Archive · 21 Jul 2026
Sebi Eases SIF Certification Exam
The Securities and Exchange Board of India (Sebi) has made the exam for mutual fund distributors easier.
They removed questions about currency derivatives because distributors found them too hard and not relevant.
The old exam is being replaced with a new one that focuses only on what distributors need to know to sell specialized investment funds (SIFs).
This change will help distributors pass the exam and sell both SIFs and mutual funds more easily.
The old exam will still be valid until it expires, but no later than 21 September 2026.
Sebi replaced the NISM Series XIII- Common Derivatives Certification with a new exam for SIF distributors.
The new exam does not include questions on currency derivatives.
The change is effective from 21 September.
Distributors with a valid NISM Series XIII certification before 21 September 2026 do not need to take the new exam until their current certification expires.
The new exam will help distributors sell both SIFs and mutual funds, reducing their testing burden.
- Who
- Securities and Exchange Board of India (Sebi)
- What
- Replaced the NISM Series XIII- Common Derivatives Certification with a new exam for SIF distributors.
- When
- Effective from 21 September
- Where
- India
- Why
- To ease the difficulty and relevance of the exam for SIF distributors.
Industry Pushback
Regulatory Authority
Exam Difficulty
Industry Pushback
The industry found the existing exam too difficult and irrelevant, especially the currency derivatives section.
Regulatory Authority
Sebi initially maintained the exam's rigor to ensure comprehensive knowledge among distributors.
Relevance of Content
Industry Pushback
Distributors argued that currency derivatives were irrelevant to SIF products they sell.
Regulatory Authority
Sebi initially included currency derivatives to ensure a broad understanding of derivatives.
- Exam Replaced
- NISM Series XIII- Common Derivatives Certification
- New Exam
- NISM-Series-V-D: Mutual Fund - Specialized Investment Fund Distributors Certification
- Effective Date
- 21 September
- Minimum Ticket Size for SIF
- ₹10 lakh
- Minimum Ticket Size for PMS
- ₹50 lakh
- Validity of Old Certification
- Until expiration, but no later than 21 September 2026