Between mutual funds and PMS: a newer category.
In 2025, SEBI introduced Specialised Investment Funds - a category that sits between mutual funds and portfolio management services. SIFs are run by established asset management companies under the mutual fund regulations, but with wider flexibility: strategies can take long and short positions, rotate across sectors, and use derivatives in ways traditional schemes cannot.
For eligible investors, we distribute select SIF strategies - with the same execution, documentation and reporting discipline as the rest of the relationship.
- Minimum investment: Rs 10 lakh per investor (at PAN level) across all strategies of an SIF, as prescribed by SEBI. The threshold does not apply to accredited investors.
- Risk labelling: every SIF strategy carries a 'Risk-band' from Level 1 (lowest) to Level 5 (highest) - read it before anything else.
- Liquidity: many strategies operate with interval-style redemption windows and notice periods, rather than daily liquidity.
- Taxation: SIFs are taxed like mutual funds under current law - a meaningful difference from many alternative structures.
- Suitability: these are strategy-driven products for informed investors comfortable with volatility and longer horizons.
If your family is evaluating the SIF category, we would be glad to walk you through how these strategies work and what the documents say.
Specialised Investment Funds are higher-risk, strategy-driven products regulated under the SEBI (Mutual Funds) Regulations. Minimum investment thresholds, risk-bands and redemption terms are set out in each strategy's offer documents, which should be read carefully. Jalan Financial Services acts as a distributor; investment decisions rest with the investor. Investments in SIF strategies are subject to market risks.