) Any individual residing outside India for more than 6 months in the preceding financial year

b) Any individual residing outside India for more than 182 days in the preceding financial year

c) Any individual not holding Indian citizenship

d) None of the above
 
Q 5. What is the primary source of foreign exchange for the Indian economy from the non-resident community?

a) Foreign direct investments

b) Export earnings

c) Inward remittances

d) None of the above
 
Q 6. Who determines the tenure of a Category I and II AIF?

a) SEBI

b) Ministry of Finance

c) Trustee/Board of Directors/Designated Partners

d) Accredited investors
 
Q 7. Under which act is a "Limited Liability Partnership" incorporated for an AIF registration under SEBI (Alternative Investment Funds) Regulations?

A) Companies Act, 2013

B) Partnership Act, 1932

C) Limited Liability Partnership Act, 2008

d) None of the above
 
Q 8. Under what conditions can an AIF partially excuse an investment vehicle like a fund from participating in an investment opportunity?

a) If the fund requests partial exclusion

b) If the fund's investors agree to partial exclusion

c) If the fund's investors meet FATF requirements

d) If the fund's investors meet RBI requirements
 
Q 9. What are some of the requirements for the Manager or Sponsor of an AIF as per SEBI regulations?

A) Must have a minimum capital of INR 1 crore

B) Must have a minimum of 10 years of experience in financial markets

C) Must have the necessary infrastructure and manpower

d) Must have a partnership with a foreign investment firm
 
Q 10. What activities are permitted for Category I AIFs in terms of hedging?

a) Hedging is not permitted

b) Only buying credit default swaps is permitted

c) Only buying futures contracts is permitted

d) Only selling options is permitted
 
Q 11. Which of the following is considered a fraudulent or unfair trade practice under the PFUTP Regulations?

a) Providing accurate information about the fund/scheme

b) Directly communicate key risk factors of the fund/scheme

c) Concealing or omitting material facts of the fund/scheme

d) None of the above
 
Q 12. What types of information must AIFs disclose to investors periodically?

A) Only financial information

B) Only risk management activities

C) Financial information, risk management, operational activities, and portfolio investments

d) Only material breaches of the provisions stated in the fund documents
 
Q 13. What is the time frame for filing KYC records with the Central KYC Records Registry after the commencement of the client relationship?

a) 5 days

b) 10 days

c) 15 days

d) None of the above
 
Q 14. What defines illiquidity in the context of AIF investments as per SEBI regulations?

A) The inability of investors to redeem their capital

B) The inability of funds to sell their investments at proper exit valuations

C) The inability of funds to generate cash returns for investors

d) The inability of investors to participate in open-ended funds
 
Q 15. What is the status of listing for units of angel funds according to SEBI regulations?

A) Units of angel funds must be compulsorily listed on recognized stock exchanges

B) Units of angel funds are not eligible for listing on recognized stock exchanges

C) Units of angel funds can be listed only if the fund is close-ended

d) Units of angel funds can be listed on foreign stock exchanges only

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