SEBI had, by way of SEBI (Certification of Associated Persons in the Securities Markets) Regulations, 2007 (‘CAPs Regulations'), notified certification requirements for key investment team (‘KIT') members of alternative investment fund (‘AIF') investment managers under Regulation 4(g)(i) of the SEBI (AIF) Regulations, 2012 (‘AIF Regulations').
SEBI had in May extended the deadline for KIT to comply with procuring the NISM Series-XIX-C: Alternative Investment Fund Managers Certification (‘NISM Certification') to July 31, 2025. The NISM Certification is valid for three years and must be renewed to maintain compliance.
On June 25, 2025, SEBI amended the CAPs Regulations and updated the NISM Certification requirements as below:
- Category I & II AIF: KIT member(s) must have either Series-XIX-C or Series-XIX-D NISM certification; and
- Category III AIF: KIT member(s) must have either Series-XIX-C or Series-XIX NISM certification.
Originally published 29 July 2025
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