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ARTICLE · 24 APRIL 2025

Specialised Investment Funds

Alpha Partners
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The investment management landscape in India has evolved significantly, with introduction of various investment products.

IndiaFinance and Banking
Alpha Partners
Alpha Partners

The investment management landscape in India has evolved significantly, with introduction of various investment products. The Securities and Exchange Board of India ("SEBI") has adopted a segmented, risk-based regulatory approach for these products, varying based on factors like complexity, target investors, and minimum investment sizes. The regulatory framework becomes progressively more flexible from Mutual Funds ("MFs") to Portfolio Management Services ("PMS") to Alternative Investment Funds ("AIFs").

A gap has emerged between MFs and PMS in terms of portfolio flexibility, creating the need for a new investment product. To address this, SEBI has amended the SEBI (Mutual Funds) Regulations, 1996 ("MF Regulations"), vide circular dated December 16, 20241, to introduce the concept of a Specialized Investment Fund ("SIF"). SIF is a form of an investment vehicle, where capital is pooled from accredited investors to invest in specific, non-traditional assets or

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