Certification requirement: Merchant bankers must ensure key management personnel obtain NISM Merchant Banking certification within prescribed timelines. Merchant Bankers must ensure that at least two associated persons designated as Key Management Personnel who perform SEBI-regulated merchant banking activities, deal with issuers or intermediaries, act as designated Compliance Officer, or submit Due Diligence Certificates obtain NISM-Series-IX: Merchant Banking Certification Examination (MBCE) certification from the National Institute of Securities Markets, pursuant to the Board's power under regulation 3; newly engaged personnel must obtain the certification within a shorter period from their date of employment.