SEBI Introduces Single NISM Certification For Mutual Fund And SIF Distributors
Sebi has introduced a single NISM certification for distributors of mutual funds and Specialised Investment Funds, replacing the need for separate qualifications. The regulator has also provided transitional arrangements for existing distributors as SIFs, launched in 2025 for sophisticated investors, continue to witness growth in assets under management.
Sebi has introduced a unified NISM certification enabling distributors to sell both mutual fund and Specialised Investment Fund products | Representational Image
New Delhi, July 21, 2026: Markets regulator Sebi on Tuesday introduced a single certification examination to simplify the eligibility requirements for persons to sell and distribute mutual funds and Specialised Investment Funds (SIFs).
Under the new framework, any person employed or engaged in the sale and/or distribution of Specialised Investment Fund (SIF) products will be required to hold a valid "NISM Series V-D – Mutual Fund-Specialised Investment Fund Distributors Certification", Sebi said in a circular.
The regulator said holders of the new certification will be eligible to distribute both mutual fund and SIF products, eliminating the need to separately obtain the "NISM Series V-A – Mutual Fund Distributors Certification".
Transition Framework Detailed
Further, the existing requirement of holding the "NISM Series XIII – Common Derivatives Certification" for the sale and distribution of SIF products will cease to apply after September 21, 2026.
To ensure a smooth transition, Sebi said distributors holding a valid "NISM Series XIII – Common Derivatives Certification" obtained on or before September 21, 2026, will not be required to obtain the new Series V-D certification until their existing derivatives certification expires.
During this transition period, such distributors will continue to be required to hold a valid "NISM Series V-A – Mutual Fund Distributors Certification" under the existing framework.
SIF Framework And Growth
Sebi introduced the SIF framework in February 2025 to bridge the gap between traditional mutual funds and high-ticket Portfolio Management Services (PMS).
The products, which require a minimum investment of Rs 10 lakh, are aimed at sophisticated investors by offering greater flexibility through hedging, derivatives and long-short investment strategies.
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The assets under management (AUM) of SIFs increased 29 per cent to Rs 17,858 crore at the end of June from Rs 13,814 crore a month earlier.
(Disclaimer: Except for the headline, this article has not been edited by FPJ's editorial team and is auto-generated from an agency feed.)
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