SEBI Amends Certification Requirements For Distribution Of Specialized Investment Funds

SEBI, by notification dated 21.07.2026, has notified amended certification requirements for distribution of Specialized Investment Funds (“SIF Circular”)¹ amending the certification requirement for Specialized Investment Funds (“SIFs”) under the SEBI Master Circular for Mutual Funds dated 20.03.2026 (“Mutual Funds Master Circular”).

The SIF Circular came into effect on the date of its publication, i.e., 21.07.2026.

The revised requirements for distribution of SIFs are as follows:

1. Any person employed or engaged in sale and/or distribution of SIF products will be required to have a valid NISM Series-V-D - Mutual Fund - Specialized Investment Fund Distributors Certification (“NISM V-D Certificate”).
2. Any entity holding NISM V-D Certificate will be eligible to distribute both mutual funds and SIF products without holding a separate NISM Series V A – Mutual Fund Distributors Certification (“NISM V-A Certificate”). However, any entity only engaged in sale and/or distribution of mutual fund products shall continue to hold a NISM V-A Certificate as specified earlier under gazette notification dated 31.05.2010.
3. The existing requirement of holding NISM Series XIII – Common Derivatives Certification (“NISM XIII Certificate”) for sale and/or distribution of SIF products shall not be applicable after 21.09.2026. SIF distributors holding such license obtained on or before 21.09.2026 shall not be required to obtain NISM V-D Certificate till the expiry of existing NISM XIII Certificate. However, such SIF distributors will continue to hold a valid NISM V-A Certificate during this period.

Footnote

1. Certification Requirements for Distribution of Specialized Investment Funds

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