Yes, but only with 100% investor consent.

This would be considered non-compliance, impacting CTR and regulatory risk.

No - only those who were AI at onboarding can continue.

Yes, where distributors manage investor relationships.

Yes - the circular does not restrict investment strategy.

The circular directly affects all NISM exams covering Alternative Investment Funds (AIFs). These include: 1. NISM-Series XIX-A: Alternative Investment Funds (Unit 4 - Regulatory Framework & Unit on AIF Regulations, 2012) 2. NISM-Series XIX-B: Alternative Investment Funds (Category III) Distributors ( Unit 5 - Regulatory Framework Especially the parts dealing with: Suitability, Investor eligibility, Placement Memorandum requirements, & LVF-specific relaxations) 3. NISM-Series XIX-C: Alternative Investment Fund Managers (Chapter 17 - Regulatory Framework: 17.4.1 Accredited Investors- AI definition, eligibility, status continuity , 17.4.3 Large Value Funds - LVF criteria, operational flexibilities ) Why it matters: Managers need to know migration conditions (100% investor consent), naming conventions, reporting timelines, and the 5-year tenure extension rule.

Indirectly, yes. Some concepts overlap with broader regulatory modules: Possible secondary influence on: • NISM-Series-XII: Securities Markets Foundation (General awareness questions on SEBI regulatory updates) • NISM-Series-XVII: Securities Operations & Risk Management (Compliance processes and fund-structure changes) • NISM-Series-XV: Research Analyst Exam (Understanding investor classes, AIF categories, risk disclosures) These exams may introduce awareness-level questions but will not test technical details like XIX-Series exams.

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