The Regulations provide that Managers of AIFs are required to appoint a Compliance Officer who meets eligibility criteria specified by SEBI. The circular specifies that such Compliance Officers must obtain certification by passing the NISM Series-III-C: Securities Intermediaries Compliance (Fund) Certification Examination conducted by the National Institute of Securities Market. Trustees, sponsors, or managers must also ensure that compliance with this requirement is expressly reported in the Compliance Test Report.