Authorised Motilal Oswal Partner · AMFI-registered distributor
Specialized Investment Fund
(SIF) in India
A Specialised Investment Fund (SIF) is a SEBI-regulated investment category, launched on 1 April 2025, that lets mutual fund houses run long-short and other advanced strategies. The minimum investment is ₹10 lakh. SIFs sit between mutual funds and PMS or AIFs: more flexible than a mutual fund, with a far lower entry point than a PMS (₹50 lakh) or AIF (₹1 crore).
For investors with ₹10 lakh or more, specialized investment funds open up strategies that were earlier limited to hedge funds and the very wealthy. These include short positions of up to 25% of the fund, sector rotation, and dynamic asset allocation. They come with mutual fund-style regulation, daily disclosure and taxation. Fortune Wealth helps you compare every live SIF, check if one fits your portfolio, and invest without the paperwork hassle.
Check which SIF suits you
Tell us a little about your portfolio. A Fortune Wealth expert will call you within one working day.
No obligation. We’ll tell you honestly if a SIF isn’t right for you.
Figures as of 30 June 2026 (AMFI). Updated monthly.
What Is a Specialised Investment Fund (SIF) in India?
A Specialised Investment Fund is a separate investment product that SEBI created under its Mutual Fund Regulations. It is run by an eligible mutual fund house (AMC), but under its own SIF brand name, kept apart from the AMC’s regular mutual funds.
The key difference is flexibility. A regular mutual fund can only buy (go “long”). A SIF can also take short positions through unhedged derivatives, up to 25% of its net assets. This means it can aim to earn even when some stocks or bonds fall, and to cushion the portfolio in a falling market.
Think of a SIF as “mutual fund plus”:
- • Like a mutual fund: SEBI-regulated, run by an AMC, units held in your name, NAV-based, regular disclosure, and taxed as a mutual fund.
• Plus long-short strategies, more concentrated portfolios and more active asset allocation than a mutual fund can use.
• But: a ₹10 lakh minimum, higher risk, and, for some strategies, less frequent redemption than daily.
Why Did SEBI Introduce Specialised Investment Funds?
SEBI introduced SIFs to fill a gap. Before April 2025, an investor with ₹10–50 lakh had two choices:
1.Mutual funds, open from ₹100 but limited to long-only, diversified strategies.
2.PMS (₹50 lakh minimum) or Category III AIFs (₹1 crore minimum), which offer more advanced strategies but are out of reach for many investors.
There was nothing in between. Some investors turned to unregistered schemes promising high returns, and SEBI wanted to give them a regulated alternative.
Through its framework for specialized investment funds (effective 1 April 2025), SEBI created that middle ground. It also made sure only established fund houses can launch a SIF, by setting minimum track record and AUM criteria for AMCs. Distributors who sell SIFs must hold a separate NISM certification.
| Product | Minimum Investment | Strategy Flexibility | Regulatory |
|---|---|---|---|
| Mutual fund | ₹100–₹500 | Long-only, diversified | SEBI (Mutual Funds) Regulations |
| SIF | ₹10 lakh | Long-short (short up to 25%), concentrated, dynamic | SEBI (Mutual Funds) Regulations, SIF framework |
| PMS | ₹50 lakh | Long-only equity, concentrated | SEBI (Portfolio Managers) Regulations |
| Category III AIF | ₹1 crore | Complex derivatives, leverage | SEBI (AIF) Regulations |
SIF Investment Strategies: Three Categories, Seven Strategies
SEBI allows seven SIF strategies, grouped into equity, debt and hybrid. Each AMC can run one strategy of each type. As of mid-2026, hybrid long-short is by far the most popular, with about three-quarters of all SIF assets.
| Category | Strategy | What it does, simply |
|---|---|---|
| Equity | Equity Long-Short | Mostly invested in stocks, with short positions of up to 25% to profit from or hedge against falling stocks |
| Equity | Equity Ex-Top 100 Long-Short | Focuses on mid and small companies outside the top 100 by market value, with limited shorts |
| Equity | Sector Rotation Long-Short | Concentrates in a few sectors at a time and rotates as the cycle changes |
| Debt | Debt Long-Short | Invests across bonds of different durations and can short through exchange-traded debt derivatives |
| Debt | Sectoral Debt Long-Short | Invests in bonds of selected sectors, with long and short positions |
| Hybrid | Active Asset Allocator Long-Short | Moves money dynamically across equity, debt, REITs/InvITs and commodity derivatives |
| Hybrid | Hybrid Long-Short | Holds both equity and debt, with limited short positions to smooth returns |
What Is a Long-Short Strategy and Why Does It Matter?
A “long” position means buying a stock you expect to rise. A “short” position means selling a stock (through derivatives) that you expect to fall, and buying it back later at a lower price.
| LONG Position (Traditional approach) | SHORT Position (new in SIF, capped at 25%) |
|---|---|
| Buy Stock A at ₹100 because you expect it to rise | Short Stock B at ₹200 because you expect it to fall |
| If it rises to ₹130, you gain ₹30 | If it falls to ₹160, you gain ₹40 |
| If it falls, you lose | If it rises instead, you lose |
In a regular mutual fund, a fund manager who expects a stock or sector to fall can only avoid it. In a SIF, the manager can act on that view. That can help when markets are flat or falling, but a wrong call on a short position adds to losses. This is why SIFs carry higher risk than most mutual funds.
SIF vs Mutual Fund vs PMS vs AIF: Complete Comparison
The right product depends on how much you are investing, how much risk you can take, and how quickly you may need the money. Here is how a SIF compares with the alternatives.
| Parameter | Mutual Fund | SIF | PMS | AIF (Cat III) |
|---|---|---|---|---|
| Minimum investment | ₹100–₹500 | ₹10 lakh per PAN, per AMC | ₹50 lakh | ₹1 crore |
| Regulated under | SEBI MF Regulations | SEBI MF Regulations (SIF framework) | SEBI PMS Regulations | SEBI AIF Regulations |
| Short positions | Not allowed | Up to 25% of net assets | Not allowed | Allowed, with leverage |
| Structure | Pooled fund | Pooled fund | Stocks held in your own demat account | Pooled fund |
| Liquidity | Mostly daily | Daily to monthly, by strategy; some have notice periods | Generally anytime, after exit charges | Often lock-ins; closed-ended options |
| Transparency | Monthly portfolio disclosure | Regular portfolio disclosure, risk band 1–5 | Full view of your holdings | Periodic reports |
| Taxation | Taxed at investor level on redemption | Same as mutual funds | Taxed on every trade in your account | Category III often taxed at fund level |
| SIP / SWP / STP | Yes | Yes, after the ₹10 lakh minimum | No | No |
| Typical costs | Lowest | Moderate (expense ratio) | Fixed and/or performance fee | Fixed + performance fee |
| Best suited for | Most investors | Experienced investors with ₹10 lakh+ | HNIs wanting a custom stock portfolio | Ultra-HNIs and institutions |
SIF vs PMS · SIF vs AIF · SIF vs mutual fund · SIF taxation explained
Key Features of SIF: What Makes It Different
- ₹10 lakh minimum, counted per PAN across one AMC. The minimum applies to your total investment across all SIF strategies of the same AMC. Accredited investors are exempt.
- SIP, SWP and STP allowed. After you’ve invested the first ₹10 lakh, you can add through a SIP or withdraw through an SWP. Your balance must stay above ₹10 lakh unless it falls because of market movement.
- Short exposure capped at 25%. Short positions through unhedged derivatives are limited to 25% of net assets, which keeps the risk in check.
- Separate brand and identity. Each SIF has its own brand (for example, Altiva, qSIF or Magnum), kept apart from the AMC’s mutual funds.
- Risk band from 1 to 5. Every strategy carries a risk band, published in its Investment Strategy Information Document (ISID), so you can compare risk across SIFs.
- Only established AMCs. SEBI allows only fund houses that meet track record and AUM criteria to launch SIFs.
- Redemption terms vary. Some strategies offer daily redemption. Others allow weekly, fortnightly or monthly exits, sometimes with a notice period. Always check before you invest.
Which AMCs Have Launched SIF Products?
As of 30 June 2026, 14 AMCs run 27 live SIF schemes, with total assets of about ₹17,858 crore (AMFI data). The category has grown about nine times since October 2025.
| AMC | SIF brand | Live strategies |
|---|---|---|
| Edelweiss Mutual Fund | Altiva SIF | Hybrid Long-Short; Equity Ex-Top 100 Long-Short |
| quant Mutual Fund | qSIF | Equity Long-Short; Hybrid Long-Short; Equity Ex-Top 100 Long-Short; Active Asset Allocator Long-Short |
| SBI Mutual Fund | Magnum SIF | Hybrid Long-Short |
| ICICI Prudential Mutual Fund | iSIF | Equity Long-Short; Active Asset Allocator Long-Short |
| Tata Mutual Fund | Titanium SIF | Long-short strategies |
| ITI Mutual Fund | Diviniti SIF | Long-short strategies |
| 360 ONE Mutual Fund | Dyna SIF | Equity Ex-Top 100 Long-Short |
| Bandhan Mutual Fund | Arudha SIF | Long-short strategies |
| Aditya Birla Sun Life Mutual Fund | Apex SIF | Hybrid Long-Short |
| Mirae Asset Mutual Fund | Platinum SIF | Hybrid Long-Short |
| HSBC Mutual Fund | RedHex SIF | Hybrid Long-Short |
| Kotak Mahindra Mutual Fund | Infinity SIF | Hybrid Long-Short |
| Jio BlackRock Mutual Fund | Prism SIF | Hybrid Long-Short |
| Invesco Mutual Fund | Summit SIF | Equity Long-Short |
| Coming soon | Union (Arthaya SIF), Franklin Templeton (Sapphire SIF), DSP (Endurance SIF), The Wealth Company (WSIF) | NFO or approved |
Source: AMFI data as of 30 June 2026. New SIFs launch often, so check our list of all SIF funds in India for the latest, updated monthly.
Who Should Consider a Specialised Investment Fund?
A SIF is a powerful tool, but not for everyone. Here’s an honest view.
A SIF may suit you if you:
- Have ₹10 lakh or more to invest, without needing it for at least 3–5 years
- Already hold mutual funds or stocks and want strategies that behave differently from them
- Want PMS-like strategies but don’t want to commit ₹50 lakh
- Understand that short positions and derivatives can add both return and risk
- Prefer a SEBI-regulated product with mutual fund taxation over unregulated “high return” schemes
- Are a family office, HNI or business owner looking to diversify part of a larger portfolio
A SIF is probably not right if you:
- Are new to investing, or don’t yet have a core mutual fund portfolio
- May need the money at short notice (some SIFs have weekly or monthly redemption only)
- Are uncomfortable with higher swings than a regular equity or hybrid fund
- Would be putting most of your savings into one SIF
- Are investing only because returns from a new category “look high”
If you’re unsure, read who should invest in a specialised investment fund or how to evaluate a SIF before investing. Or simply speak to us.
How to Invest in a SIF Through Fortune Wealth
Investing in a SIF takes about a week from the first call to units in your name.
We understand your goals, time horizon, current portfolio and how much you’re considering. No products are pushed at this stage.
We check whether a SIF fits at all, or whether a mutual fund, PMS or AIF would serve you better.
We compare the live SIFs that match your needs on strategy, risk band, fund manager, costs and redemption terms. We explain the trade-offs in plain language.
We complete KYC, the application and the ISID acknowledgement with you, online or in person.
You invest a minimum of ₹10 lakh (lump sum, or a lump sum followed by SIPs) directly into the SIF, in your own name.
We track performance against the SIF’s stated strategy and review your allocation with you periodically.
SIF Investment in Mumbai
Fortune Wealth has helped Mumbai investors for over 25 years. You can meet us at our office or over video, whichever is easier. We work with investors across Mumbai, including BKC, Nariman Point, Lower Parel, Andheri, Bandra, Borivali and Kandivali, and with NRIs in Dubai and beyond.
Many of our clients first come to us for mutual funds or stocks. Over time, we help them add PMS, AIF and now SIF exposure as their portfolio grows. That means your SIF decision is made alongside the rest of your portfolio, not on its own.
Why Fortune Wealth for SIF Investment?
FAQ
About Specialised Investment Funds
A specialised (or specialized) investment fund is a SEBI-regulated category, launched on 1 April 2025, that allows mutual fund houses to run long-short and other advanced strategies. It has a ₹10 lakh minimum and is taxed like a mutual fund.
₹10 lakh per investor (PAN), counted across all SIF strategies of the same AMC. Accredited investors are exempt. After the first ₹10 lakh, you can add smaller amounts, including through SIPs. Read more on the SIF minimum investment.
Both are run by AMCs under SEBI’s mutual fund rules. But a SIF can take short positions of up to 25% of its assets and run more concentrated strategies. It also needs a ₹10 lakh minimum, against ₹100–₹500 for most mutual funds. SIF vs mutual fund
A PMS needs ₹50 lakh, holds stocks in your own demat account and is long-only. A SIF needs ₹10 lakh, is a pooled fund and can short. A SIF is taxed only when you redeem, while a PMS is taxed on every trade. SIF vs PMS
A Category III AIF needs ₹1 crore, can use leverage and often has lock-ins. A SIF needs ₹10 lakh, caps short exposure at 25% and follows mutual fund taxation and disclosure rules. SIF vs AIF
Seven: Equity Long-Short, Equity Ex-Top 100 Long-Short, Sector Rotation Long-Short, Debt Long-Short, Sectoral Debt Long-Short, Active Asset Allocator Long-Short and Hybrid Long-Short.
SIFs are regulated by SEBI and run by established AMCs, so the structure is safe. But returns are not guaranteed, and long-short strategies can lose money if the fund manager’s calls go wrong. Check each strategy’s risk band (1 to 5) before investing.
Yes, once you’ve invested the ₹10 lakh minimum with that AMC’s SIF. SWP and STP are also allowed.
Like mutual funds. Equity-oriented SIFs follow equity fund tax rules, and debt-oriented SIFs follow debt fund rules. Hybrid SIFs are taxed by their equity share. See SIF taxation in India.
Yes, through NRE or NRO accounts, subject to each AMC’s rules. Some AMCs restrict investors from the US and Canada. Read SIF for NRIs.
As of 30 June 2026, 14 AMCs run 27 SIF schemes, including Altiva (Edelweiss), qSIF (quant), Magnum (SBI), iSIF (ICICI Prudential) and Titanium (Tata). See the full list of SIF funds in India.
Fill in the “Check which SIF suits you” form or call +91 76669 65533. We’ll understand your portfolio, shortlist suitable SIFs and handle KYC and the application with you.
Find the SIF That Fits Your Portfolio
With 27 SIFs across 14 fund houses, and more launching every month, choosing one alone is hard. Tell us what you hold today and how much you’re considering. We’ll show you which SIFs fit, which don’t, and why.
Check which SIF suits you
Tell us a little about your portfolio. A Fortune Wealth expert will call you within one working day.
No obligation. We’ll tell you honestly if a SIF isn’t right for you.
Related reading
- All SIF funds in India (updated monthly)
- SIF vs PMS · SIF vs AIF · SIF vs mutual fund
- SIF taxation in India
- Who should invest in a SIF
- How to evaluate a SIF before investing
- SIF vs direct equity
- Related services: Portfolio Management Service · Alternate Investment Funds · Mutual Fund & SIP plans
Ready to Start Your Equity Investment Journey?
Speak to a Fortune Wealth equity Team today free, no-obligation consultation.
