SEBI has issued a circular outlining the application process and the format for the Investment Strategy Information Document (ISID) for Mutual Funds intending to establish Specialized Investment Funds (SIFs). This follows previous circulars on February 27, 2025, and April 09, 2025, which specified the reg-ulatory framework for SIFs, including eligibility criteria and ISID disclosures. To ensure uniformity and efficient processing, registered Mutual Funds must now submit their applications in the format provided in Annexure I of this circular. Additionally, in accordance with the SIF Circular, the format for the ISID is detailed in Annexure II. This directive, effective immediately, is issued under the powers granted by the SEBI Act, 1992, and the SEBI (Mutual Funds) Regulations 1996, aimed at safeguarding investor interests and promoting securities market development.
Securities and Exchange Board of India
Circular No. SEBI/HO/IMD/IMD-RAC/P/CIR/2025/54 Dated: April 11, 2025
To,
All Mutual Funds
All Asset Management Companies (AMCs)
All Trustee Companies/ Board of Trustees of Mutual Funds
All Registrar and Share Transfer Agents (RTAs)
All Recognized Stock Exchanges
All Recognized Clearing Corporations
All Depositories
Association of Mutual Funds in India (AMFI)
Madam/ Sir,
Subject: Specialized Investment Funds (‘SIF’) – Application and Investment Strategy Information Document (ISID) formats
1. As stipulated in Regulation 49Y(1) of the SEBI (Mutual Funds) Regulations 1996 (‘MF Regulations’) for launching of investment strategies, Mutual Funds are required to launch Investment Strategies in accordance with the procedure applicable to the schemes of the Mutual Funds, as laid down in Regula-tion 28 of the MF Regulations.
2. SEBI vide Circulars dated February 27, 2025 (‘SIF Circular’) and April 09, 2025 specified the Regulatory Framework for Specialized Investment Funds, which, inter-alia, provides the eligibility criteria for a registered Mutual Fund to establish Specialized Investment Fund, including disclo-sures in Investment Strategy Information Document (‘ISID’).
3. Pursuant to the above and to ensure uniformity and efficient processing of applications, it has been decided that 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.
4. In terms of Clause 11 of Annexure A of the SIF Circular, the format of ISID is provided at Annexure II to this Circular.
5. This Circular shall come into force with effect from the date of this Circular.
6. This Circular is issued in exercise of the powers conferred by Section 11(1) of the Securities and Ex-change Board of India Act, 1992 read with Chapter VI-C of the SEBI (Mutual Funds) Regulations 1996 to protect the interest of investors in securities and to promote the development of, and to regulate the securities market.
7. This Circular is available at sebi.gov.in under the link “Legal ->Circulars”.
Yours faithfully,
Anupma Chadha
General Manager
Investment Management Department
+91-22-264491319
anupmac@sebi.gov.in
