New Delhi, July 21 -- Mutual fund distributors struggling to pass the distributor exam for specialized investment funds (SIF) have finally found relief.

In a circular issued on Tuesday, the Securities and Exchange Board of India (Sebi) operationalised the new exam for aspiring SIF distributors after industry pushback that the existing NISM Series XIII- Common Derivatives Certification was too difficult and some portions were irrelevant to the product.

The market regulator said the existing exam will be suspended from 21 September and will be replaced with the NISM-Series-V-D: Mutual Fund - Specialized Investment Fund Distributors Certification conducted by the National Institute of Securities Markets (NISM).

Mint had reported in Decemb...