The Securities and Exchange Board of India (Sebi) has announced a significant overhaul of the certification requirements for distributors of specialized investment funds (SIFs).
The regulator will suspend the existing exam starting September 21, replacing it with the NISM-Series-V-D: Mutual Fund - Specialized Investment Fund Distributors Certification Examination.
A key change in the new framework is the removal of questions on currency derivatives, a module that has historically posed a barrier for many distributors.
The move addresses long-standing feedback from the distribution channel, where passing the previous exam was often cited as a bottleneck.
By shifting to the NISM framework and stripping out complex derivatives content, Sebi aims to streamline the qualification process.
This adjustment is expected to lower the entry barrier for distributors, potentially expanding the pool of qualified intermediaries for SIFs.