The Securities and Exchange Board of India (“SEBI”), in exercise of powers conferred under of Regulation 3 of the Securities and Exchange Board of India (Certification of Associated Persons in the Securities Markets) Regulations, 2007, vide Notification No. SEBI/LAD-NRO/GN/2025/249,[1] dated June 25, 2025, has issued a new notification specifying mandatory certification requirements for key personnel in the investment team of Alternative Investment Fund (“AIF”) Managers (“Notification”). This Notification supersedes the earlier Notification No. SEBI/LAD-NRO/GN/2024/176 dated May 10, 2024, and shall come into force immediately. All the existing AIFs as on the date of this Notification shall be required to comply with the certification requirement on or before July 31, 2025.
Key Highlights
(a) Certification Requirements for Category I & II AIFs: At least 1 (one) key personnel in the key investment team of the AIF Manager must obtain either of the following certifications from the National Institute of Securities Markets (“NISM”):
- NISM Series-XIX-C: Alternative Investment Fund Managers Certification Examination (Communiqué No. NISM/Certification/Series-XIX-C/2024/01 dated January 10, 2024); or
- NISM Series-XIX-D: Category I and II Alternative Investment Fund Managers Certification Examination (Communiqué No. NISM/Certification/Series-XIX-D/2025/01 dated April 29, 2025).
(b) Certification Requirements for Category III AIFs: At least 1 (one) key personnel in the key investment team of the AIF Manager must obtain either of the following certifications:
- NISM Series-XIX-C; or
- NISM Series-XIX-E: Category III Alternative Investment Fund Managers Certification Examination (Communiqué No. NISM/Certification/Series-XIX-E/2025/02 dated April 29, 2025).
[1]https://www.sebi.gov.in/legal/gazette-notification/jun-2025/notification-under-securities-and-exchange-board-of-india-certification-of-associated-persons-in-the-securities-markets-regulations-2007-alternative-investment-fund-managers-certification-examinat-_94812.html