📘 Category I & II Alternative Investment Funds (AIF) Managers Workbook | April 2025 Edition
✒️ Developed in collaboration with: NISM Certification Team, Archit Lohia, Pratap Giri & Dr. Rachana Baid | Reviewed by: Biharilal Deora | Publisher: Taxmann

The Category I & II AIF Managers Workbook is the authoritative and exam-aligned preparation guide for the NISM-Series-XIX-D Certification Examination. It builds a strong conceptual base in investments and alternative assets, and then advances into the full AIF lifecycle—from structuring and governance to valuation, taxation, and regulatory compliance—so readers gain the knowledge, judgment, and compliance mindset expected of AIF managers and investment professionals.

🔍 Key Features:

• 🎯 [Exam-aligned Content] – Maps directly to the XIX-D syllabus and weightages; includes MCQs, illustrations, and caselets for realistic practice.

• 🔄 [Lifecycle Coverage] – Covers fund design, investor documentation, valuation policies, performance benchmarking, reporting, exits, and winding-up.

• ⚖️ [Governance & Conduct] – Insightful guidance on conflict management, co-investments, codes of conduct, and best industry practices.

• 📊 [Performance & Benchmarking] – Explains return measures, hurdles, high-water marks, and benchmarking frameworks with worked numerical examples.

• 💰 [Valuation Depth] – Equity, debt, business and asset-based valuation, DCF, multiples, NAV calculation, and roles of registered valuers.

• 🏛️ [Regulatory Understanding] – Detailed coverage of SEBI (AIF) Regulations, 2012 and related frameworks including FEMA, PMLA, SEBI PIT, PFUTP, ICDR, and FATCA/CRS.

• 📚 [Clarity & Pedagogy] – Structured explanations, annexures, glossary, and logical chapter design to support quick revision.

📖 Coverage of the Workbook:

Section A – Basics of Investments

• Investment objectives, required return, and role of alternative assets alongside traditional instruments

Section B – Understanding the AIF Ecosystem

• Evolution and growth of AIFs in India, category comparisons, fund structuring, pooling, legal documentation, and fee structures

• Performance benchmarking with risk/return measures and worked cases

Section C – Managing AIF Investments (Category I & II)

• Investment strategies, deal sourcing, due diligence, definitive agreements, investor protection rights

• Governance, conflict management, human capital, co-investment models, valuation of portfolio companies and funds, NAV, monitoring and reporting

• Exits (including secondary transfers), winding-up and dissolution

Section D – Taxation & Regulatory Framework

• Pass-through taxation, GAAR, MLI, set-off/carry-forward, and applicable tax illustrations

• SEBI (AIF) Regulations, FEMA (foreign participation/overseas investment), PMLA, and FATCA/CRS reporting obligations

🎯 Recommended For:

• Category I & II AIF Managers and their investment team members

• Operations, compliance, risk, and reporting professionals in AIFs, trusteeships, administrators & custodians

• Valuation analysts, consultants, lawyers, accountants, and service providers to AIFs

• Students & job aspirants pursuing careers in private markets and preparing for the NISM-XIX-D exam

This April 2025 Workbook Edition, published exclusively by Taxmann, is the definitive exam companion and professional reference for mastering the complexities of Alternative Investment Funds management in India.