Certification Requirements for Distribution of Specialized Investment Funds (SIFs)

CIRCULAR
HO/24/13/17(1)2026-IMD-POD-1/I/16895/2026 July 21, 2026 To, All Mutual Funds (MFs) All Asset Management Companies (AMCs) All Trustee Companies All Registrar to an Issue and Share Transfer Agents (RTAs) Association of Mutual Funds in India (AMFI) Sir/Madam, Subject: Certification Requirements for Distribution of Specialized Investment Funds (SIFs)

1. SEBI, vide Circular No. SEBI/HO/IMD/IMD-I POD-1/P/CIR/2025/26 dated February
   27, 2025, issued the regulatory framework for Specialized Investment Funds (‘SIFs’). The provisions of the aforementioned circular have since been incorporated under Chapter 21 of the SEBI Master Circular for Mutual Funds dated March 20, 2026 (‘MF Master Circular’).
2. Paragraph 21.10 of the MF Master Circular, inter alia, provides the certification
   requirements for entities engaged in the sale and/or distribution of SIF.
3. Based on representations received from industry participants and pursuant to
   discussions with the National Institute of Securities Markets (‘NISM’), the certification requirement for SIFs was reviewed. Pursuant to review, it has been decided to modify paragraph 21.10 of the MF Master Circular, as under:
   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.
4. All other provisions of the SEBI Master Circular for Mutual Funds dated March 20,
2026 shall remain unchanged.
5. The provisions of this circular shall come into force with immediate effect.
6. This circular is issued in exercise of the powers conferred under Section 11(1) of
the Securities and Exchange Board of India Act, 1992, read with Regulation 84 of the SEBI (Mutual Funds) Regulations, 2026, and Regulation 3(1) of the SEBI (Certification of Associated Persons in the Securities Markets) Regulations, 2007,

to protect the interests of investors in securities and to promote the development of, and to regulate the securities market. Yours faithfully, Peter Mardi Deputy General Manager Investment Management Department Tel: 022 - 26449233 Email: peterm@sebi.gov.in