SEBI Mandates NISM Certification for AIF Compliance Officers from January 2027

Current Context: SEBI issued a circular on 30 Dec 2025, mandating certification for AIF Compliance Officers.

• Effective 1 Jan 2027, only those clearing NISM Series-III-C: Securities Intermediaries Compliance (Fund) Exam can serve.
• Applies to all categories of Alternative Investment Funds (AIFs) under SEBI (AIF) Regulations, 2012.
• Certification status must be reflected in Compliance Test Reports by trustees, sponsors, and managers.
• Aim: strengthen governance, accountability, and investor protection in the ₹15 lakh crore AIF industry.
• Organizer: SEBI in collaboration with NISM (National Institute of Securities Markets).
• Significance: Establishes a uniform professional benchmark for compliance standards across the AIF ecosystem.
  

Question:

Q.1 Which specific examination must an individual clear to be eligible to serve as a Compliance Officer for any category of AIF, as per the new mandate?
a) NISM Series-V-A: Mutual Fund Distributors Examination
b) NISM Series-III-C: Securities Intermediaries Compliance (Fund) Exam
c) NISM Series-VIII: Securities Markets Foundation Examination
d) NISM Series-XV: Research Analyst Examination

Answer: b) Effective 1 Jan 2027, only those clearing NISM Series-III-C: Securities Intermediaries Compliance (Fund) Exam can serve.