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.

Write to us at priya.k@treelife.in if you need assistance here.

About the Author
Priya Kapasi Shah
Priya Kapasi Shah
Associate Partner | Tax & Regulatory | priya.k@treelife.in

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.

We Are Problem Solvers. And Take Accountability.

Related Posts

Fractional CFO Services in India – Meaning, Work, Benefits
Fractional CFO Services in India – Meaning, Work, Benefits

A Fractional CFO, also known as a part-time CFO, is a senior financial executive who provides high-level financial leadership and...

Learn MoreLearn More
Compliance Calendar – June 2025 (Checklist & Deadlines)
Compliance Calendar – June 2025 (Checklist & Deadlines)

Sync with Google CalendarSync with Apple Calendar Compliance management is critical for startups and businesses in India to avoid penalties...

Learn MoreLearn More

For Customer Support

Mumbai | Delhi |
Bangalore | GIFT City

Speak to Us!

We respond within 60 minutes.

    Your information is confidential and secure

    For Customer Support

    Mumbai | Delhi |
    Bangalore | GIFT City

    Fill out the form to unlock the full report!

    Image