NISM 19A AIF Distributors Certification Exam Notes

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  • STCG vs LTCG: Short-term and long-term capital gains differentiated by holding period.
  • Capital Losses: STCG losses set off against STCG/LTCG; LTCG losses only against LTCG.
  • Investor-Level Gains: Arise from transfer of AIF units or partnership interests.
  • Fund-Level Gains: Arise from sale of portfolio company interests.
  • Income Characterization: Exit gains debated as business income or capital gains.

NISM 19A AIF Distributors

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