As featured in The Times of India · Trustner Group · Aug 2026

The power of PMS.
The simplicity of a mutual fund.

That’s the Specialized Investment Fund — SEBI’s new ₹10-lakh category: professional long-short strategies inside a mutual-fund wrapper, structured so more of what you earn stays yours. We track every SIF in India daily and explain each one the way a friend in the industry would — plainly, with sources you can check.

Check SIF eligibility — 60 seconds → Explore all 33 SIFs Compare any two funds →

By Trustner Asset Services Pvt. Ltd. — AMFI-registered Mutual Fund & SIF distributor, ARN-286886 · investments in Regular plans · SIFs are subject to market risks. Full disclosures in the footer below.

33SIFs tracked daily

17Fund houses

₹31,175 CrCategory AUM · AMFI, Aug 2026

3,373Official NAVs archived

Explore the funds

Every live SIF with its official AMFI NAV, trailing returns, AUM, risk band and age. Open any fund for the full picture, or put any two side by side.

What these funds own →All 33 funds in the tracker →

Sorted by AUM (whole scheme, all plans), largest first.

Loading live fund data…

NAV: official AMFI SIF NAV feed (Regular plan, Growth option, daily). 1M, 3M and SI (NAV against the NFO face value) are computed from our archive of official AMFI NAVs, and 6M from the same archive; a window a fund is too young for shows “—”. AUM (whole scheme, all plans) and risk band: Value Research (7 Aug 2026). Benchmark returns are not shown; each AMC’s factsheet compares the scheme with its benchmark. Each fund page gives its return in SEBI’s advertisement format; the live tracker adds 1-day and 1-week returns for every fund.

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, and tax arises only when you redeem — unlike PMS, where gains are taxed as the manager sells, or AIF Cat-III, taxed at fund level.

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.

We cover all 33 SIFs in the category, publishing per-fund AUM for the 28 that disclose it (Value Research and AMC disclosures). Category-wide, total SIF assets reached ₹31,175 Cr at end-August 2026 — up 34.5% in a single month, across 1,25,539 investor folios (AMFI monthly data). All AUM we publish is whole-scheme — Direct and Regular combined, the same basis used for mutual funds. Equity-oriented strategies are now the largest group by count (19 of the 33 schemes in AMFI’s report), while hybrid strategies still hold 68.6% of category assets.

The roster keeps widening: Mirae (Platinum), HSBC (RedHex), Kotak (Infinity) and — most recently — Invesco (Summit) and Jio BlackRock (Prism) are all now live. Mahindra Manulife (MPOWER) is announced, and more of India's largest houses — HDFC, DSP, Nippon and Axis among them — have SIF approvals or filings in progress.

See the live SIF universe

Total SIF category AUM

₹31,175 Cr

Total SIF category AUM — all plans (Direct + Regular), end-August 2026 · +34.5% month on month

Source: AMFI SIF monthly report, net assets as on 31 August 2026. Per-fund AUM: Value Research (whole-scheme) and AMC disclosures.

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 fits — between mutual funds, 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)	12.5% (>12 mo) on each holding sold; 20% if sold within 12 months	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

What you keep matters more than what you earn.

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.

₹0

Performance fee

SIF costs are charged as an expense ratio within SEBI’s mutual-fund limits, with no performance fee. PMS and AIF fee structures vary and can include one. Compare every live fund’s TER on the tracker.

Explore the tax treatment matrix

SEBI's seven categories

Seven strategies. Clearly defined. Nothing hidden.

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

33 SIFs covered · 17 AMCs · ₹31,175 Cr.

We track 33 live SIF strategies across 17 AMCs with official AMFI NAVs. Total category assets reached ₹31,175 Cr by end-August 2026 (all plans, AMFI monthly data), after net inflows of ₹7,699 Cr in the month; Aditya Birla Sun Life and SBI added three equity long-short strategies at the end of August 2026, with Mahindra Manulife still to enter. Below are the nine largest SIFs by disclosed AUM (whole scheme, all plans; Value Research, as of 7 Aug 2026), sorted by size only — not a ranking or a preference. The full universe, with NAV, AUM, TER and risk band, lives on the Funds page.

Fund	AMC	Sub-strategy	AUM
Altiva Hybrid Long-Short	Edelweiss	Hybrid LS	₹9,268 Cr
Magnum Hybrid Long-Short	SBI	Hybrid LS	₹3,800 Cr
iSIF Equity Ex-Top 100 LS	ICICI Prudential	Equity Ex-Top 100 LS	₹2,475 Cr
Altiva Equity Ex-Top 100 LS	Edelweiss	Equity Ex-Top 100 LS	₹1,366 Cr
iSIF Hybrid Long-Short	ICICI Prudential	Hybrid LS	₹1,323 Cr
RedHex Hybrid Long-Short	HSBC	Hybrid LS	₹1,073 Cr
Infinity Hybrid Long-Short	Kotak Mahindra	Hybrid LS	₹859 Cr
iSIF Active Asset Allocator	ICICI Prudential	Active Asset Allocator	₹759 Cr
qSIF Equity Long-Short	Quant	Equity LS	₹758 Cr

Browse the full fund universe

Live coverage

SIF in the news

Auto-updated

The latest headlines on Specialized Investment Funds from across India's financial press — refreshed automatically every few hours.

View all SIF news →

Headlines are aggregated from public sources and open on the original publisher's site. They are provided for information only and are not endorsed by Trustner. For our own analysis, read the Insights timeline and August 2026 Coverage Report.

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 a significant new category for Indian investors, and we made it a firm-wide priority. Whether you invest ₹10 lakh or ₹5 crore, you deserve clear, sourced information on how each fund works, what it costs and what it holds — and the scheme documents to check it yourself.

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

AMFI Registered SIF Distributor

ARN-286886 · also an APMI Registered PMS Distributor. Regular Plans only — see the note below.

Research-led, education-first

Our desk maintains coverage on every live SIF — scheme documents, managers, AUM and regulation.

100+ team across 5 cities

Founded 2014 in Guwahati. 10,000+ clients served by NISM-certified relationship managers.

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.

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

The power of PMS.
The simplicity of a mutual fund.

What brings you to SIFs today?

Explore the funds