NISM Introduces Separate Certification Exams for AIF Managers

The National Institute of Securities Markets (NISM) has announced a significant change in the certification framework for Alternative Investment Fund (AIF) managers. Effective May 1, 2025, the existing unified NISM Series-XIX-C certification will be split into two distinct exams, tailored to the specific AIF categories:

1) NISM Series-XIX-D:

Meant for key investment personnel managing Category I and II AIFs, this exam will cover topics such as regulatory guidelines, fund management practices, investment valuation norms, taxation, and other category-specific aspects.

2) NISM Series-XIX-E:

Targeted at those managing Category III AIFs, it will focus on similar themes, but customized to reflect the distinctive features and regulatory nuances of Category III funds.

The new exams are stated to be available starting May 1, 2025.

However, while NISM has clarified the structure and launch of these certifications, uncertainty remains regarding the exact timelines for mandatory compliance. The Securities and Exchange Board of India (SEBI) has yet to issue a formal notification specifying when these exams will become compulsory for AIF managers.

With the May 9, 2025 deadline approaching, it will be interesting to see how this transition unfolds.

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Priya Kapasi Shah

Associate Partner | Tax & Regulatory | [email protected]

Heads Treelife’s Financial Advisory practice, specializing in investment structuring, cross-border transactions, and tax and regulatory advisory. Also leads on AIF setups and advisory services for GIFT IFSC.