Certification Requirements for Key Investment Team of the Manager of AIF
PUBLISHED ON: 21-05-2024
SEBI has issued a circular dated May 13, 2024 (available here) detailing the specific qualification requirements for the key investment team of the investment manager of an Alternative Investment Fund (“AIF”). An overview of the same is set out below:
- At least one key personnel amongst the associated persons functioning in the AIFs key investment team of the investment manager of AIF is required to obtain a certification from the National Institute of Securities Market by passing the NISM Series-XIX-C: Alternative Investment Fund Managers Certification Examination.
- All the applications for registration of AIFs and launch of schemes by AIFs filed after May 10, 2024, are required to comply with the aforesaid certification requirement.
- Existing schemes of AIFs and schemes pending with SEBI as on May 10, 2024, are required to comply with the aforementioned certification requirement on or before May 9, 2025.
- The trustee or sponsor of the AIF would be responsible for ensuring that the ‘Compliance Test Report’ prepared by the manager includes compliance with the aforementioned certification requirement.
