Specialised Investment Funds (SIF)
A new SEBI category between mutual funds and PMS — minimum ₹10 lakh.
Updated 30 September 2026 · SEBI rules as of 2026Overview
SEBI’s Specialised Investment Fund framework (effective 1 April 2025) lets eligible AMCs run strategies such as long-short equity, sector rotation and active asset allocation with limited derivatives use. The minimum investment is ₹10 lakh per investor across strategies of an AMC (accredited investors are exempt). SIFs attracted about ₹7,600 crore in August 2026.
| Particular | Details |
|---|---|
| Minimum investment | ₹10 lakh (across SIF strategies of an AMC) |
| Launched | Framework effective 1 April 2025 |
| Structures | Equity, debt and hybrid strategies — long-short, ex-top 100, sector rotation, active asset allocation |
| Short exposure | Limited unhedged derivatives (up to 25% of net assets) |
| Branding | Separate from the AMC’s regular MF brand |
SIF vs mutual fund vs PMS
| Feature | Mutual fund | SIF | PMS |
|---|---|---|---|
| Minimum | ₹500 / ₹100 SIP | ₹10 lakh | ₹50 lakh |
| Short selling | No (except limited hedging) | Limited | Yes (with rules) |
| Regulation | SEBI MF | SEBI MF (SIF chapter) | SEBI PMS |
| Taxation | At fund level (pass-through for investors) | Like MF | Investor pays on each trade |
Frequently asked questions
Who should invest in SIFs?
Experienced investors comfortable with complex strategies and a ₹10 lakh minimum.
Mutual fund investments are subject to market risks; read all scheme-related documents carefully. Information is educational and may change with SEBI / tax rules — verify with the AMC, AMFI or SEBI. FinancePortal is not an investment adviser.