SEBI has by way of a Circular dated May 13, 2024, amended the AIF Regulations and introduced certification requirements for the key investment team of manager of an AIF whereby at least one key personnel amongst the associated persons functioning in the key investment team of the manager of an AIF, must obtain certification from the National Institute of Securities Market (‘NISM’) by passing the NISM Series-XIX-C: Alternative Investment Fund Managers Certification Examination as mentioned in the Press Release dated January 10, 2024, issued by NISM. The requirement is applicable to all fresh applications filed after May 10, 2024, and should be complied with on or before May 9, 2025, for existing schemes of AIFs and schemes of AIFs whose application for launch of scheme is pending with SEBI as on May 10, 2024.