Master of Management Studies (M.M.S) Investment Banking and Alternate Investment Funds Syllabus - Mumbai University 2026

Course objectives

• 1 To provide comprehensive knowledge of investment banking operations, services, and financial instruments.
• 2 To equip students with practical skills in deal structuring, valuation, and execution of investment banking transactions.
• 3 To develop analytical capabilities for evaluating alternate investment funds, private equity, and venture capital.
• 4 To foster understanding of regulatory environment and compliance practices for investment banking.
• 5 To cultivate strategic insights into contemporary trends and opportunities within the alternate investment sector.

Course outcomes

• CO1: Explain the fundamentals of Investment Banking and Alternative Investment Funds (AIFs), including their roles and structures.
• CO2: Describe and outline the processes of capital raising, issue management, and due diligence in financial transactions.
• CO3: Critically assess various services in project finance and structured finance to evaluate feasibility and structure of funding models.
• CO4: Analyze the characteristics and management strategies of alternative investment products and their use in investment portfolios.
• CO5: Apply AIF models in assessing risk scenarios and Evaluate overall AIF formats and structures.

Unit 1 CO1 · 6 hours

Introduction to Financial System-An Overview of Indian Financial System, Investment Banking in India, Recent Developments and Challenges ahead, Institutional structure and Functions of Investment / Merchant Banking; SEBI guidelines for Merchant Bankers, Registration, obligations and responsibilities of Lead Managers, Regulations regarding Continuance of association of lead manager with an issue.

Unit 2 CO1 · 6 hours

Introduction to Investment Banking- Introduction to investment banking and corporate finance careers, What is an investment bank? What is the structure of an investment bank?,What do investment banks do?, What are the types of groups within the investment banking division?,What is the hierarchy within the investment bank?,What kind of work do investment bankers do?,Overview of private equity, venture capital and hedge funds

Unit 3 CO1 · 4 hours

Types of Investment Banking - Corporate Finance - Raising Capital. Equity Capital market as well as Debt Capital market

Unit 4 CO2 · 6 hours

Issue Management- Public Issue: classification of companies, eligibility, issue pricing, minimum public offer, prospectus, allotment, preferential allotment, private placement, Book Building process, designing and pricing, Green Shoe Option; Right document, Bought out Deals, Post issue work & obligations, Investor protection, Broker, sub broker and underwriters.

Unit 5 CO2 · 4 hours

Due Diligence: Concept, Need and steps in due diligence especially in Mergers and Acquisitions

Unit 6 CO3 · 6 hours

Project Finance: Infrastructure projects, Large- Scale Industrial Developments, Energy and Renewable Energy Projects and Complex Long- Term Financing Arrangements

Unit 7 CO3 · 8 hours

Structured Finance: Create Financial Instruments- Collateralized Debt Obligations (CDOs), Asset- Backed Securities (ABS), Credit Default Swaps (CDS). Develop Innovative Financing Solutions-Structured Leasing, Project-Linked Bonds, Hybrid Instruments. Manage Risk Through Financial Engineering-Credit Enhancement, Interest Rate Hedging, Liquidity Management. Designing Securitization Strategies - Asset Pooling, Trenching, Issuance of Securities

Unit 8 CO4 · 3 hours

Overview of Alternative Investments: Introduction, Different Avenues, Alternative Investments – Antecedents and Growth, Alternative Assets, Role of Alternative Investments in Portfolio Management

Unit 9 CO4 · 3 hours

Growth of Alternative Investment Funds in India and Suitability of Category III AIFs: Evolution and growth of Category III Alternative Investment Funds in India and their types, Different categories of AIFs as per SEBI (AIF) Regulations, 2012 • Suitability of Category III AIF products to different class of investors • Current market status of Category III AIFs in India

Unit 10 CO5 · 5 hours

Introduction to Category III AIF Ecosystem: Investments and characteristics of funds under Category III AIFs • Category III AIF ecosystem) • Various Concepts of Category III AIF& Comparison of Category III AIF with PMS and Mutual Funds Role of Category III AIF in portfolio diversification • Use of Category III AIF as a risk management tool (Alpha/ Beta management)

Unit 11 CO5 · 5 hours

Category III AIF: Fund Structures and Service Providers Fund structures of Category III AIFs Roles of various service providers in Category III AIF industry Documentations done for Category III AIFs at On- shore and Off-shore Levels Various Investment Strategies (Equity market strategies, Convertible arbitrage strategy, Event- driven strategies)

Unit 12 CO5 · 4 hours

Presentations and Assignments

Textbooks

• 1 Investment Banking- Concept, Analysis and Cases by Pratap Giri, 4th Edition, McGraw Hill; Forth edition (29 October 2021), New Delhi
• 2 Workbook for NISM-Series-XIX-B: Alternative Investment Funds (Category III) Distributors Certification Examination - Taxmann Publication

Reference Books

• 1 Investment Banking: Valuation, LBOs, M&A, And IPOs by Joshua Rosenbaum and Joshua Pearl, John Wiley & Sons Inc; Updated edition (23 February 2022)
• 2 NISM's Alternative Investment Funds (Category I and II) Distributors, by NISM (An Educational Initiative of SEBI), 3 November 2022