SEBI Mandates NISM Certification for Key Personnel of AIF Managers [Read Notification]
SEBI mandates NISM certification for key investment personnel of AIF managers, with a compliance deadline of July 31, 2025.
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The Securities and Exchange Board of India (SEBI) issued Notification dated June 25, 2025, mandating that key investment personnel managing Alternative Investment Funds (AIFs) must obtain certification from the National Institute of Securities Markets (NISM) by July 31, 2025. This directive aims to standardize qualifications and enhance regulatory oversight in the...
The Securities and Exchange Board of India (SEBI) issued Notification dated June 25, 2025, mandating that key investment personnel managing Alternative Investment Funds (AIFs) must obtain certification from the National Institute of Securities Markets (NISM) by July 31, 2025. This directive aims to standardize qualifications and enhance regulatory oversight in the growing AIF industry.
The notification has been issued under the SEBI (Certification of Associated Persons in the Securities Markets) Regulations, 2007, and replaces the earlier notification dated May 10, 2024. It specifically applies to professionals functioning in the key investment team of the fund managers of Category I, II, and III AIFs.
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According to the notification, at least one key personnel in the investment team of every AIF manager must clear one of the specified NISM certification examinations and obtain a valid certificate.
For Category I and II AIFs, the required certification can be fulfilled by passing:
- NISM Series-XIX-C: Alternative Investment Fund Managers Certification Examination (as per circular dated January 10, 2024), or
- NISM Series-XIX-D: Category I and II AIF Managers Certification Examination (as per circular dated April 29, 2025)
For Category III AIFs, eligible personnel must pass:
- NISM Series-XIX-C, or
- NISM Series-XIX-E: Category III AIF Managers Certification Examination (as per circular dated April 29, 2025)
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The new requirement applies to all AIFs operating as of the notification date, June 25, 2025. These AIFs are required to ensure that the requisite certification is obtained on or before July 31, 2025.
This mandate is part of SEBI’s broader effort to strengthen governance in the securities markets and ensure that professionals responsible for managing investor funds have adequate training and regulatory awareness. The AIF industry has witnessed significant growth in recent years, and SEBI continues to focus on improving standards and investor protection mechanisms.
The new notification also formally rescinds SEBI Notification No. SEBI/LAD-NRO/GN/2024/176 dated May 10, 2024, which earlier outlined a similar requirement. Actions already taken under the previous notification will remain valid and unaffected.
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