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REGD. No. D. L.-33004/99
The Gazette of India
CG-MH-E-25062025-264142
EXTRAORDINARY
PART III—Section 4
PUBLISHED BY AUTHORITY
No. 458]
NEW DELHI, WEDNESDAY, JUNE 25, 2025/ASHADHA 4, 1947
SECURITIES AND EXCHANGE BOARD OF INDIA
NOTIFICATION
Mumbai, the 25th June, 2025
NOTIFICATION UNDER SECURITIES AND EXCHANGE BOARD OF INDIA (CERTIFICATION OF
ASSOCIATED PERSONS IN THE SECURITIES MARKETS) REGULATIONS, 2007.
F. No. SEBI/LAD-NRO/GN/2025/249.— In terms of regulation 3 of the Securities and Exchange Board of
India (Certification of Associated Persons in the Securities Markets) Regulations, 2007 (hereinafter referred to as "the
CAPS Regulations, 2007"), the Board may require, by notification, any category of associated person as defined in the
Regulations to obtain requisite certification(s).
1. In terms of sub-clause (i) of clause (g) of regulation 4 of the Securities and Exchange Board of India
(Alternative Investment Funds) Regulations, 2012, the Board had issued Notification No. SEBI/LAD-
NRO/GN/2024/176 dated May 10, 2024, as per which at least one key personnel, amongst the associated
persons functioning in the key investment team of the Manager of an Alternative Investment Fund, shall obtain
certification from the National Institute of Securities Market by passing the NISM Series-XIX-C: Alternative
Investment Fund Managers Certification Examination as mentioned in the communiqué No. NISM/
Certification/ Series-XIX-C: Alternative Investment Fund Managers/2024/01 dated January 10, 2024 issued
by the National Institute of Securities Market.
2. Now, in terms of Regulation 3 of the CAPS Regulations, 2007 read with sub-clause (i) of clause (g) of
regulation 4 of the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012,
the Board hereby notifies that:
(i) at least one key personnel, amongst the associated persons functioning in the key investment team of
the Manager of Category I Alternative Investment Fund or Category II Alternative Investment Fund
or Category I and II Alternative Investment Fund, shall obtain certification from the National Institute
of Securities Market by passing either the NISM Series-XIX-C: Alternative Investment Fund
Managers Certification Examination as mentioned in the communiqué No. NISM/ Certification/
Series-XIX-C: Alternative Investment Fund Managers/2024/01 dated January 10, 2024 or the NISM
Series-XIX-D: Category I and II Alternative Investment Fund Managers Certification Examination as
mentioned in the communiqué No. NISM/ Certification/ Series-XIX-D: Category I and II Alternative
Investment Fund Managers/2025/01 dated April 29, 2025, issued by the National Institute of
Securities Market.
(ii) at least one key personnel, amongst the associated persons functioning in the key investment team of
the Manager of Category III Alternative Investment Fund, shall obtain certification from the National
Institute of Securities Market by passing either the NISM Series-XIX-C: Alternative Investment Fund
Managers Certification Examination as mentioned in the communiqué No. NISM/ Certification/
Series-XIX-C: Alternative Investment Fund Managers/2024/01 dated January 10, 2024 or the NISM
Series-XIX-E: Category III Alternative Investment Fund Managers Certification Examination as
mentioned in the communiqué No. NISM/ Certification/ Series-XIX-E: Category III Alternative
Investment Fund Managers/2025/02 dated April 29, 2025, issued by the National Institute of Securities
Market.
3. The Alternative Investment Funds, existing as on the date of publication of this notification, shall obtain
requisite certification on or before July 31, 2025.
4. This notification shall come into force on the date of its publication in the Official Gazette.
5. The Notification No. SEBI/LAD-NRO/GN/2024/176 dated May 10, 2024, except for anything done or omitted
to be done under the said notification, shall stand rescinded with the publication of this notification.
BABITHA RAYUDU, Executive Director
[ADVT.-III/4/Exty./191/2025-26]