SEBI mandates NISM Series-V-D certification for SIF distributors
SIF distributors must hold the new NISM Series-V-D certification; the Series XIII route stops qualifying them after 21 September 2026
Change
On 21 July 2026, the Securities and Exchange Board of India (SEBI) modified paragraph 21.10 of the Mutual Fund Master Circular, effective immediately, to require anyone selling or distributing Specialized Investment Fund (SIF) products to hold the NISM Series-V-D SIF Distributors Certification (which also covers Mutual Fund distribution), and to end the NISM Series XIII Common Derivatives Certification route for SIF distribution after 21 September 2026.
Why it matters
The Series-V-D certification becomes the single qualification for SIF distribution and subsumes Mutual Fund distribution, so a Series-V-D holder need not separately hold Series V-A. Distributors qualifying for SIF through the Series XIII Common Derivatives Certification lose that route after 21 September 2026, except that those holding a valid Series XIII obtained on or before that date may continue until it expires, provided they also hold Series V-A in the interim. AMFI and AMCs are responsible for ensuring distributors and agents comply.
Implications
- — Distribution and onboarding teams at AMCs and mutual fund distributors must confirm every person selling SIF products holds a valid NISM Series-V-D certification, or a Series XIII certification obtained on or before 21 September 2026 with Series V-A held alongside — an uncertified distributor cannot lawfully sell SIF products.
- — AMFI and AMCs must build the compliance check that verifies distributor and agent certification status against the modified paragraph 21.10, since they are made responsible for ensuring distributor and agent compliance and bear the enforcement gap if certification lapses.
- — Training and certification teams at SIF distributors must schedule staff to obtain Series-V-D before onboarding new SIF-selling staff, because the Series XIII route stops qualifying anyone for SIF distribution after 21 September 2026 other than existing valid holders.
Who is affected
- — Distribution, onboarding and certification teams at AMCs and mutual fund/SIF distributors
- — AMFI and AMCs responsible for enforcing distributor certification
What to watch
- — 21 September 2026 — the NISM Series XIII Common Derivatives Certification route stops qualifying distributors for SIF products; only existing valid Series XIII holders (certified on or before this date) may continue until their certification expires, alongside Series V-A.