The SEBI circular dated January 08, 2026, introduces standardized compliance reporting formats for Specialized Investment Funds (SIF) to ensure uniformity and clarity in their regulatory oversight. Operationalizing requirements under Regulation 49V(2) of the SEBI (Mutual Funds) Regulations, 1996, the circular mandates that all reporting applicable to mutual funds now also applies to SIFs.
Key reporting modifications include the introduction of Part IV in the Compliance Test Report (CTR) (Annexure A1), which requires Asset Management Companies (AMCs) to report on 20 specific regulatory parameters, including minimum investment thresholds, NISM Certification for fund managers, investment strategies, and limitations on fees and expenses. It further enforces strict compliance with investment restrictions regarding single issuer limits for debt and equity, as well as investments in InvITs, REITs, and derivatives.Additionally, the circular modifies the Half-Yearly Trustee Report (HYTR) by inserting Clause 72A (Annexure A2), requiring Trustees to certify the AMC’s expertise and internal control systems, adherence to product differentiation, and compliance with branding and advertising requirements. These reporting standards also encompass portfolio disclosures, benchmarking of investment strategies, and the disclosure of scenario analysis. Effective immediately, these measures strengthen the framework for risk management, investor protection, and disclosure for SIFs.
