NISM 19C Alternative Investment Fund Managers Exam Notes

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  • Investor Protection: Risk management ensures alignment with investor interests.
  • Pass-Through Status: Category I and II AIFs enjoy pass-through tax status.
  • Taxation at Investor Level: Income is taxed in the hands of investors, not the fund.
  • Category III Taxation: Taxed at the fund level due to leverage and complexity.
  • Capital Gains: Taxed based on holding period and asset type (STCG/LTCG).

NISM 19C Alternative Investment Fund Managers

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