- Securities and Exchange Board of India vide circular dated May 13, 2025, has provided for extension of timeline for complying with the certification requirement for the key investment team of the Manager of AIF.
- In terms of Regulation 4(g)(i)of SEBI (Alternative Investment Funds) Regulations, 2012 ("AIF Regulations"), 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. The said Regulation has come into force with effect from May 10, 2024.
- Subsequently, SEBI vide circular dated May 13, 2024 has, inter alia, specified that schemes of AIFs as on May 13, 2024and 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.
- Further, 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.
- In this regard, based on representation received from the AIF industry, and with the objective of providing ease of compliance to the AIF industry, 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.
- The circular is attached herein.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
