SEBI Update - Certification Requirements for Distribution of Specialized Investment Funds (SIFs)

SEBI has issued a circular dated 21 July 2026 revising the certification requirements for the distribution of Specialized Investment Funds (SIFs). Under the revised framework, individuals engaged in the sale and/or distribution of SIF products must obtain the NISM Series-V-D – Mutual Fund–Specialized Investment Fund Distributors Certification, which will also qualify them to distribute mutual fund products without the need for a separate NISM Series V-A certification. Distributors engaged solely in mutual fund distribution must continue to hold the NISM Series V-A certification. Further, the requirement to hold the NISM Series XIII – Common Derivatives Certification for SIF distribution will cease to apply after 21 September 2026. Existing SIF distributors holding a valid NISM Series XIII certification on or before that date may continue distributing SIFs until the expiry of their certification, provided they also maintain a valid NISM Series V-A certification during the transition period. AMFI and AMCs have been directed to ensure compliance with the revised certification framework, which comes into effect immediately.