SIF Insights & Updates

From 21 September 2026, the NISM certification that qualifies someone to distribute Specialized Investment Funds changes. SEBI’s circular of 21 July 2026 replaces the NISM Series XIII Common Derivatives route with a purpose-built NISM Series V-D: Mutual Fund – SIF Distributors Certification. Anyone who already held a valid Series XIII certificate obtained on or before 21 September 2026 may continue until that certificate expires, provided they also hold Series V-A; everyone else takes Series V-D. The rule matters because the channel is growing quickly — AMFI counted 9,230 registered SIF distributors at the end of July 2026, up from 6,338 at the end of March. Sources: SEBI circular, 21 July 2026; Cafemutual on AMFI’s July distributor count, 11 September 2026.

Edelweiss Mutual Fund’s Altiva Equity Long-Short Fund opened its new fund offer on 10 September 2026 and closes on 24 September, re-opening for continuous purchase on or before 9 October. It is an open-ended equity strategy: 80–100% in equity, including up to 25% unhedged short exposure through derivatives, with up to 20% each in debt/money-market instruments and InvIT units. The benchmark is the Nifty 100 TRI, and the fund managers named in the ISID include Bharat Lahoti and Bhavesh Jain, who also manage Altiva Hybrid Long-Short. Minimum investment is ₹10 lakh (₹1 lakh for accredited investors) and the exit load is 0.50% within 90 days of allotment, nil after. It joins Altiva Hybrid Long-Short and Altiva Equity Ex-Top 100 Long-Short, and will enter our tracker the day its first official AMFI NAV publishes. Sources: Investment Strategy Information Document dated 20 August 2026 (AMFI portal S-34, PDF); Economic Times, 10 September 2026.

AMFI’s August 2026 SIF report puts category AUM at ₹31,175.43 crore (July ₹23,177.31 crore, +34.5%), across 33 schemes and 1,25,539 folios (July 94,447, +32.9%). Gross sales of ₹8,070 crore against ₹370 crore of redemptions gave net inflows of ₹7,699 crore (July ₹4,922 crore) — about 96% of the month’s rise in assets; redemptions were 4.6% of gross sales (July 8.4%). Hybrid strategies hold 68.6% of assets (July 71.3%): hybrid long-short ₹19,670 crore across 11 schemes (+27.9%) and active asset allocator ₹1,721 crore across 3 (+49.6%). Equity strategies rose to 31.4% (July 28.7%): Ex-Top 100 ₹6,289 crore across 7 schemes (+65.9%), equity long-short ₹3,450 crore across 11 (+22.3%) and sector rotation ₹46 crore. Net flows by strategy: hybrid long-short ₹4,113 crore, Ex-Top 100 ₹2,433 crore, equity long-short ₹593 crore, active asset allocator ₹558 crore, sector rotation ₹2 crore — no strategy saw an outflow. AMFI lists 3 new schemes allotted in August that mobilised ₹1,420 crore: Apex Equity Long-Short (₹103 crore) and the two Ex-Top 100 strategies, Magnum and Apex (₹1,317 crore together). AUM per folio works out to about ₹24.8 lakh. Source: AMFI SIF monthly report, August 2026 (PDF); percentages computed by MeraSIF from AMFI’s July and August reports.

Three new strategies were allotted at the end of August and began publishing official AMFI NAVs in early September. SBI’s Magnum Equity Ex-Top 100 Long Short Fund ran its NFO from 7 to 20 August and mobilised ₹1,154 crore — the largest equity-category SIF NFO so far — with allotment on 27 August; it is benchmarked to the BSE 500 TRI, managed by Gaurav Mehta, and carries a 1% exit load within three months. Aditya Birla Sun Life allotted both Apex Equity Long-Short and Apex Equity Ex-Top 100 Long-Short on 31 August (NFO 10–24 August, re-opened 1 September), each benchmarked to the Nifty 500 TRI, co-managed by Manish Gupta and Harshil Suvarnkar, with a stated expense of 2.10% on the Regular plan and a 1% exit load within 365 days. All three are now in our tracker, taking it to 33 funds across 17 AMCs; none has published a portfolio disclosure or an AUM figure yet. Sources: AMFI Investment Strategy Summary Documents S-31 and S-32; SBI MF scheme documents; AMFI SIF NAV feed; Economic Times and MillenniumPost on the NFO mobilisation; Value Research for the SBI allotment date.

AMFI’s July 2026 SIF report puts category AUM at ₹23,177.31 crore (June ₹17,857.77 crore, +29.8%), across 30 schemes and 94,447 folios (June 75,032). Gross sales ₹5,371 crore against ₹449 crore of redemptions gave net inflows of ₹4,922 crore — ahead of the month’s flexi-cap (₹4,709 crore), large-&-mid (₹3,425 crore) and multi-cap (₹3,227 crore) flows. Hybrid strategies hold 71.3% of assets (hybrid long-short alone 66.3%, ₹15,374 crore across 11 schemes); equity strategies 28.7%, led by Ex-Top 100 (₹3,790 crore, 5 schemes) and equity long-short (₹2,821 crore, 10 schemes). Net flows by strategy: hybrid long-short ₹3,258 crore, Ex-Top 100 ₹923 crore, equity long-short ₹533 crore, active asset allocator ₹210 crore; sector rotation saw the only outflow (−₹2 crore). The average ticket was ₹24.5 lakh. Source: AMFI SIF monthly report, July 2026 (PDF); flow comparisons via Financial Express, 13 Aug 2026.

SEBI’s consultation paper proposes a new route to accredited-investor status based on securities holdings (₹5 crore for individuals, ₹20 crore for corporates), lets the fund manager accredit investors at onboarding with recognition across AIFs, SIFs and PMS and a three-year validity, and treats non-residents as accredited. It restates that the SIF ₹10 lakh minimum is waived for accredited investors. Only 3,820 investors were accredited at 31 July 2026 (649 a year earlier). Comments close 3 September 2026; nothing changes until SEBI finalises. Source: SEBI consultation paper, 13 Aug 2026.

Following SEBI’s single-certification circular, AMFI set the fees for a combined MF + SIF ARN effective 22 July 2026: individuals ₹5,000 (renewal ₹3,000); EUIN employees ₹3,000 (₹1,500); proprietorships ₹6,000 (₹3,000); private companies/LLPs ₹80,000 (₹40,000); banks ₹8 lakh (₹4 lakh) — plus GST. Source: AMFI CIR/ARN-33/2026-27 (PDF).

SEBI’s consultation on the Portfolio Managers Regulations proposes a lighter “mutual-fund-only” PMS category that would invest in direct plans of mutual funds, ETFs and SIFs, with a ₹25 lakh minimum and ₹2 crore net-worth requirement. If adopted it creates a second wrapper through which SIF strategies can reach portfolios. Comments closed 13 Aug 2026; a final framework is awaited. Source: SEBI consultation paper, 23 Jul 2026.

AMFI’s July 2026 categorisation (average market cap, Jan–Jun 2026) lifted the large-cap cut-off to roughly ₹1.06 lakh crore. Nine stocks left the top 100 — Bosch, Dr Reddy’s, Hero MotoCorp, Indian Hotels, Lodha Developers, Max Healthcare, Mazagon Dock, Siemens Energy India and LG Electronics India — and eight entered: BSE, Vodafone Idea, Hitachi Energy India, Jindal Steel, Indian Bank, Indus Towers, Groww (Billionbrains) and BHEL. Why it matters here: the six Equity Ex-Top 100 Long-Short SIFs define their core universe as everything outside that list, so each reshuffle changes what they may hold at the core and what must be treated as the permitted large-cap sleeve. We have added a universe note to each Ex-Top 100 fund page. Basis: AMFI list, July 2026; summary by Mata Securities.

After Apex Hybrid Long-Short, ABSL opened NFOs for Apex Equity Long-Short (benchmark Nifty 500 TRI) and Apex Equity Ex-Top 100 Long-Short (universe: stocks ranked 101–500 by market cap), both with the ₹10 lakh SIF minimum at PAN level. The NFO window ran 10–24 August 2026; both join the live tracker the day their first official AMFI NAV publishes. Sources: ABSL launch release as reported by Cafemutual and Business Today (11 Aug 2026); apexsif.adityabirlacapital.com. Status is tracked live on the NFO register.

JioBlackRock Asset Management, direct-only since launch, began offering Regular Plans across eligible schemes from 17 August 2026, with digital MFD empanelment through a CAMS portal. For the SIF market this brings Prism Hybrid Long-Short into the distributor channel for the first time; the official AMFI SIF feed now carries a Regular-Growth row for it, which is the plan our tracker follows. Source: AMC announcement as reported by Angel One and others, August 2026.

SBI Mutual Fund's Magnum Equity Ex-Top 100 Long-Short Fund was open for subscription 7–20 August 2026: a 65–100% core outside the top-100 stocks on SBI's BMV process, large-caps up to 35%, unhedged shorts up to 25%, benchmark BSE 500 TRI, TER ≤2.10%. It now awaits allotment and its first official NAV, after which it enters the live tracker automatically. Source: SBI MF NFO presentation and leaflet.

By circular dated 21 July 2026, SEBI replaced the two-exam route for SIF distribution with a single certification: NISM Series V-D (Mutual Fund & SIF Distributors), open to candidates from 22 July. V-D alone now qualifies a distributor for both mutual funds and SIFs; Series V-A continues for MF-only distribution; the old Series XIII route stops qualifying new SIF distributors after 21 September 2026, with existing holders grandfathered until their certification expires. The V-D exam (live from 22 July): 150 questions, 180 minutes, 60% to pass, 10% negative marking, three-year validity; AMFI has clarified V-D also serves ARN renewal. With only 8,371 AMFI-registered SIF distributors at end-June, the reform opens SIF distribution to the far larger MFD base. Full explainer on our Learn hub. Sources: SEBI circular 21 Jul 2026; NISM communique 14 Jul 2026; Cafemutual.

The launch wave keeps building. Invesco Mutual Fund entered the category with Summit Equity Long-Short (2 Jul 2026), and Jio BlackRock unveiled its hedge-style Prism SIF (30 Jun). Meanwhile HSBC RedHex Hybrid Long-Short and 360 ONE DynaSIF Equity Ex-Top 100 — both flagged here in June — now publish official AMFI NAVs and have joined our live tracker, taking it to 30 funds across 17 AMCs. Sources: Economic Times, Moneycontrol, Cafemutual, AMFI.

Industry disclosures put the Specialized Investment Fund category at roughly ₹17,858 crore by end-June 2026 (AMFI) — about 9× the ~₹2,000 crore of eight months earlier. Hybrid long-short strategies hold close to 70% of those assets, the average investor folio is around ₹24 lakh, and an estimated 70% of SIF assets are routed through distributors (MFDs) — a reminder of how central distribution is to this HNI category. Sources: AMFI category data, Cafemutual, Moneycontrol (May–June 2026).

Kotak Mahindra AMC launches its maiden SIF, Infinity Hybrid Long-Short (NFO 15–29 June 2026), joining the hybrid long-short wave that dominates the category. It follows fresh launches from HSBC (RedHex Hybrid Long-Short) and Mahindra Manulife (MPOWER SIF) in late May–June, plus 360 ONE's new Dyna SIF Equity Ex-Top 100. These funds will appear on our live tracker as soon as their official AMFI NAVs publish. Sources: Economic Times, CNBC TV18, Moneycontrol, Cafemutual, Financial Express.

AMFI now publishes official daily SIF NAVs on a dedicated SIF portal — and MeraSIF's tracker plugs straight into it. The four May–June NFOs (Mirae Platinum, iSIF AAA and Equity LS, Altiva Ex-Top 100) have allotted, taking the live universe to 25 funds across 13 AMCs — including India's first Sector Rotation SIF (qSIF). Since then, HSBC, Mahindra Manulife and Kotak have launched SIFs of their own (see above); still awaited per SEBI filings: Jio BlackRock Prism and others. See the live tracker →

Four NFOs open within four days of each other:

• Edelweiss Altiva Equity Ex-Top 100 LS — Edelweiss's second SIF · 18 May–1 June
• ICICI Prudential iSIF Active Asset Allocator LS — iSIF's third strategy · 19 May–2 June
• ICICI Prudential iSIF Equity Long-Short — pure equity LS · 19 May–2 June
• Mirae Asset Platinum Hybrid LS — Mirae's first SIF · 20 May–3 June

Live universe expands to 24 funds across 13 AMCs. The category officially exits "early adopter" phase.

Trustner Research Desk publishes a public SIF coverage report covering the SEBI architecture, the live funds by strategy and AUM (Value Research), the NFO calendar, worked tax math, the risks and a 12-month outlook. Read the report →

Trustner launches MeraSIF.com, a Specialized Investment Fund knowledge hub. 14+ pages including SEBI framework primer, fund universe directory, interactive tax calculator, suitability quiz, and 60+ term glossary.

AMFI category disclosures show Specialized Investment Funds scaling quickly since launch, with hybrid long-short strategies attracting the majority of assets. We track verified, per-fund AUM (Value Research, Regular plan) on the Fund Universe page — combined AUM across the funds we cover now exceeds ₹13,100 Cr.

Franklin Templeton's Sapphire Equity Long-Short SIF completes allotment after the 10–24 April NFO window. Franklin Templeton's first SIF.

Tata Mutual Fund opens NFO for Titanium Equity Long-Short Fund — a flexicap equity LS strategy. Min investment ₹10 lakh. The launch follows the success of Titanium Hybrid LS (Nov-Dec 2025).

SEBI clears the second wave of SIF launches:

• Kotak Infinity Hybrid Long-Short Fund
• Mirae Asset Platinum Hybrid Long-Short Fund
• HSBC RedHex Hybrid Long-Short Fund

All three are awaiting NFO date announcement. This wave nearly doubles the live SIF AMC count from 9 to 12. Bigger waves expected as HDFC, Nippon, Axis and DSP file with SEBI.

The Wealth Co. — a new entrant to the SIF category — completes NFO for two strategies simultaneously: WSIF Equity Long-Short and WSIF Equity Ex-Top 100. Both allotted in early May 2026.

Quant launches the first Active Asset Allocator (AAA) SIF in India — a hybrid SIF with dynamic equity-debt-commodity allocation via derivatives. NFO 2–16 April, recently allotted. Sandeep Tandon's VLRT framework applied to multi-asset.

360 ONE Mutual Fund launches DynaSIF Equity Long-Short — an aggressive flexicap long-short strategy carrying over the institutional alternative-strategy approach from the 360 ONE / IIFL Wealth platform.

ICICI Prudential MF launches iSIF Hybrid Long-Short and iSIF Equity Ex-Top 100 Long-Short simultaneously. The Ex-Top 100 equity strategy is led by Sankaran Naren (ICICI Pru's ED & CIO); the Hybrid by Manish Banthia and team. Today the two funds hold ₹844 Cr and ₹1,707 Cr respectively (Value Research, Jun 2026), with iSIF Equity Ex-Top 100 among the largest equity SIFs by AUM. Naren's involvement signalled SIF arriving as a serious institutional category.

Tata Mutual Fund launches Titanium Hybrid LS, a multi-asset hybrid with monthly-only redemption. Brings Tata's institutional brand and 68 lakh+ folio distribution into the SIF category.

The two foundational hybrid SIFs go live within weeks of each other:

• Edelweiss Altiva Hybrid Long-Short — India's first hybrid SIF. Today the largest SIF by AUM at ₹4,466 Cr (Value Research, Regular plan).
• SBI Magnum Hybrid Long-Short — SBI's first SIF, backed by its mass-affluent distribution. ₹3,462 Cr AUM today, with one of the lowest TERs in hybrid coverage (Value Research).

Both are conservative, arbitrage-and-hedge-led hybrids positioned as lower-volatility holdings.

Quant Mutual Fund launches the first-ever SIF in India: qSIF Equity Long-Short. Allotment 7 October 2025. Founder Sandeep Tandon's VLRT systematic framework applied to long-short equity.

SEBI Circular SEBI/HO/IMD/IMD-RAC/P/CIR/2025/54 mandates the standardised Investment Scheme Information Document (ISID) format for all SIF disclosures. Makes cross-fund comparison materially easier. Bi-monthly portfolio publication mandatory.

SEBI Circular SEBI/HO/IMD/...CIR/2025/49 clarifies: passive market drift below the ₹10L floor doesn't trigger forced redemption. Active redemption that would breach the floor triggers mandatory full redemption. Employee carve-outs defined separately.

The Specialized Investment Fund category officially activates. Eligible AMCs can begin filing SIF schemes with SEBI — the start of India's newest SEBI-regulated investment category.

SEBI issues the foundational SIF Master Circular (SEBI/HO/IMD/IMD-PoD-1/P/CIR/2025/26). Defines the entire framework: AMC eligibility (two routes — Sound Track Record vs Alternate), seven permitted strategy categories, ₹10 lakh investor minimum, 25% unhedged short cap, exposure limits, disclosure norms.

SEBI amends the SEBI (Mutual Funds) Regulations 1996 to insert Chapter VI-C, formally creating the SIF category. The amendment is the legal foundation for everything that follows. SIF inherits MF-grade tax treatment under Section 10(23D) precisely because of this amendment.