CIRCULAR
SEBI/HO/IMD/IMD-RAC/P/CIR/2025/54 April 11, 2025
To,
All Mutual Funds
All Asset Management Companies (AMCs)
All Trustee Companies/ Board of Trustees of Mutual Funds
All Registrar and Share Transfer Agents (RTAs)
All Recognized Stock Exchanges
All Recognized Clearing Corporations
All Depositories
Association of Mutual Funds in India (AMFI)
Madam/ Sir,
Subject: Specialized Investment Funds (‘SIF’) – Application and Investment
Strategy Information Document (ISID) formats
1. As stipulated in Regulation 49Y(1) of the SEBI (Mutual Funds) Regulations 1996 (‘MF
Regulations’) for launching of investment strategies, Mutual Funds are required to
launch Investment Strategies in accordance with the procedure applicable to the
schemes of the Mutual Funds, as laid down in Regulation 28 of the MF Regulations.
2. SEBI vide Circulars dated February 27, 2025 (‘SIF Circular’) and April 09, 2025
specified the Regulatory Framework for Specialized Investment Funds, which, inter-
alia, provides the eligibility criteria for a registered Mutual Fund to establish Specialized
Investment Fund, including disclosures in Investment Strategy Information Document
(‘ISID’).
3. Pursuant to the above and to ensure uniformity and efficient processing of
applications, it has been decided that registered Mutual Funds intending to establish
Specialized Investment Funds are required to submit their applications as per the
format provided at Annexure I to this Circular.
Page 1 of 2
4. In terms of Clause 11 of Annexure A of the SIF Circular, the format of ISID is provided
at Annexure II to this Circular.
5. This Circular shall come into force with effect from the date of this Circular.
6. This Circular is issued in exercise of the powers conferred by Section 11(1) of the
Securities and Exchange Board of India Act, 1992 read with Chapter VI-C of the SEBI
(Mutual Funds) Regulations 1996 to protect the interest of investors in securities and
to promote the development of, and to regulate the securities market.
7. This Circular is available at www.sebi.gov.in under the link “Legal ->Circulars”.
Yours faithfully,
Anupma Chadha
General Manager
Investment Management Department
+91-22-264491319
anupmac@sebi.gov.in
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ANNEXURE I
Format of application by mutual funds for grant of approval to establish
Specialized Investment Fund (SIF)
Instruction for filling up form: -
1 Applicants must submit a completed application form together with supporting
documents to the Board.
2 This application form should be filled in accordance with the SEBI (Mutual Funds)
Regulations, 1996 and circulars issued thereunder.
3 An incomplete application shall be liable to be rejected.
4 All entries by AMCs must be typed and legible.
5 In case any further details are required to be submitted, the same shall be given
on separate sheets attached to the application form.
6 The application must be signed by the competent person having authority to do
so and all signatures must be in original.
1. Proposed brand name of
the SIF
2. Name of Mutual Fund
3. Assets Under Financial Year (FY) Amount (in crore)
Management (AUM) over
the preceding 3 years
certified by scheme
statutory auditor.
Average AUM- ……. crore
4. Details of action initiated/ Provide complete information of the action taken/
taken against the initiated and the current status of the same.
sponsor/asset
management company
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(‘AMC’) under section 11,
11B, and/or Section 24 of
the SEBI Act, 1992 during
the last 3 years.
5. Details of Chief Name of CIO:
Investment Officer (CIO) Qualification:
proposed to be appointed Experience in fund management (brief): Details
for SIF in case applicant need to be mentioned in bio data to be submitted in
opts Route 2 the prescribed format.
Average AUM managed Please mention the value of assets managed by CIO
by the CIO on behalf of clients in India/ abroad, provided the
said assets are regulated by a financial regulator
and/or such assets are located in a country that is a
member of Financial Action Task Force (FATF) and
a country that is a signatory to International
Organization of Securities Commission's (IOSCO)
Multilateral Memorandum of Understanding
(MMOU).
6. Details of additional fund Name of Fund Manager:
manager to be appointed Qualification:
for SIF in case applicant Experience in fund management (brief): Details
opts Route 2 need to be mentioned in bio data to be submitted in
the prescribed format.
Average AUM managed Please mention the value of assets managed by
by the additional fund fund manager on behalf of clients in India/ abroad,
manager provided the said assets are regulated by a financial
regulator and/or such assets are located in a
country that is a member of Financial Action Task
Force (FATF) and a country that is a signatory to
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International Organization of Securities
Commission's (IOSCO) Multilateral Memorandum of
Understanding (MMOU).
Appendix:
1. Rationale for compliance with the eligibility requirements
2. List of documents to be enclosed
Name ……………..
Designation – Authorised Signatory – ………………
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Appendix 1
Rationale for compliance with the eligibility requirements
…….. (name of the mutual fund) meets the requirements of the eligibility criteria stipulated
in Route 1 (Sound Track Record)/ Route 2 (Alternate Route) for grant of approval to
establish Specialized Investment Fund (SIF), in accordance with SEBI Circular
SEBI/HO/IMD/IMD PoD1/P/CIR/2025/26 dated February 27, 2025 as mentioned below:
[ Route 1- Sound Track Record]
Regulatory Reference to Justification on how Supporting Documents
SEBI Circular the Mutual Fund (reference can be given to
SEBI/HO/IMD/IMD complies with the the list of enclosures:
PoD1/P/CIR/2025/26 requirement Appendix 2)
dated February 27, 2025
Para 1.1.1.1 (i)-  Copy of certificate of
registration as mutual fund
Mutual Fund has been in
operation for a minimum  Certificate from Scheme
period of 3 years and has Statutory Auditor on the
an average asset under average Assets Under
management (‘AUM’) of Management over the
not less than INR 10,000 preceding 3 financial years
crores, in immediately
preceding 3 years
Para 1.1.1.1 (ii)- Undertaking from the Trustee
Company of Mutual Fund
No action has been
initiated or taken against
the sponsor/asset
management company
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(‘AMC’) under section 11,
11B, and/or Section 24 of
the SEBI Act, 1992 during
the last 3 years.
[Route 2: Alternate Route]
Para 1.1.1.2 (i) (a)  Bio data of Chief
Investment Officer (CIO) in
A Chief Investment Officer the prescribed format
(‘CIO’) for the SIF with an  Undertaking from the AMC
experience of fund on average AUM managed
management of at least 10 by CIO
years and has managed an  Self-certified undertaking
average AUM of not less from the CIO on the
than INR 5,000 crores average AUM managed
Para 1.1.1.2 (i) (b)  Bio data of Fund Manager
in the prescribed format
An additional Fund Manager  Undertaking from the AMC
for the SIF with experience of on average AUM managed
fund management of at least by Fund Manager
3 years and has managed an  Self-certified undertaking
average AUM of not less from the Fund Manager on
than INR 500 crores the average AUM
managed
Para 1.1.1.2 (ii) Undertaking from the Trustee
Company of Mutual Fund
No action has been initiated
or taken against the
sponsor/AMC under section
11, 11B, and/or Section 24 of
Page 5 of 7
the SEBI Act, 1992 during
the last 3 years
Appendix 2:
List of documents to be enclosed
Name of Document Particulars
Annexure xx Copy of certificate of registration as mutual fund
Route 1: Sound Track record
Annexure xx Certificate from Scheme Statutory Auditor on the average
Assets Under Management over the preceding 3 financial
years
Annexure xx Undertaking from the Trustee Company of Mutual Fund
regarding action initiated/ taken against the sponsor/asset
management company (‘AMC’) under section 11, 11B,
and/or Section 24 of the SEBI Act, 1992 during the last 3
years.
Route 2: Alternate Route
Annexure xx Bio data of Chief Investment Officer (CIO) in the format
prescribed for ‘Bio data of Key Personnel’ in SEBI Master
Circular for Mutual Funds dated June 27, 2024 along with
identity proof.
Annexure xx Undertaking from the AMC that the CIO appointed for SIF
has managed an average AUM of not less than INR 5,000
crores.
Annexure xx Self-certified undertaking from the CIO that he/she has
managed an average AUM of not less than INR 5,000 crores.
Annexure xx Self-certified fit and proper person declaration by the CIO as
per Schedule II of the SEBI (Intermediaries) Regulations,
2008.
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Annexure xx Bio data of additional fund manager of SIF in the format
prescribed for ‘Bio data of Key Personnel’ in SEBI Master
Circular for Mutual Funds dated June 27, 2024 along with
identity proof
Annexure xx Undertaking from the AMC that the Fund manager
appointed for SIF has managed an average AUM of not
less than INR 500 crores.
Annexure xx Self-certified undertaking from the Fund manager
appointed for SIF that he/she has managed an average
AUM of not less than INR 500 crores.
Annexure xx Self-certified fit and proper person declaration by the fund
manager as per Schedule II of the SEBI (Intermediaries)
Regulations, 2008.
Annexure xx Undertaking from the Trustee Company of Mutual Fund
regarding action initiated/ taken against the sponsor/asset
management company (‘AMC’) under section 11, 11B,
and/or Section 24 of the SEBI Act, 1992 during the last 3
years.
Annexure xx Undertaking from AMC that it shall maintain a separate
website/ dedicated webpage exclusively for SIF and that
there would be clear differentiation between the SIF’s
offerings and the regular Mutual Fund Offerings
Annexure xx Organizational structure of SIF indicating details of
resources being shared
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ANNEXURE II
1. STANDARD OFFER DOCUMENTS
A. INVESTMENT STRATEGY INFORMATION DOCUMENT (ISID)
Front Cover Page
INVESTMENT STRATEGY INFORMATION DOCUMENT
SECTION 1
N A M E O F T H E I N V E S T M E N T S T R A T E G Y
( T y p e o f I n v e s t m e n t S t r a t e g y )
1. Name and type of the Investment strategy to be aligned with SEBI
Circular on Regulatory framework for Specialised Investment Funds
(SIF).
2. In accordance with SEBI Circulars on Potential Risk Class (PRC) Matrix
for debt schemes, type of investment strategy to include PRC description
and table. As per SEBI Circulars on Potential Risk Class (PRC) Matrix for
debt schemes, the PRC matrix along with the mark for the cell in which
the scheme resides shall be disclosed on front page of ISID.
3. Product Labelling and Risk- band of the Investment Strategy and
Benchmark should be disclosed
4. In case the investment strategy is listed/proposed to be listed (close
ended / interval investment strategies etc.), the Scrip Code issued by the
stock exchange after listing to be mentioned below the name of the
investment strategy.
This product is Risk-band* Benchmark Risk-
suitable for investors band (as applicable)
who are seeking
Risk band Level 1 Risk band Level 1
.. ..
.. ..
.. ..
Risk band Level 5 Risk band Level 5
*The Risk Band shall be as specified by AMFI.
 The above product labelling assigned during the New Fund Offer (NFO) is
based on internal assessment of the characteristics of the investment strategy
or model portfolio and the same may vary post NFO when the actual
investments are made
Offer of units of Rs… each for cash during the
New Fund Offer and Continuous offer for Units at NAV based prices
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New Fund Offer Opens on: _______
New Fund Offer Closes on: _______
Investment strategy re-opens on: __________
Name of SIF :
Name of the mutual fund:
Name of Asset Management Company :
Name of Trustee Company :
Addresses, Website of the entities (including SIF)
The particulars of the investment strategy have been prepared in accordance with the
Securities and Exchange Board of India (Mutual Funds) Regulations 1996, (herein after
referred to as SEBI (MF) Regulations) as amended till date and circulars issued thereunder
filed with SEBI, along with a Due Diligence Certificate from the AMC. The units being
offered for public subscription have not been approved or recommended by SEBI nor has
SEBI certified the accuracy or adequacy of the Investment Strategy Information Document.
The Investment Strategy Information Document sets forth concisely the information about the
investment strategy that a prospective investor ought to know before investing. Before
investing, investors should also ascertain about any further changes to this Investment
Strategy Information Document after the date of this Document from the SIF/Mutual Fund /
Investor Service Centres / Website / Distributors or Brokers.
The investors are advised to refer to the Statement of Additional Information (SAI) for
details of ________ SIF, Mutual Fund, Standard Risk Factors, Special Considerations, Tax
and Legal issues and general information on www.__________. (website address).
SAI is incorporated by reference (is legally a part of the Investment Strategy
Information Document). For a free copy of the current SAI, please contact your
nearest Investor Service Centre or log on to our website (give reference to both the
SIF website and mutual fund website)
The Investment strategy Information Document (Section I and II) should be read in
conjunction with the SAI and not in isolation.
Page 2 of 20
Investors are advised to note that investments in Specialized Investment Fund involves
relatively higher risk including potential loss of capital, liquidity risk and market volatility.
Please read all investment strategy related documents carefully before making the investment
decision.
This Investment Strategy Information Document is dated ________.
Note: The wording in italics is explanatory commentary/instructions.
Instructions:
i. SIF is free to add any other disclosure, which in the opinion of the Trustees or the Asset
Management Company (AMC) is material for the investor, provided that such information is not
presented in an incomplete, inaccurate or misleading manner. Care should be taken to ensure that
inclusion of such information does not, by virtue of its nature, or manner of presentation, obscure
or impede understanding of any information that is required to be included under the Investment
Strategy Information Document.
ii. Care should be taken to ensure that the information is presented in the Investment Strategy
Information Document in simple language and in a clear, concise and easily understandable
manner.
iii. The investment strategy shall not have a name or title which may be deceptive or misleading. Name
of the investment strategy should be consistent with its statement of investment policy and the
investment strategy name should be in line with SEBI circular on Regulatory framework for
Specialised Investment Funds (SIF).
iv. The type of the investment strategy would mean whether the strategy is an equity oriented
investment strategy, debt oriented investment strategy or hybrid investment strategy, etc. and
whether the investment strategy is open-ended, close-ended or interval and the investment strategy
type should be in line with SEBI circular on Regulatory framework for Specialised Investment
Funds (SIF).
v. Investment Strategy Information Document has two sections- Section I and Section II. While
Section I contains investment strategy specific information that is dynamic, Section II contains
elaborated provisions (including references to applicable Regulations/circulars/guidelines) with
reference to information/disclosures provided in Section I.
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PART I. HIGHLIGHTS/SUMMARY OF THE INVESTMENT STRATEGY
Sr. No. Title Description
I. Name of the Investment  (As per SEBI Circular on Regulatory Framework
Strategy for Specialised Investment Funds (SIF)
II. Category of the As per SEBI circular on Regulatory Framework for
Investment Strategy Specialised Investment Funds)
III. Type of Investment  Open ended/ close/interval investment strategy
Strategy  All Debt oriented investment strategies to include
PRC description in the investment strategy type in
terms of Clause 17.5 of SEBI Master Circular for
Mutual Funds dated June 27, 2024.
IV. Investment strategy code (To be disclosed after obtaining investment strategy code)
V. Investment objective  Clear and concise Investment objective to be stated
in ISID and must be true to the investment strategy
label. It shall contain the following statement
“There is no assurance that the investment objective
of the Investment strategy will be achieved.
VI. Liquidity/listing details Provide Liquidity provisions on ongoing basis. Listing
details only to be provided if the investment strategy
intends to list immediately after NFO
VII. Benchmark (Total  The name and the justification (specific to the
Return Index) investment strategy objective) for the use of
benchmark index with which the performance of
the investment strategy can be compared with.
 Second Tier benchmark if applicable
VIII. Subscription frequency
IX. Redemption frequency Equity Oriented Investment Strategies-
Daily or any lesser redemption frequency as may be decided by AMC
Debt Oriented Investment Strategies-
Once in a week or any lesser redemption frequency as may be decided
by AMC
Hybrid Investment Strategies-
Two Times in a week or any lesser redemption frequency as may be
decided by AMC
P age 4 of 20
X. NAV disclosure Mention only the Daily Disclosure timings on AMFI and
AMC website. Further Details in Section II.
XI. Applicable timelines Timeline for
 Dispatch of redemption proceeds,
 Dispatch of IDCW (if applicable) etc.
XII.
Plans and Options Plan- Direct Plan/Regular Plan
Plans/Options and sub
Options under each Plan(s)
options under the
Investment strategy
Growth
 Income Distribution cum Capital Withdrawal (IDCW)
(include facilities if applicable)
 Including Default option/ facility (as applicable)
For detailed disclosure on default plans and options,
kindly refer SAI.
XIII. Load Structure
Exit Load:
XIV. Minimum Application  During NFO:
Amount/switch in  On continuous basis:
XV. Minimum Additional
Purchase Amount
XVI. Minimum Rs. _______
Redemption/switch out
amount The redemption will be subject to compliance with
provisions mentioned under “Minimum investment
threshold”
XVII. Notice Period (Maximum duration of notice period shall not exceed 15
working days.)
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XVIII. New Fund Offer Period NFO opens on:
This is the period during NFO closes on:
which a new investment
strategy sells its units to Minimum duration to be 3 working days and will not be
the investors. kept open for more than 15 days
Any changes in dates will be published through notice
on AMC SIF website i.e. …………..
XIX. New Fund Offer Price: price per unit
This is the price per unit
that the investors have to
pay to invest during the
NFO.
XX. Segregated Confirmation/disclosure statement only. For Details,
portfolio/side pocketing kindly refer SAI
disclosure
XXI. S wing pricing disclosure Confirmation/disclosure statement only. For Details,
kindly refer SAI
XXII. Stock lending/short Confirmation/disclosure statement only. For Details,
selling kindly refer SAI
XXIII. How to Apply Summary of process only. Details in section II
XXIV. Investor services  Contact details for general service requests:
 Contact details for complaint resolution:
XXV. Specific attribute of the
investment strategy
(such as lock-in,
duration in case of close
ended schemes as
applicable)
XXVI. Special product/facility Briefly describe the facilities/products Available
available during the Facilities like:
NFO and on ongoing  Systematic Investment Plan
basis  Systematic Transfer Plan
 Systematic Withdrawal Plan
 For further details of above special products /
facilities, For Details, kindly refer SAI
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XXVII. Weblink A weblink wherein TER for last 6 months, Daily TER as
well as investment strategy factsheet shall be made
available (when applicable)
DUE DILIGENCE BY THE ASSET MANAGEMENT COMPANY
It is confirmed that:
(i) The Investment Strategy Information Document submitted to SEBI is in accordance
with the SEBI (Mutual Funds) Regulations, 1996 and the guidelines and directives
issued by SEBI from time to time.
(ii) All legal requirements connected with the launching of the Investment strategy as also
the guidelines, instructions, etc., issued by the Government and any other competent
authority in this behalf, have been duly complied with.
(iii) The disclosures made in the Investment Strategy Information Document are true, fair and
adequate to enable the investors to make a well informed decision regarding investment
in the Investment Strategy.
(iv) The intermediaries named in the Investment Strategy Information Document and
Statement of Additional Information are registered with SEBI and their registration is
valid, as on date.
(v) The contents of the Investment Strategy Information Document including figures, data,
yields etc. have been checked and are factually correct
(vi) A confirmation that the AMC has complied with the compliance checklist applicable for
Investment Strategy Information Document other than cited deviations/ that there are no
deviations from the regulations
(vii) Notwithstanding anything contained in this Investment Strategy Information Document,
the provisions of the SEBI (Mutual Funds) Regulations, 1996 and the guidelines there
under shall be applicable.
(viii) The Trustees have ensured that the (name of the Investment Strategy) approved by them
is a new product offered by (name of the SIF) and is not a minor modification of any
existing Investment Strategy.
Date: Name:
Place: Designation:
PART II. INFORMATION ABOUT THE INVESTMENT STRATEGY
A. HOW WILL THE INVESTMENT STRATEGY ALLOCATE ITS ASSETS?
This includes asset allocation table giving the broad classification of assets and indicative
exposure level in percentage terms. The asset allocation should be consistent with the
investment objective of the Investment Strategy and SEBI circular on Regulatory
framework for Specialised Investment Funds (SIF).
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Indicative allocations
Instruments (% of total assets)
Minimum Maximum
 Percentage of investment in overseas securities, derivatives for non-hedging purposes,
stock lending, securitized debt, Debt instruments with special features (AT 1 and AT
2 Bonds), Debt Instruments with SO / CE, ReITs and InVITs, Tri-party repos, other
mutual funds, repo/ reverse repo transactions in corporate debt securities, Credit
Default Swaps, covered call option etc). to be indicated.
 In case the Investment Strategy does not intend to invest in these securities, negative
confirmation in a table format should be provided for securities / instruments in which
the Investment Strategy will not invest.
 Cumulative gross exposure limits to be adhered in terms of SEBI Circular on
Regulatory framework for Specialised Investment Funds (SIF)
 Any other information/disclosure to be added as per applicable Consolidated checklist
of standard observations.
Indicative Table (Actual instrument/percentages may vary subject to applicable SEBI
circulars)
Sl. no Type of Instrument Percentage of Circular references*
exposure
1. Securities Lending
2. Derivatives for non-
hedging and other than for
portfolio rebalancing
purposes
3. Securitized Debt
4. Overseas Securities
5. ReITS and InVITS
6. Debt instruments with
special features (AT1 and
AT2 Bonds)
7. Debt Instruments with SO /
CE
8. Tri-party repos
9. Repo/ reverse repo
transactions in corporate
debt securities
10. Credit Default Swaps
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11. Any other instrument
*SEBI circular references (wherever applicable) in support of exposure limits of different types of asset
classes in asset allocation shall be provided.
Timelines for deployment of funds collected by Asset Management Companies (AMCs) in
New Fund Offer (NFO) as per asset allocation of the scheme as per SEBI circular dated
February 27, 2025
Portfolio rebalancing: AMC to refer to Clause 1.14.1.2, Clause 2.9, Clause 3.5.3.11 and Clause 3.6.7
of SEBI Master Circular for Mutual Funds and applicable clause of Consolidated checklist of standard
observations for active and passive breach/es.
B. WHERE WILL THE INVESTMENT STRATEGY INVEST?
This includes only a list of all instruments in which the Investment Strategy will invest.
(Detailed definition and applicable regulations/guidelines for each instrument shall be
included in Section II)
Investment in overseas securities shall be made in accordance with the requirements
stipulated by SEBI and RBI from time to time.
Any other information/disclosure to be added as per applicable Consolidated checklist of
standard observations.
C. WHAT IS THE INVESTMENT APPROACH?
Information about investment approach and risk control should be included in simple terms.
Investment approach shall match the asset allocation pattern of the investment strategy.
Further, details on generic concepts such as macroeconomic trends may not be provided
unless there are investment approaches derived specifically from these concepts.
Disclosure for derivatives to be provided in summary form. For detailed derivative strategies,
please refer to SAI.
Further, Portfolio turnover policy, particularly for equity oriented investment strategies shall
also be disclosed. In discussing the investment approaches, the investment strategy shall
briefly discuss in the ISID the probable effect of such approaches on the rate of the total
portfolio turnover of the investment strategy, if such effects are significant and also other
consequences which will result from the higher portfolio turnover rate e.g. higher brokerage
and transaction cost.
Page 9 of 20
D. HOW WILL THE INVESTMENT STRATEGY BENCHMARK ITS PERFORMANCE?
Benchmark (Total Returns Index):
The AMC shall appropriately select any of broad market indices available, as a benchmark
index depending on the investment objective and portfolio of the investment strategy.
 Equity oriented investment strategies shall be compared against a suitable broad
market index such as BSE Sensex or NSE Nifty or BSE 100 or CIRISL 500 etc
 Debt oriented investment strategies shall be compared with a suitable broad market
index that is a representative of the fund’s portfolio.
 Hybrid investment strategies shall be compared with suitable broad market
benchmark wherever available
The name and the justification (specific to the investment strategy objective) for the use of
benchmark index with which the performance of the investment strategy can be compared
with.
E. WHO MANAGES THE INVESTMENT STRATEGY?
Name, age, educational qualification and experience of the fund manager to the Investment
strategy to be disclosed. The experience of the fund manager should include last 10 years’
experience and also the name of other investment strategies under his /her management.
Fund manager adequate expertise and experience is required for commodity based
investment strategies and overseas investments as per applicable SEBI circulars.
F. HOW IS THE INVESTMENT STRATEGY DIFFERENT FROM EXISTING
INVESTMENT STRATEGIES OF THE SIF?
Provide a reference list of existing investment strategies and a functional website link that
contains detailed comparative table.
G. HOW HAS THE INVESTMENT STRATEGY PERFORMED (if applicable)
Compounded Investment Benchmark
[In case of a new investment Annualised Strategy Returns Returns %
strategy, this is not applicable Returns %
hence give the statement- “This
Page 10 of 20
Investment strategy returns %
investment strategy is a new Returns for the last
strategy and does not have any 1 year
performance track record”] Returns for the last
3 years
Or
Returns for the last
[In case of an investment
5 years
strategy in existence, the return
Returns since
figures shall be given for that
inception
investment strategy only. For an
investment strategy which is in
existence for more than 1 year,
the returns given will be
Compounded Annualised
Returns and for investment
strategy which is in existence for
less than 1 year, the returns
would be absolute returns since
inception.
Absolute returns for each
financial year for the last 5 years
shall be represented by means of
a bar diagram as per the adjacent
format.]
Absolute Returns for each financial year for the last 5
years
-5
-10
-15
-20
a-b b-c c-d d-e e-f
Last 5 financial years
Page 11 of 20
H. ADDITIONAL INVESTMENT STRATEGY RELATED DISCLOSURES
i. Investment Strategy’s portfolio holdings (top 10 holdings by issuer and fund
allocation towards various sectors to be provided through a functional website link
that contains detailed description.)
ii. Functional website link for Portfolio Disclosure -.
iii. Portfolio Turnover Rate particularly for equity oriented Investment Strategies shall
also be disclosed.
iv. Aggregate investment in the Investment Strategy by:
Sr. No. Category of Persons Net Value
1. Concerned Investment Strategy’s Fund Units NAV per unit
Manager(s)
For any other disclosure w.r.t investments by key personnel and AMC directors including
regulatory provisions in this regard kindly refer SAI.
v. Investments of AMC in the Investment Strategy – Details to be provided vide
functional website link.
The AMC shall not invest in any of the Investment Strategies unless full disclosure of
its intention to invest has been made in the ISID and that the AMC shall not be
entitled to charge any fees on such investment
PART III- OTHER DETAILS
A. COMPUTATION OF NAV
Disclosure pertaining to illustration on computation of NAV and Methodology for calculation
of sale and re-purchase price of the units of Investment Strategy.
Disclosure to the effect that the repurchase price shall not be lower than 95% of the NAV. For
other details such as policies w.r.t computation of NAV, rounding off, investment in foreign
securities, procedure in case of delay in disclosure of NAV etc. refer to SAI
B. NEW FUND OFFER (NFO) EXPENSES
These expenses are incurred for the purpose of various activities related to the NFO like sales and
distribution fees paid marketing and advertising, registrar expenses, printing and stationary, bank
charges etc. Details of source for meeting these expenses may be disclosed. AMC to ensure that no NFO
expenses will be / were charged to the Investment Strategy.
C. ANNUAL RECURRING EXPENSES
These are the fees and expenses for operating the Investment Strategy. These expenses include
Investment Management and Advisory Fee charged by the AMC, Registrar and Transfer
Agents’ fee, marketing and selling costs etc. as given in the table below:
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The AMC has estimated that upto _____ % of the daily average net assets of the Investment
Strategy will be charged to the Investment Strategy as expenses (Give slab wise break up
depending on the assets under management. Give plan/option wise break up if the expense structures
are different). For the actual current expenses being charged, the investor should refer to the
website of the SIF.
% p.a. of
daily Net
Expense Head Assets*
(Estimated
p.a.)
Investment Management & Advisory Fee
Audit fees/fees and expenses of trustees
Custodial Fees
Registrar & Transfer Agent Fees including cost of providing account
statements / IDCW / redemption cheques/ warrants
Marketing & Selling Expenses including Agents Commission and
statutory advertisement
Costs related to investor communications
Costs of fund transfer from location to location
Cost towards investor education & awareness
Brokerage & transaction cost pertaining to distribution of units
Goods & Services Tax on expenses other than investment and advisory
fees
Goods & Services Tax on brokerage and transaction cost
Other Expenses (to be specified as per Reg 52 of SEBI MF Regulations)
Maximum Total expenses ratio (TER) permissible under Regulation
52 (6) (c)
Additional expenses under Regulations 52(6A)(c)
Additional expenses for gross new inflows from specified cities
*Impact of TER on returns of both Direct plan and Regular plan through an illustration may
be provided.
Any other information/disclosure to be added as per applicable Consolidated checklist of
standard observations.
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D. LOAD STRUCTURE
Exit Load is an amount which is paid by the investor to redeem the units from the Investment
Strategy. Load amounts are variable and are subject to change from time to time. For the current
applicable structure, please refer to the website of ……..SIF (www.-----) or may call at (toll free no.)
or your distributor.
Type of Load Load chargeable (as %age of NAV)
Exit To be prescribed by respective AMC
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Section II
I. Introduction
A. Definitions/interpretation
Functional website link that contains detailed description
B. Risk factors
- Investment Strategy specific risk factors
Include risk factors associated with investment in various instruments in which the investment strategy
intends to invest as indicated in asset allocation section.
C. Risk mitigation strategies
II. Information about the investment strategy:
A. Where will the investment strategy invest – In terms of Regulation 49Z of SEBI MF Regulations,
detailed description of the instruments as permitted under Regulation 43(1) for mutual fund schemes
(including overview of debt markets in India, if applicable) mentioned in Section I
B. What are the investment restrictions?
All the investment restrictions as contained in Regulation 49AA and Seventh Schedule to
SEBI (Mutual Funds) Regulations, 1996 and circulars issued thereunder, applicable to the
investment strategy should be incorporated.
Further in case the fund follows any internal norms vis-à-vis limiting exposure to a
particular scrip or sector, etc. apart from the aforementioned investment restrictions the
same needs to be disclosed.
C. Fundamental Attributes
Following are the Fundamental Attributes of the investment strategy, in terms of Clause
1.14 of SEBI Master Circular for Mutual Funds:
(i) Type of investment strategy:
o Open ended/Close ended/Interval investment strategy
o Equity Oriented/ Debt Orineted/ Hybrid Investment strategy
(ii) Investment Objective
o Main Objective - Growth/Income/Both.
o Investment pattern - The Tentative Equity/Debt/Money Market portfolio break-up
with minimum and maximum asset allocation, while retaining the option to alter the asset
allocation for a short term period on defensive considerations.
(iii) Terms of Issue
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o Liquidity provisions such as listing, repurchase, redemption.
o Aggregate fees and expenses charged to the investment strategy.
o Any safety net or guarantee provided.
In accordance with Regulation 18(15A) of the SEBI (MF) Regulations and Clause 1.14.1.4 of
SEBI Master Circular for Mutual Funds, the Trustees shall ensure that no change in the
fundamental attributes of the investment strategy or the trust or fee and expenses payable
or any other change which would modify the investment strategy thereunder and affect the
interests of Unitholders is carried out unless:
• SEBI has reviewed and provided its comments on the proposal
• A written communication about the proposed change is sent to each Unitholder and
an advertisement is given in one English daily newspaper having nationwide circulation as
well as in a newspaper published in the language of the region where the Head Office of
the Mutual Fund is situated; and
• The Unitholders are given an option for a period of atleast 30 calendar days to exit at
the prevailing Net Asset Value without any exit load.
D. Floors and ceiling within a range of 5% of the intended allocation against each sub class of
asset, as per clause 13.6.2 of SEBI master circular for mutual funds dated June 27, 2024 (only
for close ended debt investment strategies- if applicable)
E. Other Investment Strategy Specific Disclosures:
Listing and transfer of units
Dematerialization of units
Minimum Target amount
(This is the minimum amount
required to operate the investment
strategy and if this is not collected
during the NFO period, then all
the investors would be refunded
the amount invested without any
return.)
Redemption and subscription
frequency of the investment
strategy
Notice period of the investment
strategy
Maximum Amount to be raised
(if any)
Dividend Policy (IDCW)
Allotment (Detailed procedure) Mention, the procedure for allotment and dispatch of
account statements/unit certificates. Indicate the time
period. Mention the number of days within which the
statement shall be dispatched to the unitholders who
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subscribe to the units when the investment strategy is open
for continuous subscription after NFO as per the applicable
guidelines.
Refund If application is rejected, full amount will be refunded within
5 working days of closure of NFO. If refunded later than 5
working days @ 15% p.a. for delay period will be paid and
charged to the AMC.
Who can invest
This is an indicative list and
investors shall consult their
financial advisor to ascertain
whether the investment strategy is
suitable to their risk profile.
Who cannot invest
How to Apply (details) Details regarding-
availability of application form from either the Investor
Service Centers (ISCs)/Official Points of Acceptance (OPAs)
of AMC or may be downloaded from the website of AMC
(Provide website link) should be specified. Please refer to
the SAI and Application form for the instructions.
A link for the list of official points of acceptance, collecting
banker details etc.
Name, address and contact no. of Registrar and Transfer
Agent (R&T), email id of R&T, website address of R&T,
official points of acceptance, collecting banker details etc.
on back cover page.
To inform investors that it is mandatory to mention their
bank account numbers in their applications/requests for
redemption.
.
The policy regarding reissue of
repurchased units, including the
maximum extent, the manner of
reissue, the entity (the investment
strategy or the AMC) involved in
the same.
Restrictions, if any, on the right to
freely retain or dispose of units
being offered.
Cut off timing for subscriptions/
redemptions/ switches
This is the time before which your
application (complete in all
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respects) should reach the official
points of acceptance.
Where can the applications for Please refer the AMC website/ SIF website (Provide website
purchase/redemption switches be link) at the following link for the list of official points of
submitted? acceptance, collecting banker details etc.
To inform investors that it is mandatory to mention their
bank account numbers in their applications/requests for
redemption.
Minimum amount for
purchase/redemption/switches
Minimum threshold requirement
and consequences of non-
maintenance
Accounts Statements The AMC shall send an allotment confirmation specifying the
units allotted by way of email and/or SMS within 5 working
days of receipt of valid application/transaction to the Unit
holders registered e-mail address and/ or mobile number
(whether units are held in demat mode or in account
statement form).
A Consolidated Account Statement (CAS) detailing all the
transactions across all SIFs (including transaction charges
paid to the distributor) and holding at the end of the month
shall be sent to the Unit holders in whose folio(s)
transaction(s) have taken place during the month by mail or
email on or before 15th of the succeeding month.
Half-yearly CAS shall be issued at the end of every six
months (i.e. September/ March) on or before 21st day of
succeeding month, to all investors providing the prescribed
details across all investment strategies of SIFs and securities
held in dematerialized form across demat accounts, if
applicable
For further details, refer SAI.
Dividend/ IDCW The payment of dividend/IDCW to the unitholders shall be
made within seven working days from the record date.
Redemption The redemption or repurchase proceeds shall be dispatched
to the unitholders within three working days from the date
of redemption or repurchase.
For list of exceptional circumstances refer Clause 14.1.3 of
SEBI Master Circular for Mutual Funds dated June 27, 2024
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For investment strategies investing atleast 80% of total assets
in permissible overseas investments (as per Clause 12.19 of
SEBI Master Circular for Mutual Funds), the transfer of
redemption or repurchase proceeds to the unitholders shall
be made within five working days from the date of
redemption or repurchase.
Bank Mandate
Delay in payment of redemption / The Asset Management Company shall be liable to pay
repurchase proceeds/dividend interest to the unitholders at rate as specified vide clause
14.2 of SEBI Master Circular for Mutual Funds dated June
27, 2024 for the period of such delay
Unclaimed Redemption and
Income Distribution cum Capital
Withdrawal Amount
Disclosure w.r.t investment by
minors
Any other disclosure in terms of
Consolidated Checklist on Standard
Observations
III. Other Details
A. Periodic Disclosures such as Half yearly disclosures, half yearly results, annual
report
 Specify timelines of these disclosures and details of where they are disclosed.
(such as “Refer to AMC website, SIF website, SAI, AMFI website for further
details etc. Provide a functional link for each respective field”)
 Portfolio disclosures
 Any disclosure in terms of Consolidated Checklist on Standard Observations
B. Scenario Analysis for Derivatives Positions (As specified by AMFI)
C. Liquidity risk management tools and its applicability
D. Transparency/NAV Disclosure (Details with reference to information given in
Section I)
E. Transaction charges and stamp duty- Indicate only the amount of transaction charges
and stamp duty applicable. Details to be provided in SAI.
F. Associate Transactions- Please refer to Statement of Additional Information (SAI)
G. Taxation- For details on taxation please refer to the clause on Taxation in the SAI apart
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from the following:
Resident Investors Non resident Mutual Fund/SIF
Investors
Tax on dividend
Capital gain
Long Term:
Short Term:
H. Rights of Unitholders- Please refer to SAI for details.
I. List of official points of acceptance: Details to be uploaded and updated on a functional
website link to the website of SIF
J. Penalties, Pending Litigation or Proceedings, Findings of Inspections or
Investigations For Which Action May Have Been Taken Or Is In The Process Of
Being Taken By Any Regulatory Authority
- AMCs to ensure real time updation of data on the said link.
- Any disclosure in terms of Consolidated Checklist on Standard Observations
*****
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