What is a SIF? Specialised investment fund 2026
To answer what is a SIF plainly: a SIF, or specialised investment fund, is a product category SEBI introduced in 2025 that sits between a mutual fund and higher-ticket products like PMS and AIFs. It is run by eligible mutual fund houses, carries a 10 lakh rupee minimum, and can use more flexible strategies than a plain mutual fund within SEBI's limits. The framework took effect on 1 April 2025. This guide is not investment advice.
Definition
A SIF (specialised investment fund)
is a SEBI product category, introduced in 2025, that sits between a mutual fund and products like PMS and AIFs. Run by eligible fund houses under the mutual fund framework, it carries a 10 lakh rupee minimum and allows more flexible strategies within defined limits. Source: SEBI (Mutual Funds) Regulations, 2026, Chapter IX.
What is a SIF, and why did SEBI create it?
SEBI issued the framework for specialised investment funds in a circular dated 27 February 2025, effective from 1 April 2025. It now sits in the regulations themselves, as Chapter IX of the SEBI (Mutual Funds) Regulations, 2026, regulations 47 to 55, which came into force on 1 April 2026 and repealed the 1996 regulations. Anything citing only the 2025 circular is describing the framework before it was codified. The gap it fills is the space between a mass-retail mutual fund and the 50 lakh rupee PMS or 1 crore rupee AIF. A SIF lets a qualifying fund house offer more flexible strategies, including long-short exposure within SEBI limits, to investors who can meet a 10 lakh rupee floor but are below the PMS and AIF tickets.
10 lakh rupees
Minimum investment per investor in a SIF, at PAN level across a fund house's SIF strategies (accredited investors exempt)
Source: SEBI (Mutual Funds) Regulations, 2026, regulation 49(1); SEBI Master Circular for Mutual Funds dated 20 March 2026, paragraph 21.4.1
How a SIF compares to what came before
A SIF is defined by where it sits on the ladder of pooled products.
| Product | Minimum investment | Where it sits |
|---|---|---|
| Mutual fund | A few hundred rupees | Mass retail, under the SEBI mutual fund rules |
| SIF | 10 lakh rupees | Seasoned investors, under the mutual fund framework |
| PMS | 50 lakh rupees | Larger investors, segregated accounts |
| AIF | 1 crore rupees | Privately pooled, sophisticated investors |
Each threshold above is from SEBI's rules for that product: the mutual fund regime, the SIF circular, the PMS regulations, and the AIF regulations.
How SIF disclosure works
Because a SIF is built under SEBI's mutual fund framework, it carries mutual-fund-style disclosure and portfolio-reporting duties rather than the private posture of a PMS or an AIF. A SIF is offered through an Investment Strategy Information Document that sets out its strategy and risks, in the way a mutual fund uses its scheme documents.
So when someone asks what is a SIF, the short version is a new, more flexible pooled product for investors above the mutual fund ticket but below PMS. Flock reads the public filing record, and what any disclosure means for your money is your call to make.
Frequently asked questions
What is the minimum investment in a SIF?
The minimum investment in a specialised investment fund is 10 lakh rupees per investor, measured at PAN level across all SIF strategies of a single fund house. Accredited investors are exempt from the floor. It does not count regular mutual fund investments with the same house. Source: SEBI (Mutual Funds) Regulations, 2026, regulation 49(1), read with SEBI Master Circular for Mutual Funds dated 20 March 2026, paragraph 21.4.1.
When did SIFs become available in India?
SEBI issued the regulatory framework for specialised investment funds in a circular dated 27 February 2025, with the framework effective from 1 April 2025. SIFs are established by mutual fund houses that meet SEBI's eligibility criteria. Source: SEBI.
How is a SIF different from a mutual fund?
A SIF sits under SEBI's mutual fund framework but is built for seasoned investors. It carries a 10 lakh rupee minimum against a mutual fund's few-hundred-rupee entry, and it can run more flexible strategies such as long-short positions within defined limits. Source: SEBI.
Does a SIF disclose its portfolio?
A SIF is regulated under SEBI's mutual fund framework, so it carries mutual-fund-style disclosure and portfolio-reporting obligations rather than the private posture of a PMS or an AIF. It is offered through an Investment Strategy Information Document. Source: SEBI (Mutual Funds) Regulations, 2026, Chapter IX.
Flock tracks these filings, sourced, dated, and linked back to the original. See what smart-money entities disclosed, without the guesswork about what it means.
Disclosures shown are public regulatory filings. Data may be delayed or incomplete. Smart-money entities may no longer hold positions shown. Not investment advice.