The Securities and Exchange Board of India has amended the mutual fund master circular to change the certification framework for distribution of Specialized Investment Funds. Persons engaged in the sale or distribution of SIF products must hold the NISM Series V-D Mutual Fund Specialized Investment Fund Distributors Certification, and holders of that certification may distribute both mutual fund and SIF products without separately holding the NISM Series V-A Mutual Fund Distributors Certification. The revised framework keeps the NISM Series V-A requirement in place for entities that distribute only mutual fund products. It also removes the existing requirement to hold the NISM Series XIII Common Derivatives Certification for SIF distribution after September 21, 2026. As a transition measure, SIF distributors that obtained a valid Series XIII certification on or before September 21, 2026 will not need to obtain Series V-D until their existing Series XIII certification expires, but they must continue to hold a valid Series V-A certification during that period. AMFI and asset management companies must ensure distributors and agents comply with the updated requirements. The circular took effect immediately, with all other provisions of the mutual fund master circular unchanged.
Securities & Exchange Board of India2026-07-21
Securities and Exchange Board of India revises specialized investment fund distributor certification, makes NISM Series V-D sufficient and ends Series XIII requirement after September 21, 2026
The Securities and Exchange Board of India has revised certification rules for Specialized Investment Fund distribution. NISM Series V-D now qualifies distributors to sell both SIF and mutual fund products, while the Series XIII common derivatives certification will cease to be required after September 21, 2026, subject to a transition for existing holders.