AIFs Seek More Time on SEBI NISM Certification Deadline
Why in the news
With the May 9 cut-off close, Alternative Investment Funds pressed for relief because many fund managers found the mandatory NISM certification test too broad and hard to clear in time.
Key facts
- Rule: a May 2024 SEBI requirement under which an AIF’s investment team must field one key member who clears the NISM Series XIX-C fund manager certification.
- Coverage: applies to current schemes from May 9, 2025 and to new registration applications too.
- Exam scope: spans Category I, II and III funds, stressing regulations and operations across all of them.
- Sector size: total commitments reached ₹13.05 trillion by December 2024.
Problems and requests
| Problem | Demand |
|---|---|
| Test is too wide; most managers handle only one or two categories, so parts feel theoretical | Split the exam by AIF category |
| Many managers struggle to pass in the time available | Extend the May 9 deadline |
Current status
- SEBI has reportedly told NISM to create separate tests per category, and syllabus consultations with fund managers were on, hoping for changes before May 9.
- No final call on an extension had been taken; SEBI and NISM talks continued.
Exam angle
- AIF categories: I, II and III; regulator: SEBI; testing body: NISM.
- Exam name: NISM Series XIX-C.