SEBI Clarifies Investment Rules for Specialized Investment Funds (SIFs): इन्व्हेस्टरसाठी प्रमुख टेकअवे

Markets regulator SEBI has issued fresh clarifications on the regulatory framework for Specialized Investment Funds (SIFs), a newly introduced investment category intended to provide greater portfolio flexibility than mutual funds, while retaining regulatory safeguards absent in Portfolio Management Services (PMS). The clarifications, announced via a circular on Wednesday, aim to resolve key investor concerns around minimum investment thresholds and maturity requirements in interval strategies.

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आत्ताच अकाउंट उघडा

Minimum Investment Rule at PAN Level

Minimum investment requirements are one of the major clarifications by SEBI in the application. At the PAN level across all SIF strategies offered by an asset management company (AMC), the regulator has confirmed that the ₹10 lakh threshold is applicable, and not per individual scheme. This update not only helps standardize investor eligibility but also minimize misunderstanding for those investing in several SIF strategies within the same AMC. Considerably, this restriction does not at all apply to those who are making mandatory investments under the "skin-in-the-game" norm i.e. designated AMC employees.

More Flexibility for Interval Strategies

Another key change is the exemption granted to SIF interval strategies from the maturity-matching rules that typically apply to interval schemes. Previously, investments could only be made in securities that matured before the start of the next transaction period. Under the revised rules, interval strategies under SIFs now have the flexibility to invest in longer-tenure or less liquid instruments, offering the potential for higher returns for long-term investors.

Diverse Investment Strategies under SIFs

SIFs offer a wide range of strategies, including Equity-Oriented, Debt-Oriented, and Hybrid approaches. For instance, Equity Long-Short Funds must maintain at least 80% exposure in equities, while also allowing limited short positions. Hybrid strategies such as the Active Asset Allocator Fund dynamically invest across asset classes including equity, debt, REITs, and commodities.

AMC Eligibility and Framework

Only AMCs with a minimum of three years of operational history and an average AUM of ₹10,000 crore over the last three years are eligible to launch SIFs. Furthermore, each SIF is allowed to offer only one strategy per category—equity, debt, or hybrid.

निष्कर्ष

The new guidelines, effective immediately, provide much-needed clarity for fund houses and investors. By bridging the gap between mutual funds and PMS, SIFs are set to attract experienced investors seeking greater flexibility and a broader range of investment options within a regulated environment.