🆕 NEW ASSET CLASS — Launched 2024
⚠️ Important — SIF is a New, Higher-Risk Asset Class — Read Carefully
Specialised Investment Funds (SIF) are a new SEBI-introduced asset
class (2024) positioned between Mutual Funds and PMS. Minimum investment is Rs. 10 Lakhs per
transaction. SIF allows complex strategies like Long-Short Equity, Inverse ETFs,
and Derivatives-based approaches not permitted in regular Mutual Funds. SIF carries
significantly higher risk than regular Mutual Funds. Limited track record as this is a new
product category. Please read all scheme documents carefully before investing.
Specialised Investment Funds (SIF) — Disclosure
Per SEBI Circular SEBI/HO/IMD/IMD-I POD-1/P/CIR/2024/105 dated August 7, 2024 | New
Asset Class Framework
Fintopia Financial Services | ARN-115652 | AMFI SIF Reg: ARN-115652 (SIF) | Valid
Until: 02-Jan-2029 | Last Updated: July 2026
About This Disclosure
Fintopia Financial Services (ARN-115652) is empanelled to distribute Specialised Investment Fund
(SIF) strategies as an AMFI-registered SIF distributor. This disclosure is made in accordance with
SEBI Circular dated August 7, 2024, introducing SIF as a new asset class, and subsequent AMFI
guidelines. SIF is a brand new product category — investors are strongly advised to understand this
product thoroughly before investing.
1. What is a Specialised Investment Fund (SIF)?
Specialised Investment Fund (SIF) is a new asset class introduced by SEBI in
2024, positioned between Mutual Funds (low minimum, simple strategies) and PMS (high
minimum, direct ownership). SIF bridges the gap for sophisticated retail investors who want access
to complex strategies but cannot meet the Rs. 50 Lakhs PMS minimum.
- New Asset Class: Introduced by SEBI vide Circular dated August 7, 2024 —
launched commercially from 2024-25
- Minimum Investment: Rs. 10 Lakhs per transaction (much lower than PMS's Rs. 50
Lakhs)
- Complex Strategies: Allows Long-Short Equity, Inverse ETFs, Derivatives-based
strategies — not permitted in regular MFs
- Existing AMC Infrastructure: Offered by existing AMFI-registered AMCs — same
operational framework as Mutual Funds
- Pooled Investment: Like Mutual Funds — investors hold units in a common pool
(unlike PMS where investor holds securities directly)
- Higher Risk: Use of derivatives and short-selling increases both potential
returns and potential losses
- AMFI Registration: Distributors need separate AMFI SIF registration to
distribute SIF strategies
- Eligible Investors: Only investors with minimum Rs. 10 Lakhs investable surplus
and Moderately High / High / Very High risk profile
2. Where SIF Fits — The Investment Product Ladder
SIF fills the gap between regular Mutual Funds and PMS/AIF — offering sophisticated
strategies at a lower minimum than PMS:
Note: PMS and AIF are shown here for comparison
and investor-awareness purposes only. Fintopia Financial Services does not distribute PMS or AIF —
we distribute Mutual Funds and Specialised Investment Funds (SIF).
Mutual Fund
Simple strategies — Long only equity/debt | SEBI Riskometer | Highly
regulated | Retail friendly
Min: Rs. 500 SIP
SIF ← NEW
Complex strategies — Long-Short, Derivatives, Inverse | Higher risk |
Sophisticated retail investors
Min: Rs. 10 Lakhs
PMS
Customised portfolio | Direct stock ownership | Concentrated | HNI
investors only
Min: Rs. 50 Lakhs
AIF
Private pooled | Unlisted/PE/RE/Debt | Lock-in 3-7 years | Ultra HNI
investors
Min: Rs. 1 Crore
3. SIF Strategy Types — What SIF Can Invest In
SIF allows AMCs to offer the following strategy types — not permitted in regular
Mutual Funds:
📈📉
Long-Short Equity
Buy (go long) stocks expected to rise AND simultaneously short-sell stocks expected to fall.
Aims to generate returns in both rising and falling markets.
🔄
Inverse / Bear Strategies
Strategies designed to profit when markets fall — using inverse ETFs or short positions.
Suitable only as hedging instruments, not standalone investments.
📊
Derivatives-Heavy Strategies
Higher allocation to equity derivatives (futures & options) beyond limits permitted in
regular MF equity schemes. Amplifies potential gains and losses.
⚖️
Sectoral Long-Short
Long on sectors expected to outperform, short on sectors expected to underperform within the
same investment strategy. Sector-neutral approach.
🏦
Debt & Credit Strategies
Access to higher-yielding, lower-rated debt instruments and complex structured credit
products not accessible in regular debt MFs.
🌐
Multi-Asset Complex
Dynamic allocation across equity, debt, derivatives, commodities, and REITs using
sophisticated quantitative or systematic strategies.
4. Who Can Invest in SIF?
✅
Eligible
Investors
Resident Indians | NRIs | HUFs |
Companies | Trusts — with minimum Rs. 10 Lakhs per transaction and Moderately High / High /
Very High risk profile per SEBI Riskometer
❌
Not Suitable For
Conservative / Moderate risk profile
investors | Investors with less than Rs. 10 Lakhs investable surplus | First-time investors
| Investors needing capital preservation | Short investment horizon (less than 3 years)
⚠️ SEBI Minimum Investment — Rs. 10 Lakhs Per
Transaction
As per SEBI Circular dated August 7, 2024, the minimum investment in any SIF strategy is Rs.
10 Lakhs (Rupees Ten Lakhs) per transaction. This minimum is set by SEBI to ensure only
investors with adequate financial capacity and sophistication invest in SIF. Additional investments
must also be in multiples of Rs. 1 Lakh.
5. SIF vs Mutual Fund vs PMS vs AIF — Quick Comparison
| Parameter |
Mutual Fund |
SIF |
PMS |
AIF |
| Min. Investment |
Rs. 500 |
Rs. 10 Lakhs |
Rs. 50 Lakhs |
Rs. 1 Crore |
| Strategy Complexity |
Simple / Long only |
Complex / Long-Short |
Complex / Direct |
Very Complex |
| Ownership |
Units in pool |
Units in pool |
Direct securities |
Units in pool |
| Liquidity |
High (T+1/T+2) |
Medium (may have lock-in) |
Medium |
Low (3-7 yrs) |
| Regulator |
SEBI / AMFI |
SEBI / AMFI |
SEBI / APMI |
SEBI |
| Short Selling |
❌ Not allowed |
✅ Allowed |
✅ Allowed |
✅ Allowed |
| Derivatives Use |
Limited |
Higher (complex) |
Allowed |
Allowed |
| SEBI Riskometer |
✅ Mandatory |
✅ Mandatory |
Not applicable |
Not applicable |
| Track Record |
Long (decades) |
Limited (new 2024) |
Medium |
Medium |
| Key Document |
SID / KIM |
SID / KIM (SIF) |
Disclosure Doc |
PPM |
6. Key Risks in SIF — Mandatory Disclosure
Risk Disclosure — Per SEBI SIF Framework (August 2024)
- New Product Risk: SIF is a brand new asset class launched in 2024 — limited
historical performance data available for assessment
- Short-Selling Risk: Short positions can result in theoretically unlimited
losses if the shorted security rises sharply
- Derivatives Risk: Higher use of derivatives amplifies both gains and losses
— leverage effect
- Strategy Risk: Complex strategies (Long-Short, Inverse) may not perform as
expected in all market conditions
- Market Risk: Like all market-linked investments — NAV can fall
significantly during bear markets
- Liquidity Risk: Some SIF strategies may have lock-in periods or redemption
restrictions
- Counterparty Risk: Derivatives involve counterparty risk — default by
derivative counterparty can impact portfolio
- Complexity Risk: Difficult to evaluate and monitor for retail investors —
requires higher financial sophistication
7. SEBI Regulatory Framework — Key Circulars
📜 Official SEBI Circulars Governing SIF
Primary Circular — SIF Introduction
SEBI/HO/IMD/IMD-I POD-1/P/CIR/2024/105 dated August 7, 2024
AMFI Guidelines — SIF Distribution
AMFI Master Circular January 2026 — SIF distributor registration and
compliance requirements
Minimum Investment
Rs. 10 Lakhs per transaction | Additional in multiples of Rs. 1 Lakh | Per
SEBI Circular Aug 2024
8. SIF Strategies Empanelled with Fintopia Financial Services
The following AMFI-registered SIF strategies are currently empanelled with Fintopia
Financial Services. Note: SIF is a new asset class — limited strategies may be available currently
as AMCs launch their offerings.
Add SIF strategies from the left panel
Verify SIF registration at amfiindia.com and sebi.gov.in →
Mutual Funds → SIF. Always read the SIF Scheme Information Document (SID) before
investing.
9. Before Investing in SIF — Your Checklist
- ✅ Read the Scheme Information Document (SID) of the specific SIF strategy
carefully
- ✅ Verify AMFI registration of the SIF distributor at amfiindia.com
- ✅ Ensure your risk profile is Moderately High / High / Very High — SIF is not for
Conservative investors
- ✅ Ensure Rs. 10 Lakhs minimum is from investable surplus — not emergency funds or
short-term money
- ✅ Understand the specific strategy — Long-Short / Inverse / Derivatives-based — and its
risk profile
- ✅ Understand that SIF is a new product with limited track record — higher uncertainty than
established MF categories
- ✅ Confirm there is no lock-in conflict with your liquidity needs
- ✅ Keep SIF as a small portion (max 10-15%) of overall portfolio — not a primary
investment
- ✅ Monitor portfolio more actively than regular MF — complex strategies need periodic
review
10. Fintopia Financial Services's Role as SIF Distributor
- Fintopia Financial Services is an AMFI-registered SIF distributor (Reg: ARN-115652 (SIF)) —
authorised to distribute SIF strategies
- Fintopia Financial Services acts as a distributor only — investment management
is done by the respective AMFI-registered AMC
- SIF is recommended ONLY to investors with Moderately High or higher risk profile and minimum
3-year investment horizon
- Fintopia Financial Services receives trail commission from AMCs on SIF investments — part of the
scheme's expense structure
- All SIF-related queries: support@fintopiafinserv.com | +91 90881 00727
🔍 Verify SIF Registrations — Official Portals
Verify all SIF-related registrations and documents from official SEBI and AMFI
portals.
SEBI — SIF / New Asset Class
Primary SEBI circular introducing SIF framework — August 7, 2024
AMFI — SIF Distributors
Verify AMFI SIF distributor registration of Fintopia Financial Services and
others
AMFI — SIF Scheme Docs
Download SIF Scheme Information Documents (SIDs) from AMFI portal
SEBI SCORES — Grievances
Lodge complaint against SIF manager or distributor if unresolved
Contact Fintopia Financial Services
for SIF QueriesSIF is a new and complex product. For detailed information, strategy
documents, SIDs, or to schedule a discussion before investing, contact us at support@fintopiafinserv.com
or +91 90881 00727. We strongly recommend a detailed conversation before committing
capital to any SIF strategy.
Last Updated: July 2026 | Fintopia Financial Services | ARN-115652 |
www.fintopiafinserv.com | Regulatory basis: SEBI Circular Aug 7, 2024 | AMFI Master Circular 2026
