Sebi mandates NISM certification for at least one key personnel of AIF manager's investment team

This will be considered as an eligibility criterion for the certification of registration of an AIF, added the Sebi circular.

At least one key personnel on the investment team of the manager of an alternative investment fund (AIF) should have the relevant certification from the National Institute of Securities Market (NISM), said a circular from the regulator.

This will be considered as an eligibility criterion for the certification of registration of an AIF, added the circular.

In a circular dated May 13, the Securities and Exchange Board of India (Sebi) said that the regulation has come into force from May 10, 2024, and that it has to be complied with by May 9, 2025.

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SEBI (Certification of Associated Persons in the Securities Markets) Regulations, 2007 has also been amended and notified on May 10, 2024
stipulating the following

"At least one key personnel, amongst the associated persons functioning in the key investment team of the Manager of an Alternative Investment Fund, shall obtain certification from the National Institute of Securities Market by passing the NISM Series-XIX-C: Alternative Investment Fund Managers Certification Examination as mentioned in the communiqué No. NISM/ Certification/ Series-XIX-C: Alternative Investment Fund Managers/2024/01 dated January 10, 2024 issued by the National Institute of Securities Market."

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These requirements have to be complied with by existing schemes of AIFs and schemes of AIFs whose application for launch of scheme is pending with Sebi as on May 10, 2024.