Extension of timeline for complying with the certification requirement for the key investment team of the Manager of AIF
Summary
This circular extends the deadline for Alternative Investment Fund Managers to obtain NISM certification for their key investment team from May 9, 2025, to July 31, 2025. The extension applies to schemes existing as of May 13, 2024, and those with pending launch applications as of May 10, 2024. This decision aims to provide ease of compliance based on representations received from the AIF industry.
Text
the key investment team of the Manager of an Alternative Investment Fund (AIF) shall have at least one key personnel with relevant certification as may be specified by SEBI from time to time.
notification issued under SEBI (Certification of Associated Persons in the Securities Markets) Regulations, 2007 on May 10, 2024 prescribed ‘NISM Series-XIX-C: Alternative Investment Fund Managers Certification Examination’ for the compliance with Regulation 4(g)(i) of AIF Regulations.
schemes of AIFs as on May 13, 2024 and schemes of AIFs whose application for launch of scheme were pending with SEBI as on May 10, 2024, may comply with the aforesaid certification requirement by May 9, 2025.
it has been decided to extend the said timeline from May 9, 2025 to July 31, 2025 to obtain the requisite NISM certification.
The provisions of 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 Regulations 4(g)(i) and 36 of AIF Regulations, to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.
Source: SecMarx — Extension of timeline for complying with the certification requirement for the key investment team of the Manager of AIF. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.