Certification requirement for mutual fund distributors mandates NISM qualification; prior AMFI module holders remain exempt. A certification requirement under regulation 3 mandates that distributors, agents, and persons engaged in sale or distribution of mutual fund products obtain a valid NISM certification by passing the prescribed Series V A: MFD examination; persons who passed the AMFI Mutual Fund (Advisors) Module prior to the commencement date are exempt from this NISM requirement.