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<h1>SEBI Requires Certified Key Personnel in AIF Management Teams by 2024 for New Schemes; Compliance by 2025 for Existing.</h1> The Securities and Exchange Board of India (SEBI) mandates that the key investment team of an Alternative Investment Fund (AIF) manager must include at least one certified key personnel. This certification, from the National Institute of Securities Market, is a requirement for AIF registration and launching schemes post-May 10, 2024. Existing and pending AIF schemes must comply by May 09, 2025. The trustee or sponsor must ensure compliance is documented in the Compliance Test Report. The circular takes immediate effect, aiming to protect investors and regulate the securities market.