The Securities and Exchange Board of India (“SEBI”), in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992, read with Regulations4(g)(i) of SEBI (Alternative Investment Funds) Regulations, 2012 (“AIF Regulations”), vide Circular No. SEBI/HO/AFD/AFD-PoD-1/P/CIR/2025/066,[1] dated May 13, 2025, has extended the timeline for compliance with the certification requirement under Regulation 4(g)(i) of the AIF Regulations. This requires the key investment team of the Manager of an Alternative Investment Fund (“AIF”) to must include at least 1 (one) key personnel with relevant certification, as prescribed by SEBI.
The applicable certification, as notified on May 10, 2024, is the ‘NISM Series-XIX-C: Alternative Investment Fund Managers Certification Examination’. Originally, SEBI had allowed schemes of AIFs existing as of May 13, 2024, and those with pending launch applications as of May 10, 2024, to comply with the certification requirement by May 09, 2025. In response to industry representations and with a view to facilitating ease of compliance, SEBI has now extended this deadline to July 31, 2025.
[1]https://www.sebi.gov.in/legal/circulars/may-2025/extension-of-timeline-for-complying-with-the-certification-requirement-for-the-key-investment-team-of-the-manager-of-aif_93904.html