The Securities and Exchange Board of India (SEBI) has extended the deadline for compliance with its mandatory certification requirement for key investment personnel managing Alternative Investment Funds (AIFs). In a circular issued on May 13, 2025, SEBI stated that the new deadline for obtaining the specified certification is now July 31, 2025, a revision from the earlier date of May 9, 2025.
This extension applies to AIF schemes that were operational as of May 13, 2024, and those whose applications for scheme launch were pending with SEBI as of May 10, 2024.
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The certification in question is the NISM Series-XIX-C: Alternative Investment Fund Managers Certification Examination, mandated under Regulation 4(g)(i) of the SEBI (Alternative Investment Funds) Regulations, 2012. This regulation, which came into effect on May 10, 2024, requires that the key investment team of an AIF’s Manager must include at least one person holding a SEBI-specified certification.
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SEBI’s decision to extend the timeline follows representations from the AIF industry, which sought additional time to ensure smooth implementation and compliance. The extension is intended to provide regulatory flexibility and ease of compliance, especially for fund houses adjusting to the newly introduced mandate.
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The circular issued with immediate effect and this directive has been issued under Section 11(1) of the SEBI Act, 1992, read with Regulations 4(g)(i) and 36 of the AIF Regulations, to promote investor protection and orderly development of the securities market.
The circular is available on the SEBI website under the “Legal Framework – Circulars” and “Info for – Alternative Investment Funds” sections.
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