The Securities and Exchange Board of India (“SEBI”) in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992, read with Chapter VI-C of the SEBI (Mutual Funds) Regulations, 1996 (“MF Regulations”), vide Circular No. SEBI/HO/IMD/IMD-RAC/P/CIR/2025/54,[1] dated April 11, 2025, (“Circular”) issued standardized formats for applications and disclosures related to the launch of Specialized Investment Funds (“SIFs”) by registered Mutual Funds. The provisions of this Circular shall come into effect immediately.
As per Regulation 49(Y)(1) of the MF Regulations, mutual funds intending to launch investment strategies under SIFs must follow the procedural framework applicable to mutual fund schemes as laid out in Regulation 28 of the MF Regulations. In the same context, SEBI had earlier introduced a comprehensive regulatory framework for SIFs through circulars dated February 27, 2025, and April 9, 2025. These said circulars detail the eligibility requirements for Mutual Funds seeking to establish SIFs, including the mandate for submitting an Investment Strategy Information Document (“ISID”).
To facilitate consistent application and effective regulatory review, SEBI has now mandated that registered Mutual Funds must submit their applications to set up SIFs in a specified format. This format has been provided in Annexure I of the Circular. Further, in accordance with Clause 11 of Annexure A of the circular dated February 27, 2025, SEBI has also prescribed the format of the ISID, which is detailed in Annexure II of this Circular.
[1]https://www.sebi.gov.in/legal/circulars/apr-2025/specialized-investment-funds-sif-application-and-investment-strategy-information-document-isid-formats_93442.html