निवेश के संदर्भ में, निम्नलिखित पर विचार कीजिए :
- I.बॉन्ड
- II.प्रतिरक्षा निधियाँ (हेज फंड्स)
- III.स्टॉक
- IV.जोखिम पूँजी
उपर्युक्त में से कितनों को वैकल्पिक निवेश निधि माना जाता है?
Read this question in English
With reference to investments, consider the following:
I. Bonds
II. Hedge Funds
III. Stocks
IV. Venture Capital
How many of the above are treated as Alternative Investment Funds?
(a) Only one · (b) Only two · (c) Only three · (d) All the four
उत्तर और व्याख्या · explanation in English
Answer: (b) केवल दो
SEBI defines an Alternative Investment Fund (AIF) as a privately pooled fund that collects money from sophisticated investors and invests it under a set policy. Hedge funds and venture capital funds are such pooled funds and are registered as AIFs; bonds and stocks are securities that a fund may buy, not funds themselves.
- ✗ I A bond is a debt security issued by a government or company. It can be held by an AIF, but a bond is not a pooled fund.
- ✓ II SEBI registers hedge funds (along with PIPE funds) as Category III AIFs, which may use complex trading strategies and leverage.
- ✗ III Stocks are shares of ownership in a company, an asset class traded on exchanges, not a privately pooled investment vehicle.
- ✓ IV Venture capital funds, including angel funds, form a sub-category of Category I AIFs under the SEBI (Alternative Investment Funds) Regulations, 2012.
Remember · AIF = privately pooled fund regulated by SEBI (2012 rules). Category I: venture capital, angel, SME, social venture, infrastructure funds; Category III: hedge funds, PIPE funds.
Sources
- SEBI, FAQs on the SEBI (Alternative Investment Funds) Regulations, 2012 ↗ “Alternative Investment Fund or AIF means any fund established or incorporated in India which is a privately pooled investment vehicle which collects funds from sophisticated investors, whether Indian or foreign … Various types of funds such as hedge funds, PIPE Funds, etc. are registered as Category III AIFs. … shall include venture capital funds, SME Funds, social venture funds, infrastructure funds and such other Alternative Investment Funds as may be specified”
Question and answer: UPSC's official GS Paper I (2025, Series A) — paper ↗ · answer key ↗. Explanation: Minimalist IAS, checked 30 Sept 2026 (how we verify). ·