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”.
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.
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 ₹10 lakh, are aimed at sophisticated investors by offering greater flexibility through hedging, derivatives and long-short investment strategies.
The assets under management (AUM) of SIFs increased 29% to ₹17,858 crore at the end of June from ₹13,814 crore a month earlier.
Also Read: New mutual fund and SIF distributors will have to take common NISM exam from July 22
