AIF (Cat I & II) DistributorsCertification Guide.
Covers Category I (VC, Angel, Infrastructure) and Category II (PE, Debt, Distressed) AIFs fund structure, operations, regulations, and taxation.
Difficulty
Intermediate
Suggested prep: 15-20 days
Negative marking
25%
Avoid blind guessing.
Validity
3 years
Computer-Based Test (CBT)
Priority
Rank 17
Alternative Investments track
What this certification is really testing.
This template pulls directly from the NISM database so the article stays factual, structured, and easy to scan before you register.
Ideal for
Wealth managers distributing AIFs to HNI/UHNI clients
Private equity and VC fund sales teams
Career paths
AIF Distribution
Private Equity Sales
HNI Wealth Management
Mandatory for
Distributors of Category I and II AIFs
Study by chapter weightage, not by guesswork.
The highest scoring chapters carry 82% of the paper. Start there, then use the low-weight chapters for polish.
High-weightage focus
Category I AIFs VC, Angel, Infra Funds
20%Category II AIFs PE, Debt, Distressed
20%Fund Structure and Operations
15%Regulatory Framework SEBI AIF Regulations
15%Introduction to Alternative Investments
12%Key concepts to remember
AIFs are classified into 3 categories: Cat I (VC, Angel, Infra), Cat II (PE, Debt), Cat III (Hedge Funds)
Minimum investment in AIF: Rs. 1 Crore (except angel funds: Rs. 25 lakhs)
Maximum number of investors in an AIF scheme: 1,000 (except angel funds: 49)
Cat I AIFs get favorable tax treatment pass-through taxation in most cases
Cat II AIFs: PE funds, debt funds, distressed asset funds close-ended typically
AIF distributors must be registered with AMFI and hold NISM XIX-A certification
A clear way to study this module.
Use the database strategy as the practical order of attack: official workbook first, high-weightage chapters next, then mocks and exam-day control.
Study strategy
Focus on Category I and II AIF specifics (Ch 2+3, 40% combined)
Regulatory Framework (Ch 5, 15%) SEBI AIF Regulations 2012
Know the key differences between Cat I, II, and III AIFs
Taxation (Ch 6, 10%) pass-through vs non-pass-through treatment
Exam-day tips
Standard format 100 MCQs, 120 minutes
Category-specific questions know what falls under Cat I vs Cat II
0.25 negative marking be careful with specific investment limits
Regulatory questions about SEBI AIF Regulations 2012 are common
Scoring warning
The pass mark is simple. The paper is not.
Because this paper has negative marking, precision matters more than speed. Attempt the sure questions first, then return to calculations and close-call options.
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