NISM 19C Alternative Investment Fund Managers Exam Notes

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  • Legal Structure: AIFs can be set up as trusts, LLPs, or companies, with trusts being prevalent due to flexibility.
  • Trust Structure: Trusts involve a trustee, sponsor, and manager, with the trustee holding assets for beneficiaries.
  • LLP Structure: LLPs offer operational flexibility and tax efficiency for AIFs.
  • Role of Trustee: Trustees ensure compliance with trust deeds and protect investor interests.
  • Fund Manager: Managers make investment decisions and manage day-to-day operations.

NISM 19C Alternative Investment Fund Managers

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