“We have received two applications from AMCs. In a matter of 10 days, we would have cleared them,” Pandey said.
SIFs are a new category of investment vehicles proposed by SEBI last year.
These funds aim to bridge the gap between mutual funds and portfolio management services (PMS), offering high-risk investors more advanced and flexible strategies.
SEBI first proposed the concept of Specialised Investment Funds to cater to High-Net-Worth Individuals (HNIs) and experienced investors seeking broader exposure and innovation in portfolio management.
SIFs can be structured as open-ended, closed-ended, or interval funds. The minimum investment required is ₹10 lakh per AMC across all strategies.
However, accredited investors are exempt from this threshold.
To mitigate risk, SEBI has placed strict exposure limits on SIFs. Investments in company debt securities are capped at 20% for AAA-rated, 16% for AA-rated, and 12% for A-rated or below from any single issuer.
Sector-wise exposure is also restricted to 25% of a fund’s net asset value.
Eligibility to set up a SIF is limited to mutual funds that have operated for at least three years and have maintained an average AUM of ₹10,000 crore over the last three years.
The AMC and its sponsor must also have a clean regulatory record during this period.
SIFs are designed for HNIs, advanced investors, and portfolio managers who want more flexibility than what traditional mutual funds allow.
SIFs aim to reduce the proliferation of unregistered and unauthorised investment schemes that promise unrealistic returns.
These funds may offer a regulated alternative with built-in investor protection measures.
