This notification issued by the Securities and Exchange Board of India (SEBI) mandates that at least one key personnel within the key investment team of an Alternative Investment Fund (AIF) manager must obtain certification from the National Institute of Securities Markets (NISM).
The certification is to be obtained by passing the NISM Series-XIX-C: Alternative Investment Fund Managers Certification Examination.
Key Changes
The notification mandates certification for key personnel in AIF management teams.
The specific certification required is the NISM Series-XIX-C: Alternative Investment Fund Managers Certification Examination.
The notification is effective from the date of its publication in the Official Gazette, which is May 10, 2024.
Impact Analysis
Alternative Investment Funds (AIFs) and their Managers
Non-compliance may lead to regulatory action by SEBI.
Key Investment Professionals
Certified professionals will enhance their credibility and demonstrate competence in AIF management.
National Institute of Securities Markets (NISM)
NISM's role as a certification body in the securities market is reinforced.
Suggested Action Items
Monitor compliance with the new regulation to avoid potential penalties.
Key Entities Referenced
Securities and Exchange Board of India (SEBI): The regulatory body for securities markets in India, responsible for issuing this notification.
Alternative Investment Funds (AIFs): Privately pooled investment vehicles which collect funds from sophisticated investors, whether Indian or foreign, for investing it in accordance with a defined investment policy.
National Institute of Securities Markets (NISM): An educational institute established by SEBI to enhance the quality of securities markets.
Securities and Exchange Board of India (Certification of Associated Persons in the Securities Markets) Regulations, 2007: The overarching regulations under which this notification is issued, governing the certification of associated persons in the securities markets.
Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012: Regulations governing the operation and management of Alternative Investment Funds in India.
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
सी.जी.-एम.एच.-अ.-10052024-254151
xxxGIDHxxx
CG-MH-E-10052024-254151
xxxGIDExxx
असाधारण
EXTRAORDINARY
भाग III—खण् ड 4
PART III—Section 4
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 330] िई फदपली, ि क्रिार, मई 10, 2024/ििै ाख 20, 1946
No. 330] NEW DELHI, FRIDAY, MAY 10, 2024/VAISAKHA 20, 1946
भारतीय प्रजतभजू त और जिजिमय बोडड
अजधसचू िा
म ंबई, 10 मई, 2024
भारतीय प्रजतभजू त और जिजिमय बोडड (प्रजतभजू त बािारों म ें सहयक्त व्यजक्तयों का प्रमाणीकरण) जिजियम, 2007 के तहत
अजधसचू िा
स.ं सबे ी/एल.ए.डी.-एि.आर.ओ./िी.एि./2024/176.—बोडड, भारतीय प्रजतभूजत और जिजिमय बोड ड
[आि कजपिक जिजिधाि (जिििे ) जिजधया]ाँ जिजियम, 2012 के जिजियम 4 के खडं (छ) के उि-खंड (i) के साथ िठित
भारतीय प्रजतभूजत और जिजिमय बोडड (प्रजतभूजत बािारों म ें सहय क्त व्यजक्तयों का प्रमाणीकरण) जिजियम, 2007 के
जिजियम 3 के अि सार, एतद्द्वारा जिम्नजलजखत अजधसूचिा िारी करता ह:ै
1. आि कजपिक जििेि जिजध (ए.आई.एफ.) के प्रबंधक के मख् य जििेि दल में कायड करिे िाले सहयोगी (सहयक्त )
व्यजक्तयों में से कम से कम एक म ख्य व्यजक्त, राष्ट्रीय प्रजतभजू त बािार संस्ट्थाि से एक प्रमाणित्र (“रा.प्र.बा.स.ं –
श्रंखला-XIX-C: आि कजपिक जििेि जिजध प्रबंधक प्रमाणीकरण िरीक्षा” उत्तीणड करके, जिसका जिक्र राष्ट्रीय प्रजतभूजत
बािार संस्ट्थाि द्वारा िारी की गई तारीख 10 िििरी, 2024 की जिज्ञजि सं. एिआईएसएम/सर्टडफफकेिि/सीरीज़-
XIX-C:आपटरिेठटि इन्िेस्ट्टमेंट फंड मैिेिसड/2024/01 म ेंफकया गया ह)ै प्राि करेगा ।
2989 GI/2024 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
यह अजधसूचिा रािित्र में इसके प्रकाजित होि े की तारीख स ेलाग ूहोगी ।
बबीता राय डू, कायडिालक जिदिे क
[जिज्ञािि-III/4/असा./099/2024-25]
SECURITIES AND EXCHANGE BOARD OF INDIA
NOTIFICATION
Mumbai, the 10th May, 2024
Notification under Securities and Exchange Board of India
(Certification of Associated Persons in the Securities Markets) Regulations, 2007.
No. SEBI/LAD-NRO/GN/2024/176.—In terms of regulation 3 of the Securities and Exchange Board of
India (Certification of Associated Persons in the Securities Markets) Regulations, 2007 read with sub-clause (i) of
clause (g) of regulation 4 of the Securities and Exchange Board of India (Alternative Investment Funds) Regulations,
2012, the Board hereby issues the following notification:
1. At least one key personnel, amongst the associated persons functioning in the key investment team of the
Manager of an Alternative Investment Fund, shall obtain certification from the National Institute of Securities
Market by passing the NISM Series-XIX-C: Alternative Investment Fund Managers Certification Examination as
mentioned in the communiqué No. NISM/ Certification/ Series-XIX-C: Alternative Investment Fund
Managers/2024/01 dated January 10, 2024 issued by the National Institute of Securities Market.
This notification shall come into force on the date of its publication in the Official Gazette.
BABITHA RAYUDU, Executive Director
[ADVT.-III/4/Exty./099/2024-25]
5Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.