SEBI issued a circular dated 21.07.26 stating the certification requirements for distribution of Specialised Investment Funds
The SEBI circular dated 27 February, 2025 issued regulatory framework for Specialised Investment Funds (SIF). The provisions for such framework were issued in the SEBI Master Circular for Mutual Funds under Chapter 21 dated 20 March, 2026.
The current circular has been issued to modify paragraph 21.10 of the MF Master Circular. Paragraph 21.10 specifically deals with certification requirements for entities engaged in sale or distribution of SIF, as provided below:
21.10. Distribution of Specialized Investment Funds
21.10.1. Any persons employed or engaged or to be employed or engaged in the sale and/or distribution of SIF products shall be required to have a valid “NISM Series-V-D -Mutual Fund-Specialized Investment Fund Distributors Certification”. Entities holding this certification shall be eligible to distribute both Mutual Fund and SIF products, without separately holding “NISM Series V-A- Mutual Fund Distributors Certification”.
21.10.2. Entities engaged in the sale and/or distribution of only Mutual Fund products shall continue to comply with NISM Series V-A certification, as specified under Gazette notification no. LAD-NRO/GN/2010-11/09/6422 dated May 31, 2010.
21.10.3. The existing requirement of holding of “NISM Series XIII –Common Derivatives Certification” for the sale and/or distribution of SIF products shall not be applicable after September 21,2026.
21.10.4. In order to ensure seamless transition to the new certification requirement, SIF distributors holding a valid “NISM Series XIII -Common Derivatives Certification”, obtained on or before September 21,2026, shall not be required to obtain the “NISM Series-V-D –Mutual Fund -Specialized Investment Fund Distributors Certification” till the expiry of their existing “NISM Series XIII -Common Derivatives Certification”. During this period, such distributors shall continue to hold a valid “NISM Series V-A Mutual Fund Distributors Certification”, as required under the erstwhile framework.
21.10.5. AMFI and AMCs shall ensure compliance with the above requirements by distributors and agents.
This circular was issued under the powers provided in Section 11(1) of SEBI Act,1992 along with Regulation 84 of SEBI (Mutual Funds) Regulations,2026 and Regulation 3(1) of the SEBI (Certification of Associated Persons in the Securities Market) Regulations,2007.