Specialized Investment Funds (‘SIF’) – Application and Investment Strategy Information Document (ISID) formats
Summary
This circular mandates the use of specific formats for applications and Investment Strategy Information Documents (ISID) when Mutual Funds establish Specialized Investment Funds. It references prior regulatory frameworks and eligibility criteria established in February and April 2025 circulars. The document provides Annexure I detailing the application form structure and Appendix 1 outlining compliance rationale for Route 1 and Route 2 eligibility. This section lists specific documents required for mutual fund registration, including auditor certificates and undertakings regarding regulatory actions. It details the bio-data and experience requirements for Key Personnel such as the Chief Investment Officer and Fund Managers of Specialized Investment Funds. The text further outlines the mandatory content and disclosures for the front cover page of an Investment Strategy Information Document. Part I outlines the mandatory highlights and summary details required in the Investment Strategy Information Document, including strategy name, category, type, and objectives. It specifies disclosure requirements for liquidity, benchmarks, subscription frequencies, NAV timings, and various operat
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registered Mutual Funds intending to establish Specialized Investment Funds are required to submit their applications as per the format provided at Annexure I to this Circular.
the format of ISID is provided at Annexure II to this Circular.
Applicants must submit a completed application form together with supporting documents to the Board.
An incomplete application shall be liable to be rejected.
Provide complete information of the action taken/ initiated and the current status of the same under section 11, 11B, and/or Section 24 of the SEBI Act, 1992 during the last 3 years.
Name of CIO: Qualification: Experience in fund management (brief): Details need to be mentioned in bio data to be submitted in the prescribed format.
Name of Fund Manager: Qualification: Experience in fund management (brief): Details need to be mentioned in bio data to be submitted in the prescribed format.
Mutual Fund has been in operation for a minimum period of 3 years and has an average asset under management (‘AUM’) of not less than INR 10,000 crores, in immediately preceding 3 years.
No action has been initiated or taken against the sponsor/asset management company (‘AMC’) under section 11, 11B, and/or Section 24 of the SEBI Act, 1992 during the last 3 years.
A Chief Investment Officer (‘CIO’) for the SIF with an experience of fund management of at least 10 years and has managed an average AUM of not less than INR 5,000 crores.
An additional Fund Manager for the SIF with experience of fund management of at least 3 years and has managed an average AUM of not less than INR 500 crores.
List of documents to be enclosed
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Source: SecMarx — Specialized Investment Funds (‘SIF’) – Application and Investment Strategy Information Document (ISID) formats. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.