The Securities and Exchange Board of India has issued a circular to standardise compliance reporting for Specialized Investment Funds (SIFs), requiring mutual fund entities operating SIFs to use updated reporting formats and to treat SIFs as subject to the same reporting regime that applies to mutual funds under the SEBI (Mutual Funds) Regulations, 1996 and the Mutual Fund Master Circular. Under the revised formats, the Compliance Test Report (CTR) template in the Master Circular is modified to add a new Part IV, which Asset Management Companies managing SIFs must complete within the CTR submitted for mutual funds. Part IV covers SIF-specific checks including minimum investment threshold, strategy characteristics, fee and expense limits, single-issuer and other investment restrictions across instruments including derivatives and INVITs, product differentiation, branding and advertising, offer and portfolio disclosures, subscription and redemption provisions including notice period, listing, benchmarking, distribution, risk band and scenario analysis, with NISM certification reporting to apply once a specific requirement is set by the Board and a requirement to provide compliance on restrictions on investments in REITs for the quarter ending December 2025. The Half-Yearly Trustee Report (HYTR) template is also modified to add a new Clause 72A, requiring trustees to report on AMC capability and controls for SIF activity and compliance across the core SIF requirements including thresholds, fees, investment restrictions, disclosures, branding and risk management. The changes apply with effect from the date of the circular.

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