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Jul 29, 2025

NISM Certification Requirement for Key Investment Team of AIF Manager

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:

i.    Category I & II AIF: KIT member(s) must have either Series-XIX-C or Series-XIX-D NISM certification; and

ii.   Category III AIF: KIT member(s) must have either Series-XIX-C or Series-XIX NISM certification.

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These are the views and opinions of the author(s) and do not necessarily reflect the views of the Firm. This article is intended for general information only and does not constitute legal or other advice and you acknowledge that there is no relationship (implied, legal or fiduciary) between you and the author/AZB. AZB does not claim that the article's content or information is accurate, correct or complete, and disclaims all liability for any loss or damage caused through error or omission.

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