Mera SIF | India's Specialized Investment Fund Knowledge Hub by Trustner

The 60-second primer

What is a Specialized Investment Fund?

Effective 1 April 2025, SEBI introduced the SIF — a new class of investment vehicle under the Mutual Funds Regulations. It is structurally a scheme under the same mutual fund trust (same trustee, custodian, auditor) but with a sharper toolkit: up to 25% unhedged short positions, exotic strategy categories, and a higher entry barrier of ₹10 lakh.

A new SEBI category

Created by amending the SEBI (Mutual Funds) Regulations 1996, effective 16 December 2024. The operating framework was issued through three SEBI circulars in February–April 2025.

₹10 lakh ticket size

Aggregate ₹10 lakh per PAN per AMC across all SIF strategies of that AMC. Accredited investors qualify at ₹1 lakh. Mutual fund holdings are excluded from this threshold.

Long-short capability

SIFs can take unhedged short positions up to 25% of NAV via exchange-traded derivatives. This is the structural feature unavailable in conventional mutual funds.

Seven strategy categories

SEBI permits exactly seven sub-strategies: 3 equity-oriented (Equity LS, Ex-Top 100 LS, Sector Rotation LS), 2 debt-oriented (Debt LS, Sectoral Debt LS), 2 hybrid (Active Asset Allocator, Hybrid LS).

Mutual-fund-grade tax

Equity-oriented SIFs taxed at 12.5% LTCG (≥12 months), 20% STCG. Hybrid <65% equity gets 12.5% LTCG after 24 months. Same as MFs — far better than PMS / AIF Cat-III slab rates.

Bi-monthly disclosure

Mandatory bi-monthly portfolio disclosure plus 5-level risk band. Closed-ended and interval strategies must list on NSE/BSE. Higher transparency than PMS.

Read the Full SIF Primer

The window

A once-in-a-decade product category emerging right now.

SIF was born from SEBI's master circular dated 27 February 2025. The category went live on 1 April 2025. Here's where it stands today, and why understanding it matters for any investor with ₹10 lakh+ to deploy.

Industry trajectory

A new SEBI category, scaling fast.

Across the SIFs we cover, combined assets total ₹11,766 Cr — the sum of disclosed AUMs (Value Research, Jun 2026). Hybrid Long-Short strategies dominate the live universe today; equity-oriented strategies are a smaller, growing share.

The second wave of large AMCs is already arriving — Mirae (Platinum) and HSBC (RedHex) are live or in NFO, with Kotak, HDFC, Nippon, UTI, Axis and DSP expected to follow. The category is broadening fast across India's biggest fund houses.

See the live SIF universe

Combined AUM of covered SIFs

₹11,766 Cr

Sum of disclosed AUMs across the 14 covered SIFs that publicly report assets

Source: Value Research SIF screener (Regular plan), Jun 2026

Why SEBI built the SIF category

Indian retail investors with ₹10–50 lakh of liquid AUM sat in a regulatory no-man's-land — too rich for plain-vanilla MFs, too poor for PMS or AIF Cat-III. They were drifting to unregulated F&O tipsters and "alpha clubs". The SIF brings them back inside the regulated perimeter at a ₹10 lakh floor with mutual-fund-grade governance.

The killer comparison

Where SIF sits between MF, PMS and AIF.

The single most useful framing for any HNI is the four-way comparison. SIF inherits MF's tax efficiency and disclosure rigour while gaining PMS-style flexibility — at one-fifth the entry barrier of PMS.

Dimension	Mutual Fund	SIF	PMS	AIF Cat-III
Minimum ticket	₹100–₹500	₹10 lakh (₹1L accredited)	₹50 lakh	₹1 crore
Long-short capability	Hedging only	Yes — up to 25% unhedged	Yes	Yes (no statutory cap)
Equity LTCG tax	12.5% (>12 mo)	12.5% (>12 mo)	Slab rate (business income)	Cat-III: at fund level
Liquidity	Daily	Daily / weekly / monthly / interval	T+2 to T+5	Lock-in 1–3 yrs
Pooled / Separate	Pooled	Pooled	Separate demat per investor	Pooled
TER cap	~2.25% (asset slab)	~2.25%	1–2.5% mgmt + 10–20% perf	1.5–2.5% + 15–20% perf
Disclosure	Monthly portfolio	Bi-monthly portfolio + ISID	Monthly + on-demand	Quarterly

See the full 11-row comparison matrix

Why the math matters · Illustrative

The post-tax return gap is enormous.

Illustrative example — not a forecast. Assumptions: ₹1 crore invested, 12% gross annual return, 10-year horizon, top tax slab. The figures below are model outputs showing how the tax-bucket difference (SIF 12.5% LTCG vs AIF Cat-III ~39% effective) compounds — your actual result depends on real returns and your own tax position. Run your own numbers in the calculator.

3.2%

Post-tax IRR delta per year

SIF vs equivalent AIF Cat-III, on a 12% gross return for a top-bracket investor.

₹70–80 L

Wealth preserved over 10 years

On an initial ₹1 crore investment — purely from the tax-bucket arbitrage.

200–400 bps

Cost compounding outperformance

Over 10 years, from SIF's ~2.25% TER cap and zero performance fee — vs PMS's 1.5–2.5% + 10–20% perf fee structure.

Explore the tax treatment matrix

SEBI's seven categories

Only seven strategy types are permitted.

To prevent proliferation, SEBI permits exactly seven sub-strategies. Each AMC may launch only one strategy per category. Hybrid Long-Short dominates the live universe today.

Equity-Oriented

Equity Long-Short

≥80% equity, up to 25% unhedged short. Long-short across all caps for net-equity flexibility.

Equity-Oriented

Equity Ex-Top 100 LS

≥65% in stocks ranked >100 by market cap (mid + small caps). 25% short cap. SMID alpha hunt.

Equity-Oriented

Sector Rotation LS

≥80% in up to 4 sectors at any time. Concentrated thematic bets with derivative hedging.

Debt-Oriented

Debt Long-Short

≥80% debt allocation with derivative-overlay short. Targets duration alpha and credit dispersion.

Debt-Oriented

Sectoral Debt LS

Sector-concentrated debt long-short. Earlier-stage category — yet to see live launches.

Hybrid

Active Asset Allocator LS

Dynamic across equity / debt / commodity. Tactical asset-shift mandate with derivative shorts.

Hybrid · 77% of AUM

Hybrid Long-Short ★

Defined equity-debt bands with disciplined arbitrage and derivative hedging. The dominant SIF strategy in the live universe.

Explore each category in detail

The live universe

20 SIFs covered · 12 AMCs · ₹11,766 Cr.

As of 28 May 2026, India has 20 live SIF strategies across 12 AMCs, with 4 more in NFO. Below is the top of our coverage, ranked by the Trustner Fund Score — our 7-pillar house view. The full universe, with NAV, returns and AUM, lives on the Funds page.

#	Fund	AMC	Sub-strategy	TFS	Verdict
1	iSIF Hybrid Long-Short	ICICI Prudential	Hybrid LS	78	★ Buy
2	Altiva Hybrid Long-Short	Edelweiss	Hybrid LS	76	Accumulate
3	Magnum Hybrid Long-Short	SBI	Hybrid LS	75	Accumulate
4	iSIF Equity Ex-Top 100 LS	ICICI Prudential	Ex-Top 100 LS	74	★ Buy (sat.)
5	Titanium Hybrid Long-Short	Tata	Hybrid LS	70	Accumulate
6	DynaSIF Equity Long-Short	360 ONE	Equity LS	70	Accumulate
7	Apex Hybrid Long-Short	Aditya Birla SL	Hybrid LS	68	Accumulate
8	Arudha Hybrid Long-Short	Bandhan	Hybrid LS	66	Accumulate
9	DynaSIF Active Asset Allocator	360 ONE	Active Asset Allocator	65	Accumulate
+ 16 more live SIFs — all 25, with official AMFI NAVs updated daily, on the tracker. See the full universe →

Browse the full fund universe

The people behind the research

Guidance you can put a name to.

Trustner Asset Services is among the earliest AMFI-registered SIF Distributors in India — led by a team with over 200 years of combined experience across investments, compliance and technology.

“The SIF is the most important new category for Indian HNIs in a decade — and we made it a firm-wide priority because it serves exactly the investor we were built for. Whether you deploy ₹10 lakh or ₹5 crore, you deserve institutional-grade research and an honest opinion on whether a fund earns its place in your portfolio.

Ram Shah

Founder & CEO, Trustner Group · Certified Financial Planner

Sangeeta Shah

Co-Founder & COO

Oversees client experience and the firm's service backbone across all five offices.

23 years

Ajanta Saikia

Director & Principal Officer

The compliance and governance backbone for our SIF, mutual fund and PMS distribution.

23 years

Tamanna Kejriwal

Head — HNI Division

Leads SIF distribution for our ₹10 lakh–₹5 crore investors — the heart of the SIF mandate.

21 years

Subhasish Kar

Institutional Sales

Three decades across institutional markets — deep relationships with AMC product teams.

30 years

Abir Das

Addl. Director & Chief Digital Officer

Builds the Trustner research and data platform that powers our SIF coverage.

23 years

+95

100+ professionals

Across 5 cities

Guwahati · Tezpur · Bangalore · Kolkata · Hyderabad. NISM-certified relationship managers handle every SIF conversation.

Since 2014

Why work with us on SIF

Research-led. Compliance-first.

AMFI Registered SIF Distributor

Trustner Asset Services Pvt. Ltd. — ARN-286886. AMFI Registered Mutual Fund Distributor and SIF Distributor; APMI Registered PMS Distributor. CIN: U66301AS2023PTC025505.

Research-driven, education-first

Our internal research desk maintains coverage on every live SIF strategy, fund manager pedigree, AUM trajectory, and regulatory development. Public-facing content here is education-only — personalised advice happens via a 1:1 conversation.

100+ team across 5 cities

Founded 2014 in Guwahati. Today operating across Guwahati, Tezpur, Bangalore, Kolkata and Hyderabad. 10,000+ clients served. NISM-certified relationship managers handle SIF distribution.

A note on Direct Plans and how we earn

As a SEBI-regulated AMFI Registered Distributor, Trustner deals exclusively in Regular Plans of mutual funds and SIFs. We do not promote, sell, or distribute Direct Plans. We are remunerated through trail commissions disclosed by the AMC — never by you directly. This is a standard distribution model in India and is fully disclosed in every transaction confirmation. Investors who prefer Direct Plans should use AMC websites or SEBI Registered Investment Advisers (RIAs).

Learn more about Trustner

Common questions

Quick answers about SIF investing.

Can I start a SIP into a SIF?

SIF is fundamentally a lump-sum product. The ₹10 lakh minimum applies per PAN per AMC across all SIF strategies — there is no SIP at retail scale below ₹10 lakh. After your first ₹10 lakh deployment, AMCs may permit additional lump-sum top-ups (typically ₹1 lakh+). Some AMCs are exploring a "SIF SIP" within the post-floor window, but this is not yet standardised.

Is SIF safer than PMS or AIF Cat-III?

"Safer" is a function of strategy, manager, and structure — not just product wrapper. Structurally, SIF inherits MF-grade governance: same trustee, custodian, and bi-monthly portfolio disclosure. Its 25% short cap is a structural risk control. PMS / AIF Cat-III have no statutory short cap and lighter disclosure norms. For most ₹10L–₹2 Cr investors, SIF is the more transparent vehicle.

What happens if my SIF holding drops below ₹10 lakh from a market move?

Passive market drift below ₹10 lakh triggers no action — you simply stay invested. If you actively redeem and breach the ₹10 lakh floor, the AMC will force a full redemption (no partial below the floor). A 30-day rebalancing window applies if you passively breach.

Can NRIs invest in SIFs?

NRI eligibility follows the underlying mutual fund framework on a fund-by-fund basis. Most live SIFs accept NRIs from non-FATCA-prohibited geographies (US/Canada-resident NRIs face restrictions on many AMCs; check each scheme's SID). Tax treatment for NRIs can differ from resident treatment. Discuss with your Trustner relationship manager.

See all FAQs

PMS-grade strategies,
at mutual-fund tax.

What is a Specialized Investment Fund?

A new SEBI category

₹10 lakh ticket size

Long-short capability

Seven strategy categories

Mutual-fund-grade tax

Bi-monthly disclosure

A once-in-a-decade product category emerging right now.

A new SEBI category, scaling fast.

Combined AUM of covered SIFs

Where SIF sits between MF, PMS and AIF.

The post-tax return gap is enormous.

Post-tax IRR delta per year

Wealth preserved over 10 years

Cost compounding outperformance

Only seven strategy types are permitted.

Equity Long-Short

Equity Ex-Top 100 LS

Sector Rotation LS

Debt Long-Short

Sectoral Debt LS

Active Asset Allocator LS

Hybrid Long-Short ★

20 SIFs covered · 12 AMCs · ₹11,766 Cr.

SIF in the news

Guidance you can put a name to.

Research-led. Compliance-first.

AMFI Registered SIF Distributor

Research-driven, education-first

100+ team across 5 cities

Quick answers about SIF investing.

Speak with a Trustner SIF specialist.

PMS-grade strategies,at mutual-fund tax.

What is a Specialized Investment Fund?

A new SEBI category

₹10 lakh ticket size

Long-short capability

Seven strategy categories

Mutual-fund-grade tax

Bi-monthly disclosure

A once-in-a-decade product category emerging right now.

A new SEBI category, scaling fast.

Combined AUM of covered SIFs

Where SIF sits between MF, PMS and AIF.

The post-tax return gap is enormous.

Post-tax IRR delta per year

Wealth preserved over 10 years

Cost compounding outperformance

Only seven strategy types are permitted.

Equity Long-Short

Equity Ex-Top 100 LS

Sector Rotation LS

Debt Long-Short

Sectoral Debt LS

Active Asset Allocator LS

Hybrid Long-Short ★

20 SIFs covered · 12 AMCs · ₹11,766 Cr.

SIF in the news

Guidance you can put a name to.

Research-led. Compliance-first.

AMFI Registered SIF Distributor

Research-driven, education-first

100+ team across 5 cities

Quick answers about SIF investing.

Speak with a Trustner SIF specialist.

PMS-grade strategies,
at mutual-fund tax.