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.
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