SEBI Revises Compliance Reporting For SIFs

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  • Last Updated on 12 January, 2026

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Specialised Investment Funds

Circular no. HO/24/13/12(4)2025-IMD-POD-1/I/2062/2026; Dated: 08.01.2026

1. Introduction

The Securities and Exchange Board of India (SEBI) has issued compliance reporting formats for Specialised Investment Funds (SIFs) through Circular No. HO/24/13/12(4)2025-IMD-POD-1/I/2062/2026 dated 8 January 2026. This move marks an important step in strengthening the regulatory framework governing SIFs and ensuring enhanced compliance and transparency.

2. Alignment With Existing MF Framework

SEBI has released the reporting formats by modifying the existing Compliance Test Report (CTR) and Half-Yearly Trustee Report (HYTR), which are currently applicable to mutual funds. By extending these established reporting mechanisms to SIFs, SEBI aims to bring regulatory consistency while addressing the unique characteristics of specialised investment products.

3. Key Changes In CTR Format

The revised CTR format now includes a new Part IV specifically dedicated to SIFs. This section covers critical compliance aspects such as minimum investment thresholds, certification requirements for SIF fund managers, and adherence to prescribed investment restrictions. These additions are designed to ensure robust monitoring of SIF operations.

4. Modifications To HYTR Requirements

The HYTR format has also been amended to include a new Clause 72A. Under this clause, trustees are required to certify compliance with SIF-specific regulatory requirements, thereby strengthening oversight and accountability at the trustee level.

5.  Conclusion

Through these revised compliance reporting formats, SEBI seeks to enhance governance standards and regulatory supervision of Specialised Investment Funds. The initiative reinforces investor protection while supporting the orderly development of the SIF segment within India’s capital markets.

Click Here To Read The Full Circular

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Author: Taxmann

Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.

The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:

  • The statutory material is obtained only from the authorized and reliable sources
  • All the latest developments in the judicial and legislative fields are covered
  • Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
  • Every content published by Taxmann is complete, accurate and lucid
  • All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
  • The golden rules of grammar, style and consistency are thoroughly followed
  • Font and size that's easy to read and remain consistent across all imprint and digital publications are applied