Sebi issues framework for Specialised Investment Funds

Mumbai: If you are a mutual fund player with assets of ₹10,000 crore under management and have been in the business for three years, then you can launch Sebi's newly-created category called specialised investment fund (SIF).

SIF falls between mutual funds and portfolio management services and is aimed at wealthier investors. One will have to invest a minimum of ₹10 lakh in SIF. To manage SIF, the financial services company has to appoint a chief investment officer with a fund management experience of 10 years and should have managed assets worth ₹5,000 crore. Sebi, which came out with detailed rules on Thursday, said that the company should ensure that the SIF has a distinct identification from that of the mutual fund to maintain differentiation between the two offerings.