NISM Series XIX C: Alternative Investment Fund Managers Certification Examination

Syllabus for Alternative Investment Fund Managers (AIF) Certification Examination

Chapter 1: Investments Landscape

• 1.1 Define Investment
• 1.2 Distinction between Investment and Speculation
• 1.3 Know the objectives of Investments
• 1.4 Estimating the required rate of return
• 1.4.1 Concept of Nominal rate of return, Real Risk-free rate and Expected Inflation
• 1.4.2 Concept of Risk Premium
• 1.4.3 Understand the various types of risks:
• Business Risk
• Financial Risk
• Liquidity Risk
• Exchange rate Risk
• Political Risk
• Geopolitical Risk
• Regulatory Risk
• Market Risk
• Interest Rate Risk
• 1.4.4 Understand the relationship between risk and return
• 1.5 Overview of Indian Securities Markets

Chapter 2: Types of Investments

• 2.1 Distinguish between Traditional investments and Alternate investments.
• 2.2 Know the types of Traditional Investments and their role and characteristics
• 2.2.1 Equity
• 2.2.2 Fixed Income Securities
• 2.2.3 Derivatives
• 2.3 Outline the different types of alternate investments:
• 2.3.1 Venture Capital (venture debt)
• 2.3.2 Private Equity
• 2.3.3 Hedge Funds
• 2.3.4 Real Estate and Infrastructure
• 2.3.5 Distressed Securities
• 2.3.6 Other (sunrise sector funds, special situation funds, fund of funds etc.)
• 2.4 Know the channels for making investments
• 2.4.1 Direct investments
• Understanding the role of Registered Investment Advisers (RIAs)
• 2.4.2 Investments through managed portfolios
• Mutual Funds
• Collective Investment Schemes
• Portfolio Managers
• Alternative Investment Funds
• 2.5 Explain the role of Alternate Investments in overall portfolio with regard to the benefits and limitations of Alternate Investments.
• 2.6 Trace the global evolution and growth of Alternate investments and its transformation over time to its present context.
• 2.6.1 Compare the investments (including taxation aspects) made by Hedge Funds globally, in USA, European and Asia Pacific Markets, as compared to investments made by Hedge Funds set-up in India
• 2.6.2 Compare the investments made by PE/VC funds globally vis-à-vis in India

Chapter 3: Concept of Informational Efficiency

• 3.1 Distinction between Informational efficiency and Operational Efficiency
• 3.2 Understand Efficient Capital markets and random walk theory
• 3.2.1 Weak-form of efficiency
• 3.2.2 Semi-strong-form of efficiency
• 3.2.3 Strong-form of efficiency
• 3.3 Know the Tests and Results of Efficient Market Hypotheses
• 3.4 Market Anomalies
• 3.4.1 External Anomalies
• 3.4.2 The Size Anomaly
• 3.4.3 The Value Anomaly
• 3.5 Discuss the Implication of market efficiency on Valuation and Portfolio Management
• 3.5.1 Market Efficiency and Technical Analysis
• 3.5.2 Market Efficiency and Fundamental Analysis
• 3.5.3 Internal contradiction in the concept of efficiency
• 3.5.4 Market Efficiency and the rise of index fund

Chapter 4: Introduction to Modern Portfolio Theory

• 4.1 Discuss the Framework for constructing portfolios – Modern Portfolio Theory
• 4.2 Know the Assumptions of the theory
• 4.3 Definition of risk averse investors, Risk Seeking Investors and Risk Neutral Investors
• 4.4 Calculation of expected rate of return for individual security
• 4.5 Calculation of Variance of return for individual security
• 4.6 Calculation of expected rate of return for a portfolio
• 4.7 Calculation of Variance of return for a portfolio
• 4.8 Understand the graphical presentation of portfolio risk/return of two securities
• 4.9 Understand the concept of Efficiency Frontier
• 4.10 Know the Portfolio Optimization process
• 4.11 Discuss Estimation issues

Chapter 5: Introduction to Capital Market Theory

• 5.1 Introduction to Capital Market Theory
• 5.2 Understand the Assumptions of Capital Market Theory and the implications of relaxing these assumptions
• 5.3 Discuss the Capital Market line
• 5.3.1 Market Portfolio
• 5.3.2 Extending the CML
• 5.4 Know the Diversification of risk and market portfolio
• 5.5 Know the Types of risk – Market and Non-market risk
• 5.6 Understand the Capital Asset Pricing Model (CAPM)
• 5.7 Discuss the Security Market Line
• 5.8 Understand the concept of Market Portfolio
• 5.8.1 Time variability of market risk
• 5.9 Know the Empirical test of CAPM
• 5.10 Understand the Multi factor models of risk and return

Chapter 6: Alternative Investment Funds in India and its Suitability

• 6.1 Trace the evolution and growth of AIFs in India.
• 6.2 Identify the factors that enable India to be one of the top AIF markets in the world.
• 6.3 List and compare the fund categories as per SEBI (Alternative Investment Funds) Regulations 2012.
• 6.3.1 Venture Capital Fund
• 6.3.2 Angel Fund
• 6.3.3 Private Equity Fund
• 6.3.4 Debt Fund
• 6.3.5 Infrastructure Fund
• 6.3.6 SME Fund
• 6.3.7 Hedge Fund
• 6.3.8 Social Impact Fund
• 6.3.9 Special Situations Fund
• 6.3.10 Corporate Debt Market Development Fund
• 6.3.11 Categories of AIFs
• Category I AIF
• Category II AIF
• Category III AIF
• Specified AIF
• 6.4 Comparison of Categories of AIFs
• 6.5 Analyse the suitability of AIF products to particular classes of investors (based on Investors’ risk-return profile)
• 6.5.1 Ascertain the suitability of a Category I and II AIFs
• 6.5.2 Ascertain the suitability of a Category III AIF
• 6.5.3 Describe asset allocation for HNI and Institutional investors looking to invest in AIFs.
• 6.6 Discuss the size and segments of AIF market in India, no. of AIFs registered with SEBI.
• 6.7 Identify the types of asset classes and products used by Category III AIF and how they are different from Traditional Investments such as Mutual Funds and PMS
• 6.8 Assess the role of AIF in Portfolio Diversification
• 6.9 Interpret the use of AIF as a Risk Management tool:
• 6.9.1 Alpha Management
• 6.9.2 Beta Management

Chapter 7: Alternative Investment Fund Ecosystem

• 7.1 Explain the concepts prevalent in the AIF industry:
• 7.1.1 AIF Ecosystem:
• Investors
• Sponsors
• Trustees
• Managers
• 7.1.2 Crowdfunding and Corporate Venture Funding
• 7.1.3 Co-investments
• 7.1.4 Service Providers
• Merchant Bankers
• Registrar and Transfer Agents
• Custodian
• Fund Administrators / Fund Accountants
• Fund Infrastructure
• Distributors and Placement Agents
• Tax Advisors
• Legal Advisors
• Auditors
• Investment Advisers
• 7.1.5 Capital Committed and Sponsor Commitment
• 7.1.6 Drawdown and Capital Invested
• 7.1.7 Due Diligence
• 7.1.8 Environment, Social and Governance (ESG)
• 7.1.9 First Close and Final Close
• 7.1.10 Green shoe option
• 7.1.11 Fees and Expenses:
• Lock-in Period and Exit Load
• Management Fees
• Set-up Costs and Operational Expenses
• Hurdle rate and High Watermark
• 7.1.12 Additional returns (carry) and Performance Fees
• 7.1.13 Distributions and Distribution Waterfall
• Clawback
• 7.1.14 Term Sheet/ Summary of Principal Terms (SOPT)
• 7.1.15 Private Placement Memorandum (PPM)

Chapter 8: Alternative Investment Fund Structuring

• 8.1 Explain the concept of ‘pooling’ and how it is different from individual portfolio management.
• 8.2 Identify the main considerations in deciding the geographical jurisdiction for ‘pooling’ from an offshore Investor perspective for an India focussed fund.
• 8.3 Explain the concept of buy-out transactions and how are they different from individual portfolio management.
• 8.3.1 Discuss the different types of buy-outs:
• Management Buy-out (MBO)
• Leveraged Buy-out (LBO)
• Management Buy-in (MBI)
• 8.4 Summarise the overall regulatory perspective and tax in the context of setting up of an India focussed AIF.
• 8.5 Identify and explain the main pooling structures possible in India for a domestic AIF.
• 8.6 Discuss with reference to the Trust Structure / LLP Structure/ Company structure, the composition of a domestic AIF in India.
• 8.7 Discuss the regulatory implications of fund structure on domestic AIF investors.
• 8.8 Explain the common fund structures of AIF:
• 8.8.1 Off-shore and On-shore Funds
• 8.8.2 Unified and Co-Investment Structures
• 8.8.3 Master Feeder Structures and Parallel Structures

Chapter 9: Fee Structure and Fund Performance

Fee Structure:

• 9.1 Describe and calculate Management Fees and Incentive Fees charged by AIF. Discuss the concept of Total Fee.
• 9.2 Discuss the importance of Hurdle Rate, when computing Fees and forming the Fee Structure of AIF.
• 9.3 Explain the principle of High watermark and catch-up and discuss its importance.
• 9.3.1 Calculate and analyse Pre and Post expenses returns of an AIF.
• 9.3.2 Analyse the impact of GST on fees/expenses

Fund Performance Evaluation:

Risk Metrics:

• 9.4 Summarise the risk of adverse selection by the Investors (contributory) based on various criteria that would impact their interests
• 9.5 Interpret the key risk areas based on the disclosure in the Private Placement Memorandum (PPM):
• 9.5.1 Investor Level Risks (for both equity and debt funds under AIF)
• 9.5.2 Governance/Fund Level Risks (for both equity and debt funds under AIF)
• 9.6 Explain the types of risks involved in AIF (such as Market risk, Liquidity risk etc.)
• 9.7 Discuss the risk measures used to analyse risks for AIFs:
• 9.7.1 Standard Deviation
• 9.7.2 Skewness and Kurtosis
• 9.7.3 Maximum Drawdown

Return Metrics:

• 9.8 Discuss the main approaches to evaluate Fund Performance
• 9.8.1 The Internal Rate of Return (IRR) method – Gross and Net IRR computation with scenario analysis and illustrations
• Explain with scenario analysis reasons for differential IRRs in Fund Performance
• 9.8.2 The J Curve approach and how to view the J Curve in conjunction with the IRR.
• 9.8.3 Discuss the concepts of Total Value to Paid-in-Capital (TVPI), Distributions to Paid-in-Capital (DPI) and Residual Value to Paid-in-Capital (RVPI) and their application to benchmarking with industry performance.
• 9.9 Discuss the other return measurement metrics used in Alternative Investments
• 9.9.1 Kaplan-Schoar Public Market Equivalent (KS-PME)
• 9.9.2 Direct Alpha
• 9.10 Explain the concept of Multiple on Invested Capital (MOIC)
• 9.11 Analyse the impact of direct and indirect taxes on performance of AIFs
• 9.11.1 Calculate Pre and Post Tax Returns of AIFs

Risk-Return Metrics:

• 9.12 Explain various risk-return metrics
• 9.12.1 Sharpe Ratio
• 9.12.2 Treynor Ratio
• 9.12.3 Value at Risk

Worked-out Case:

• 9.13 Outline the concepts of additional return, clawback and waterfall as applied in commercial arrangements between investors and investment managers
• 9.13.1 Case Study: Fee structure and commercial arrangements involving expense calculations and operating costs

Chapter 10: Indices and Benchmarking

• 10.1 Understand what is an Index
• 10.2 Know the Uses of Indices
• 10.3 Discuss the Factors differentiating the indices
• 10.3.1 Price weighted index
• 10.3.2 Value weighted index
• 10.3.3 Equal weighted index
• 10.3.4 Fundamental weighted and factor-based index
• 10.4 Know how indices are created – Index Methodologies
• 10.5 Discuss the Stock market indices
• 10.5.1 Broad based indices
• 10.5.2 Market capitalization-based indices
• 10.5.3 Style indices
• 10.5.4 Capitalization and style indices
• 10.5.5 Sectoral index
• 10.5.6 Total Return Index
• 10.5.7 Dollar denominated index
• 10.5.8 Global Equity Indices
• 10.5.9 MSCI Indices for India
• 10.6 Discuss the Bond market indices
• 10.6.1 Government Securities Index
• 10.6.2 Corporate Bond Index
• 10.6.3 High Yield Bond Index
• 10.6.4 Global Bond Index
• 10.6.5 Total Return Index
• 10.7 Discuss the Stock-Bond (Composite) Indices
• 10.8 Discuss about Performance Benchmarking i.e. relevant benchmark for the AIFs, which has the similar characteristics and risk-return profile, as the fund under consideration. Discuss suitability of appropriate benchmarks for AIF, based on its investment strategy and support with example.
• 10.8.1 Benchmarking Agencies
• 10.8.2 Role of a benchmark in evaluating alpha generated by AIF

Chapter 11: Investment Strategies, Investment Process and Governance of Funds

Investment Strategies

• 11.1 Discuss investment strategies used by Cat I and II AIF
• 11.1.1 LBO/ Venture/ PE/ Growth perspective/ Angel Fund/ Syndication deals and their components
• 11.1.2 Difference between idea and opportunity and the process of deal sourcing
• 11.2 Discuss common Equity-Market Investment Strategies used by Cat III AIF:
• 11.2.1 Long-only Equity Strategy
• 11.2.2 Long/Short Equity strategy
• 11.2.3 Market-Neutral Strategy
• 11.2.4 Directional and Short-bias Strategies
• 11.3 Discuss Global-Macro strategy
• 11.4 Discuss Convertible Arbitrage strategy
• 11.5 Discuss common Event-driven Investment Strategies used by Cat III AIF:
• 11.5.1 Activist Strategy
• 11.5.2 Merger Arbitrage Strategy
• 11.5.3 Pre-IPO Strategy

Investment Process

• 11.6 Discuss the stages in an AIF investment deal
• 11.6.1 Initial assessment
• 11.6.2 Business Due Diligence
• 11.6.3 Negotiations by the Investment Managers
• 11.6.4 Summarise the purpose, principal terms and process of finalising a term sheet
• 11.6.5 Thesis-based/ thematic investing, portfolio management and asset diversification

Governance of Funds

• 11.7 Explain Investor Due Diligence (IDD) and who performs it. Discuss the principal areas of IDD.
• 11.8 Identify the Definitive Agreements entered into as part of the deal documentation by the fund and the investee company.
• 11.9 Distinguish the important specific rights (Cat I and II) negotiated by the fund with the investee company.
• 11.9.1 Milestone Valuation
• 11.9.2 Dividend Rights
• 11.9.3 Anti-Dilution Rights (full rachet and broad based weighted average rachet)
• 11.9.4 Affirmative and Veto Rights and Voting Rights
• 11.9.5 Liquidation Preference (participating and non-participating)
• 11.9.6 Exit Rights
• Right of First Refusal and Right of First Offer
• Tag along Rights
• Drag along Rights
• 11.9.7 Extent of option pool
• 11.9.8 Automatic conversion clause
• 11.9.9 Protective provisions (majority of Series A etc.)
• 11.9.10 Board composition (common/ preferred shares mix)
• 11.10 Evaluate the role of the Investment Committee, transparency and governance standards in a Fund.
• 11.10.1 Role of Fund Governance
• 11.10.2 Fund Governance Structure
• 11.10.3 Investment Committee (IC) Approvals
• 11.10.4 Investor Advisory Committee
• 11.10.5 Role of Board of Directors of AMC
• 11.10.6 Conflict of Interest Issues
• 11.10.7 Managing the stakeholders in PE deals
• 11.10.8 Investor Grievances and Dispute Resolution
• 11.11 Discuss the role of human capital in avoiding Conflict of Interests.
• 11.12 Explain the concept of Co-investments in AIFs
• 11.13 Discuss the Code of Conduct of Investment Managers of AIF and Investment Committee
• 11.14 Discuss industry best practices

Chapter 12: Fund Due Diligence – Investor Perspective

• 12.1 Explain the scope of product evaluation to be done by an investor based on the disclosures provided in the PPM by a fund.
• 12.2 Outline the concept of ‘Key man clause’ and its importance in investment decision making.
• 12.3 Relate to the broad due diligence aspects relevant to a contributory to make an informed investment decision.
• 12.4 Explain the subjective assessment of the Investment Manager by the investor
• 12.4.1 Ownership structure and Continuing Interest
• 12.4.2 Alignment of interest
• 12.4.3 Competing or outside interests
• 12.5 Briefly discuss the Due Diligence process before investing in an AIF

Chapter 13: Legal Documents and Negotiations

Understand the broad description and purpose of the type of documentations used in AIF investment activity.

• 13.1 Fund Documentation
• 13.1.1 Trust Indenture/ Limited Liability Partnership Deed/ Memorandum and Articles of Associations
• 13.1.2 Investment Management Agreement
• 13.1.3 Subscription (Investor Contribution) Agreement
• Side Letters with Investors
• 13.1.4 Private Placement Memorandum (PPM)
• Additional Disclosures on Investor Charter and Complaints
• PPM Audit
• Material changes in PPM
• Wrapper
• 13.1.5 Support Service Agreements
• Agreement with Merchant Banker
• Agreement with Custodian
• Agreement with Distribution
• Investment Advisory Agreement

Chapter 14: Valuation

• 14.1 Describe briefly the general approaches to valuation of AIF investments in investee companies
• 14.1.1 The Income Approach using DCF methodology
• 14.1.2 The Market Approach using Relative Valuation
• EBITDA Multiple
• Price to Book Value Multiple
• Price to Earnings Multiple
• 14.2 Distinguish between Enterprise Value and Equity value of a company.
• 14.3 Discuss the general approaches to valuing early stage companies.
• 14.4 Outline the general approaches to valuation of Debt fund investments.
• 14.5 Summarise the general approach to Fund Valuation and the valuation of Investor interest in a fund.
• 14.5.1 Explain using the J-Curve concept, the difficulty in fund valuation for early stage funds as compared to those in vintage years.
• 14.5.2 Valuation of AIF Portfolio Investments (Investee Companies) based on the IPEV Valuation Guidelines
• 14.6 Discuss the concept of Net Asset Value (NAV). Describe the Mark-to-Market (MTM) process used by Cat III AIF to value NAV.
• 14.7 Describe briefly the valuation techniques used by a Category III AIF to value the NAV of the underlying portfolio:
• 14.7.1 Portfolio of Liquid and Illiquid Securities
• 14.7.2 Positions in Commodity Derivatives and Equity Derivatives Markets (MTM Derivatives)
• 14.7.3 Positions in Money Market Instruments and Long-term Fixed Income Securities
• 14.8 Differentiate between the general approach to compute the NAV for Category III AIF and NAV attributable to a Series of Units issued to investors.
• 14.9 Discuss the role of third-party registered valuers and the frequency of such valuation. Also, specify the timeline for generation of valuation reports and limitation of valuation reports.

Chapter 15: Fund Monitoring, Reporting and Exit

• 15.1 Monitoring Alternative Investment Fund Progress and Performance
• 15.1.1 Context and Scope of Effective Fund Monitoring
• 15.2 List the periodic reporting process of the Fund / Investment Managers to the Investors under their:
• 15.2.1 Regulatory obligations
• Stewardship Code
• Specific Transparency and Periodic Disclosure Requirements
• Maintenance of Records
• Reports to SEBI
• Compliance Test Reporting (CTR)
• 15.3 Describe a reporting template.
• 15.3.1 Conflicts and Concerns in Fund Reporting
• 15.4 Outline the available exit options for an AIF
• 15.4.1 Exit due to Material Changes in PPM
• 15.4.2 Change in Sponsor or Investment Manager/ Change in control
• 15.4.3 Commercial Exit from investee/ portfolio companies
• 15.5 Compare IPO, Strategic Sale (M&A), Secondary sale, Buyback and Liquidation, Pure Debt Fund as exit options.
• 15.6 Identify the role and significance of ‘secondaries’ and their current status in India.
• 15.7 Discuss about winding up of an AIF
• 15.8 Discuss about Liquidation Scheme
• 15.8.1 Launch of Liquidation Scheme
• 15.8.2 In-specie distribution of Unliquidated Investments
• 15.8.3 Mandatory In-specie Distribution of Unliquidated Investments

Chapter 16: Taxation

AIF Category I and II

• 16.1 Income streams for the AIF from its investments
• 16.2 Characterisation of income
• 16.3 Taxation of the AIF
• 16.3.1 Explain the concept of ‘tax pass through’ and its relevance from an AIF perspective
• 16.3.2 Evaluate in comparative terms, the taxation framework for a domestic AIF in India constituted as a trust or LLP.
• 16.3.3 Discuss the tax treatment for Category I and II AIFs for business income and losses.
• 16.3.4 Discuss provisions relating to deemed income and deemed distribution
• 16.4 Withholding tax obligations and compliances
• 16.5 Reporting Compliance by AIF
• 16.6 Identify the tax implications on transfer of units of AIF by the investors
• 16.7 Structuring options for offshore investors
• 16.8 Concept of Double Tax Avoidance Agreement (DTAA), General Anti-Avoidance Rules (GAAR) and Multilateral Convention to Implement (MLI).

AIF Category III

• 16.9 Explain the tax-regime for Category III AIFs in India.
• 16.10 Taxation aspects of a category III AIF
• 16.10.1 General principles trust taxation
• 16.10.2 Concept of Determinate vs. Indeterminate trust
• 16.10.3 Concept of Revocable vs. Irrevocable trust
• 16.10.4 General principles of LLP taxation
• 16.10.5 Taxability of various streams of income
• 16.11 Explain taxation on distribution on / withdrawal of units of Cat III AIFs.
• 16.12 Explain taxation on transfer of units of AIF by investors.
• 16.13 Withholding tax obligations and compliances
• 16.14 Discuss about the Indirect Taxes as applicable to AIFs
• 16.14.1 GST Regime
• 16.14.2 Stamp Duty and Local Taxes

Chapter 17: Regulatory Framework

Discuss the general framework of regulations and their purpose.

A. SEBI (Alternative Investment Funds) Regulations, 2012

• 17.1 Outline the registration process of AIFs and the eligibility criteria to seek registration
• 17.1.1 Registration requirements
• 17.1.2 Registration criteria and Documentations
• 17.1.3 Disclosure Requirements
• 17.1.4 Conditions for Registration
• 17.1.5 In-principle Approval for an AIF
• 17.2 Sponsor and Manager Commitment
• 17.3 Concept of open ended and closed ended funds
• 17.3.1 Analyse why Category I and II AIFs are allowed only to be closed ended funds
• 17.3.2 Examine whether Category III AIFs can be open-ended and closed-ended
• 17.3.3 Outline the eligibility requirements for listing of a closed-ended scheme of a Category III AIF on a recognized stock exchange platform. List the benefits of such listing.
• 17.4 Discuss the concepts of Accredited Investor, Accreditation Agencies and the Accredited Investor Framework:
• 17.4.1 Accredited Investors
• 17.4.2 Accreditation Agency
• 17.4.3 Large value fund for Accredited Investors
• 17.5 Discuss the concepts of First Close, Final Close and Tenure of Fund and Schemes
• 17.6 Requirements with regard to subscriptions to the fund by investors
• 17.7 Know about raising of Corpus Capital
• 17.8 Discuss about the Investment Conditions Applicable to AIFs
• 17.8.1 General Investment Conditions for all AIFs
• 17.8.2 Specific Investment Conditions for Category I AIFs
• 17.8.3 Specific Investment Conditions for Category II AIFs
• 17.8.4 Specific Investment Conditions for Category III AIFs
• 17.8.5 Special Dispensation for Angel Funds
• 17.8.6 Special Dispensation for Special Situation Funds
• 17.8.7 Special Dispensation for Corporate Debt Market Development Funds
• 17.8.8 Participation Credit Default Swaps
• 17.9 Discuss about the guidelines on Operational, Prudential and Reporting Norms
• 17.9.1 Risk Management and Compliance
• 17.9.2 Redemption Norms
• 17.9.3 Prudential Norms
• 17.10 List the General Obligations and Responsibilities of AIFs
• 17.11 Know about Inspection
• 17.12 Know about Code of Conduct for AIFs
• 17.13 Exemption from enforcement of the regulations in special cases
• 17.14 List the periodic and exceptional disclosures and reporting to be made by AIFs

B. Foreign Exchange Management Act, 1999

• 17.15 Explain briefly the concept of foreign direct investment (FDI) and its economic significance for India.
• 17.16 Analyse why there are restrictions on FDI in Indian companies and on full convertibility of the rupee.
• 17.17 Identify when the FDI policy under FEMA gets attracted to AIF investments by foreign investors.
• 17.18 Outline the principal investment requirements under FEMA as are applicable to AIF investments

C. Prevention of Anti-Money Laundering Act

• 17.19 Demonstrate the importance of disclosures made under the Prevention of Anti-Money Laundering Act.

D. Other related SEBI Regulations

• 17.20 Discuss the applicability and importance of relevant disclosures as per:
• 17.20.1 SEBI (Prohibition of Insider Trading) Regulations, 2015
• 17.20.2 SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Markets) Regulations, 2003
• 17.20.3 SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018
• 17.20.4 SEBI (Foreign Portfolio Investors) Regulations, 2019

E. Discuss the regulatory and reporting requirements under FATCA and CRS

Glossary of Terms

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