All alternative investment funds (AIF) with active schemes and those with pending scheme applications as on May 10 must comply with relevant certification requirement by May next year, markets regulator Sebi said on Monday. "The requirement of obtaining the certification will be complied with on or before May 9, 2025, for the existing schemes of AIFs and, schemes of AIFs whose application for launch of scheme pending with Sebi as on May 10, 2024," the Securities and Exchange Board of India (Sebi) said in a circular. Further, the regulator said the trustee/sponsor of AIFs, will ensure that the 'Compliance Test Report' prepared by the manager includes compliance with the provisions of the rules. The new requirement is aimed at boosting competency and professionalism in the AIF space. In a notification dated May 10, Sebi said, "At least one key personnel, amongst the associated persons functioning in the key investment team of the manager of an Alternative Investment Fund, shall obtai