NISM Series XIX-C AIF Managers Certification Exam - 46
NISM Series XIX-C AIF Managers Certification Exam - 46
Q 1. Which category of Alternative Investment Fund (AIF) does not enjoy tax pass-through status at the fund level?
a) Category I
b) Category II
c) Category III
d) Category V
Q 2. What determines whether beneficiaries of a trust are liable to tax on income attributable to revocable contributions?
a) The size of the contributions
b) The age of the beneficiaries
c) The terms of the transfer document
d) The location of the trust
Q 3. According to the ITA, how is income from professional services taxed for non-resident investors?
a) Taxable at a flat rate of 20%
b) Taxable under the head 'Income from Salaries'
c) Taxable under the head 'Income from Other Sources'
d) Taxable under the head 'Income from Business or Profession'
Q 4. What is the holding period for unlisted equity shares to qualify for long-term capital gains treatment after listing on a recognized stock exchange?
A) Less than 6 months
B) Less than 12 months
C) More than 12 months
d) More than 36 months
Q 5. Which transactions require reporting under the Prevention of Money Laundering Act (PMLA)?
a) Cash transactions of more than INR 5 lakh
b) Cash transactions of more than INR 10 lakh
c) Cross-border wire transfers of more than INR 10 lakh
d) None of the above
Q 6. Which route is primarily utilized for short-term investments in listed Indian companies?
a) FDI Route
b) FPI Route
c) FVCI Route
d) None of the above
Q 7. What conditions must be met by Category III AIFs if they sell CDS?
A) Effective leverage should be within permissible limits
B) Effective leverage should exceed permissible limits
C) Effective leverage should not be considered
d) Effective leverage should be reported to the RBI
Q 8. What type of AIF is the Corporate Debt Market Development Fund (CDMDF)?
a) Open-ended
b) Closed-ended
c) Hybrid
d) Venture Capital
Q 9. What document signifies an individual as an Overseas Citizen of India?
a) Green Card
b) PIO Card
c) OCI Card
d) None of the above
Q 10. What entities are permitted to invest in AIFs set up in International Financial Services Centres (IFSC) under the automatic route?
a) Foreign entities only
b) Indian entities only
c) Both Indian and foreign entities
d) None of the above
Q 11. Which criterion must be fulfilled by at least one key personnel of the Manager of an AIF, according to SEBI regulations?
A) Relevant certification as specified by SEBI
B) Professional qualification in finance or related fields
C) Both A and B
d) Compliance with certification norms
Q 12. What is the requirement for co-investment terms in an investee company by a Manager, Sponsor, or co-investor compared to the AIF's terms?
a) Co-investment terms should be more favorable than the AIF's terms
b) Co-investment terms should be identical to the AIF's terms
c) Co-investment terms should be less favorable than the AIF's terms
d) Co-investment terms should be decided by the United Nations Security Council
Q 13. What is the maximum duration and frequency allowed for leveraging at the fund level for Category I AIFs?
a. ) 60 days, 6 occasions per year
b) 30 days, 4 occasions per year
c) 90 days, 3 occasions per year
d) 15 days, 8 occasions per year
Q 14. Which type of funds invest in start-ups, early-stage ventures, social ventures, SMEs, infrastructure, or other socially or economically desirable sectors, according to SEBI (Alternative Investment Funds) Regulations?
A) Category I Alternative Investment Fund
B) Category II Alternative Investment Fund
C) Category III Alternative Investment Fund
d) None of the above
Q 15. 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 provisions stated in fund documents
Discover More Mock Tests Here