SEBI's newest investment category — bridging the gap between mutual funds and PMS. Concentrated portfolios, derivatives strategies & long-short for investors with ₹10 Lakh+.
The Specialised Investment Fund (SIF) is a new investment category introduced by SEBI in 2024-25 that sits between regular mutual funds and Portfolio Management Services (PMS). It allows AMCs to offer concentrated, high-conviction portfolios and advanced strategies (derivatives, long-short) to investors with a minimum of ₹10 Lakhs.
SIF was created to make PMS-like strategies accessible to a wider investor base. Think of it as "PMS democratised through the mutual fund structure."
SIF is SEBI's answer to the gap between ₹500 SIP mutual funds and ₹50 Lakh PMS — giving HNIs access to concentrated, strategy-driven portfolios at just ₹10 Lakh minimum.
| Parameter | SIF | Mutual Funds | PMS |
|---|---|---|---|
| Minimum Investment | ₹10 Lakhs | ₹500 | ₹50 Lakhs |
| No. of Stocks | 10-20 (concentrated) | 40-80 (diversified) | 15-25 |
| Derivatives Allowed | Yes | Limited | No |
| Long-Short Strategy | Yes | No | No |
| Structure | Pooled (like MF) | Pooled | Individual demat |
| Regulation | SEBI MF regulations | SEBI MF | SEBI PMS |
| Liquidity | T+3 to T+7 | T+1 to T+2 | T+2 |
| Target Returns | 15-22% CAGR | 12-18% CAGR | 15-25% CAGR |
| Best For | HNIs (₹10L-₹50L) | Everyone | HNIs (₹50L+) |
10-20 stocks means each pick has real impact. No dilution from holding 50+ stocks like regular MF.
Long-short and derivatives can generate returns even when markets fall — impossible in regular MF.
PMS-quality concentrated portfolios and hedge fund strategies at 1/5th the PMS minimum.
Full mutual fund regulatory framework — NAV transparency, audited accounts, investor protection.
Same star fund managers who run large-cap schemes — now with more flexibility.
Redemption in T+3 to T+7 days (like MF) vs PMS which can take longer.
The minimum is ₹10 Lakhs as per SEBI framework. This is 5x lower than PMS (₹50L) making it accessible to a wider HNI base.
SEBI introduced the SIF framework in 2024-25. AMCs are launching schemes progressively. Expected widespread availability by mid-2026.
SIF operates under SEBI mutual fund regulations but offers strategies regular MFs cannot — concentrated portfolios, derivatives usage, and long-short.
SIF: Pooled structure, min ₹10L, derivatives allowed. PMS: Individual demat, min ₹50L, equities only. SIF offers more strategy flexibility at lower minimum.