Certification requirement for Compliance Officers of Managers of AIFs
Summary
The circular mandates that Compliance Officers of AIF Managers must obtain specific NISM certification to fulfill their eligibility criteria. This requirement becomes effective for all appointments and continuations starting from January 01, 2027. Additionally, the Compliance Test Report must be updated to reflect adherence to this new certification mandate.
Text
Manager shall appoint a Compliance Officer responsible for monitoring compliance... who shall satisfy the eligibility criteria as may be specified by the Board.
The Compliance Officer of Manager of an AIF shall obtain certification from the National Institute of Securities Market by passing the NISM Series-III-C: Securities Intermediaries Compliance (Fund) Certification Examination.
Managers of AIFs shall ensure that, with effect from January 01, 2027, only those persons who have obtained the aforesaid certification shall be appointed as or shall continue to act as compliance officer of managers of AIFs.
The trustee/sponsor/manager of AIF... shall ensure that the ‘Compliance Test Report’... includes compliance with the provisions of this circular.
This circular shall come into force with immediate effect.
This circular is issued in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992, read with Regulation 20(18) of AIF Regulations and Regulation 3(1) of SEBI (Certification of Associated Persons in the Securities Markets) Regulations.
Source: SecMarx — Certification requirement for Compliance Officers of Managers of AIFs. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.