1 New NISM Exam: Is Your MF Advisor Still Qualified?
From July 22, anyone who wants to sell mutual funds or the new SIF products must pass one combined NISM exam. If your distributor misses this, they cannot legally advise or sell you these products.
Skipping this cert is like your CA forgetting to renew their licence — your money, their lapse.
Deadline after which your MF advisor must hold a new combined NISM certificate
Key Takeaways
Ask your MF distributor or advisor if they hold a valid NISM certification — request the certificate number and verify it on the NISM website.
If you plan to invest in SIFs after July 22, confirm your distributor is certified under the new combined exam before signing any documents.
Check whether your existing SIP or MF investments are held via a certified ARN-registered distributor on the AMFI website at amfiindia.com.
From July 22, anyone who wants to sell mutual funds or the new SIF products must pass one combined NISM exam. If your distributor misses this, they cannot legally advise or sell you these products.
Here's what happened: NISM is replacing separate certifications with one unified exam covering both mutual funds and Specialised Investment Funds (SIFs).. The new combined exam becomes mandatory from July 22, 2025, for all new entrants wanting to distribute MF or SIF products.. SIFs are a newer regulated investment category sitting between mutual funds and PMS, requiring a minimum ₹10 lakh investment..
What you should do: Ask your MF distributor or advisor if they hold a valid NISM certification — request the certificate number and verify it on the NISM website.. If you plan to invest in SIFs after July 22, confirm your distributor is certified under the new combined exam before signing any documents.. Check whether your existing SIP or MF investments are held via a certified ARN-registered distributor on the AMFI website at amfiindia.com..
A distributor whose NISM cert has lapsed cannot legally earn commission on your transactions — any new investments routed through them may face compliance issues with the fund house.
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- [1]“New mutual fund and SIF distributors will have to take common NISM exam from July 22” Personal Finance News in CNBCTV18, Personal Finance Latest News, Personal Finance News · 17 Jul 2026
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