Specialized Investment Funds Gain Momentum in India’s ₹78 Lakh Crore Mutual Fund Industry
The newly introduced Specialized Investment Fund (SIF) category is rapidly gaining traction in India’s ₹78 lakh crore mutual fund industry.
According to industry sources, 12 asset management companies (AMCs) have already received brand approval from SEBI to launch their SIFs, while two more fund houses are awaiting regulatory clearance.
Among the 12 approved players, Edelweiss Mutual Fund (Altiva SIF), SBI Mutual Fund (Magnum SIF), and quant Mutual Fund (qSIF) have already rolled out their respective SIF products.
The remaining nine fund houses with approved SIF brands are:
- 360 One MF – Dyna SIF
- Bandhan MF – Arudha SIF
- DSP MF – Endurance SIF
- HDFC MF – HSIF
- ICICI Prudential MF – ISIF
- ITI Mutual Fund – Divinity SIF
- Kotak MF – Infinity SIF
- Mirae Asset MF – Platinum SIF
- Tata Mutual Fund – Titanium SIF
Meanwhile, Axis MF, Union MF, and Franklin Templeton MF have applied for SIF licenses and are awaiting SEBI’s final approval.
List of SIF Brands and Fund Houses
| Sr. No. | SIF Brand Name | Fund House |
|---|---|---|
| 1 | Altiva SIF | Edelweiss MF |
| 2 | Arudha SIF | Bandhan MF |
| 3 | Divinity SIF | ITI Mutual Fund |
| 4 | Dyna SIF | 360 One MF |
| 5 | Endurance SIF | DSP Mutual Fund |
| 6 | HSIF | HDFC MF |
| 7 | Infinity SIF | Kotak MF |
| 8 | ISIF | ICICI Prudential MF |
| 9 | Magnum SIF | SBI MF |
| 10 | Platinum SIF | Mirae Asset MF |
| 11 | qSIF | quant MF |
| 12 | Titanium SIF | Tata Mutual Fund |
| 13 | Name not finalized | Franklin Templeton MF |
| 14 | Name not finalized | Axis MF |
| 15 | Name not finalized | Union MF |
Launch Pipeline and Market Sentiment
As per SEBI regulations, AMCs must secure brand approval before setting up their SIF businesses. Once approved, they can form dedicated teams and launch investment products under the SIF framework.
Industry insiders revealed that 360 One MF’s Dyna SIF and Tata MF’s Titanium SIF are likely to be launched by the end of 2025.
Syed Hassan, Chief Program Officer at CAMS, noted a surge of interest among fund houses in the SIF space. “Many AMCs that were initially hesitant are now keen to launch SIFs. A key driver behind this enthusiasm is the tax efficiency of SIFs compared to Alternative Investment Funds (AIFs),” he said.
Hassan also highlighted that the number of mutual fund distributors (MFDs) signing up as SIF distributors has grown tenfold in recent months.
However, he pointed out a lingering challenge — a lack of clarity among individual distributors.
“Many MFDs still struggle to answer investor queries on how SIFs differ from balanced advantage or arbitrage funds, and how they fit within the broader mutual fund ecosystem,” Hassan explained.
To bridge this knowledge gap, CAMS, in collaboration with Cafemutual, plans to host a webinar for MFDs to discuss SIF-related updates and address common investor concerns.