Certification requirement: Managers of alternative investment funds must ensure a key investment team member obtains specified NISM certification by deadline. The CAPS Regulations notification mandates that at least one key personnel in the key investment team of an Alternative Investment Fund manager obtain an approved certification from the National Institute of Securities Market by passing one of the specified NISM Series XIX examinations; Category One and Two managers may rely on Series XIX C or Series XIX D, while Category Three managers may rely on Series XIX C or Series XIX E, with existing funds required to secure certification by the prescribed deadline and the earlier related notification rescinded.