Key Points SEBI Circular- Navigating SEBI's Certification Mandate: Ensuring Compliance for Alternative Investment Fund Managers

The circular issued by SEBI on May 13, 2024, mandates certification requirements for key personnel in the investment team of Alternative Investment Fund (AIF) managers. It stipulates that at least one key personnel in the AIF manager's investment team must obtain certification from the National Institute of Securities Market by passing the NISM Series-XIX-C: Alternative Investment Fund Managers Certification Examination. This requirement applies to all AIF registration applications and scheme launches filed after May 10, 2024. Existing AIF schemes and pending scheme launch applications must comply with this requirement by May 9, 2025. The trustee or sponsor of the AIF is responsible for ensuring compliance and including it in the Compliance Test Report. The circular is immediately effective and issued under SEBI's powers to protect investor interests and regulate the securities market.

NISM Exam Prep Guide & Mock Test:?NISM Series-XIX-C: Alternative Investment Fund Managers Certification Examination

Key Points:

• Certification Requirement: At least one key personnel in the AIF manager's investment team must have certification specified by SEBI.
• NISM Certification: Key personnel must pass the NISM Series-XIX-C: Alternative Investment Fund Managers Certification Examination.
• Applicability: The certification requirement applies to AIF registration applications and scheme launches filed after May 10, 2024.
• Compliance Deadline: Existing AIF schemes and pending scheme launch applications must comply with the certification requirement by May 9, 2025.
• Responsibility: Trustees/sponsors of AIFs must ensure compliance and include it in the Compliance Test Report.
• Immediate Effect: The circular comes into force immediately after issuance.
• Legal Basis: Issued under Section 11(1) of the Securities and Exchange Board of India Act, 1992, to protect investor interests and regulate the securities market.

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