The Securities and Exchange Board of India has issued a circular specifying a certification-based eligibility requirement for compliance officers appointed by managers of Alternative Investment Funds (AIFs) under the SEBI (Alternative Investment Funds) Regulations, 2012. Compliance officers of AIF managers must obtain certification from the National Institute of Securities Markets by passing the NISM Series-III-C: Securities Intermediaries Compliance (Fund) Certification Examination. From 1 January 2027, only individuals holding this certification may be appointed as, or continue to act as, compliance officer of an AIF manager. The trustee, sponsor, or manager (as applicable) must also ensure the manager’s Compliance Test Report includes compliance with this circular. The circular is in force with immediate effect, with the appointment and continuation requirement applying from 1 January 2027.
Securities & Exchange Board of India 2025-12-30
Securities and Exchange Board of India mandates NISM certification for AIF manager compliance officers from 1 January 2027
The Securities and Exchange Board of India requires compliance officers of Alternative Investment Fund managers to obtain certification from the National Institute of Securities Markets by passing the NISM Series-III-C: Securities Intermediaries Compliance (Fund) Certification Examination. This requirement applies from 1 January 2027, and trustees, sponsors, or managers must ensure compliance is reflected in the manager’s Compliance Test Report.