As of May 10, 2024, Regulation 4(g)(i) of SEBI (Alternative Investment Funds) Regulations, 2012 mandates that the key investment team of an Alternative Investment Fund Manager must include at least one certified personnel specified by SEBI. Typically, individuals with expertise in finance, investment management, securities, or related fields may qualify to obtain this certification.

Further, SEBI (Certification of Associated Persons in the Securities Markets) Regulations, 2007 have also been amended and notified on May 10, 2024 stipulating the following:

At least one member of an Alternative Investment Fund Manager's key team must pass the NISM Series-XIX-C exam for certification. The aforementioned obligation to obtain certification must be fulfilled no later than May 9, 2025, for the following:

(i) Existing schemes of AIFs; and,

(ii) Schemes of AIFs whose applications for the launch of schemes are pending with SEBI as of May 10, 2024.

The trustee or sponsor of an Alternative Investment Fund (AIF) must make sure that the "Compliance Test Report," as outlined in paragraph 15.2 of the SEBI Circular No. SEBI/HO/AFD-1/AFD-1-PoD/P/CIR/2024/39 dated May 7, 2024, covers all the rules mentioned in this circular.