SIF assets jump 21-fold to ₹42,670 crore as hybrid strategies draw 70% of the money
Specialised investment funds went from 4 strategies to 37 in a year. Most of the money is in hybrid strategies, which SEBI allows to pay out at most twice a week, not daily.
AMFI's SIF report for October 2026 shows ₹42,669.52 crore in 37 strategies across 1,76,542 folios, against ₹2,010.44 crore in 4 strategies a year earlier. Hybrid strategies hold 70.14% of the money. SEBI's rules let them redeem at most twice a week. A fund house may set longer gaps and a notice period of up to 15 working days.
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Specialised investment funds, or SIFs, are a SEBI category for people who invest at least ₹10 lakh. They are run by mutual fund houses. Unlike ordinary funds, they may hold unhedged short positions through derivatives, up to 25% of net assets. AMFI's first SIF report, for October 2025, listed four strategies with ₹2,010.44 crore.
AMFI's report for October 2026 lists 37 strategies with ₹42,669.52 crore. Folios rose from 10,212 to 1,76,542 over the same year.
A year of monthly reports
| Month | Strategies | Folios | Net assets |
|---|---|---|---|
| October 2025 | 4 | 10,212 | ₹2,010.44 crore |
| January 2026 | 8 | 24,372 | ₹6,564.24 crore |
| April 2026 | 16 | 50,096 | ₹12,329.05 crore |
| July 2026 | 30 | 94,447 | ₹23,177.31 crore |
| October 2026 | 37 | 1,76,542 | ₹42,669.52 crore |
Close to half the net inflow of the year came in the last three months. August, September and October brought in a net ₹20,427.97 crore of the ₹42,756.46 crore.
Net assets per folio came to ₹24.17 lakh in October 2026. That is an average, and one person can hold folios in several strategies.
SIFs are still small next to mutual funds. Their assets were 0.51% of the ₹83.39 lakh crore the mutual fund industry managed on 31 October.
Where the money sits
SEBI allows three families of SIF strategy: equity, debt and hybrid. Each fund house may launch one strategy in each category.
| Category | Strategies | Net assets, October 2026 | Share |
|---|---|---|---|
| Hybrid Long-Short | 11 | ₹26,678.90 crore | 62.52% |
| Equity Ex-Top 100 Long-Short | 7 | ₹7,911.40 crore | 18.54% |
| Equity Long-Short | 13 | ₹4,755.82 crore | 11.15% |
| Active Asset Allocator Long-Short | 5 | ₹3,251.05 crore | 7.62% |
| Sector Rotation Long-Short | 1 | ₹72.35 crore | 0.17% |
| Debt Long-Short and Sectoral Debt Long-Short | 0 | none | 0% |
A Hybrid Long-Short strategy must keep at least 25% in shares and at least 25% in debt. The two hybrid categories together hold ₹29,929.95 crore, or 70.14% of all SIF money.
Hybrid folios are larger too. They hold 46.30% of folios and average ₹41.32 lakh in Hybrid Long-Short, against ₹13.44 lakh across the equity strategies.
The debt rows are empty in all thirteen monthly reports. No fund house had launched a debt SIF by 31 October 2026.
The rule on the way out
SEBI's investor FAQ on SIFs, issued on 22 September 2026, sets how often each kind of strategy may pay out:
- Equity strategies may offer daily redemption.
- Hybrid strategies cannot offer daily redemption. The most they may offer is twice a week.
- Debt strategies cannot offer daily redemption either. The most they may offer is once a week.
A fund house may choose longer gaps, such as fortnightly or monthly. Equity strategies may also redeem less often than daily. The offer document, called the ISID, states the schedule.
A fund house may also set a notice period of up to 15 working days. The FAQ says the payout then uses the NAV at the end of that period.
SEBI's FAQ gives its own example. A Hybrid Long-Short fund redeems on the 30th of each month and takes requests from the 15th to the 20th. A request on the 21st may be rejected.
Strategies that do not redeem daily must list their units on a stock exchange. That gives a second way out, at whatever price buyers on the exchange offer.
Below ₹10 lakh, only a full exit
The ₹10 lakh minimum is checked across all strategies of one SIF for each PAN. An accredited investor is exempt from it, as Compound explained in SEBI's ₹5 crore accredited investor test.
If a holding falls below ₹10 lakh because NAV fell, the investor may keep it. While it stays below, the FAQ allows only a redemption of the whole holding in that SIF.
If a redemption or transfer by the investor pulls the holding below ₹10 lakh, the units are frozen. The investor gets 30 calendar days to restore the minimum, or the units are redeemed automatically.
What the totals leave out
Net inflows over the thirteen reports add up to ₹42,756.46 crore. Net assets at the end were ₹42,669.52 crore, or ₹86.94 crore less.
That gap is no measure of return. Money came in at different times, and a strategy's return is in its own NAV history. AMFI's monthly report does not show returns.
The report also leaves out which fund houses run each strategy, what each one charges and how often each one redeems. Those details sit in each ISID.
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Questions
- How much money is invested in SIFs in India?
- AMFI's SIF report for October 2026 shows net assets of ₹42,669.52 crore across 37 strategies and 1,76,542 folios. A year earlier, in October 2025, it showed ₹2,010.44 crore in 4 strategies.
- Which SIF category holds the most money?
- Hybrid Long-Short, with ₹26,678.90 crore in October 2026, or 62.52% of SIF assets. Hybrid strategies together hold 70.14%.
- Can I redeem a hybrid SIF every day?
- No. SEBI's FAQ of 22 September 2026 says hybrid strategies cannot offer daily redemption and can offer it at most twice a week. A fund house may set longer gaps and a notice period of up to 15 working days.
- Are there any debt SIFs?
- Not yet. AMFI's monthly SIF reports from October 2025 to October 2026 show no Debt Long-Short or Sectoral Debt Long-Short strategy.
- What happens if my SIF value falls below ₹10 lakh?
- If the fall comes from NAV, you may keep the holding, but SEBI's FAQ says you can then redeem only the whole of it. If your own redemption or transfer causes it, the units are frozen and you get 30 days to restore the minimum.
Sources
- AMFI, SIF monthly report, October 2026
- AMFI, SIF monthly report, September 2026
- AMFI, SIF monthly report, August 2026
- AMFI, SIF monthly report, July 2026
- AMFI, SIF monthly report, June 2026
- AMFI, SIF monthly report, May 2026
- AMFI, SIF monthly report, April 2026
- AMFI, SIF monthly report, March 2026
- AMFI, SIF monthly report, February 2026
- AMFI, SIF monthly report, January 2026
- AMFI, SIF monthly report, December 2025
- AMFI, SIF monthly report, November 2025
- AMFI, SIF monthly report, October 2025
- AMFI, monthly mutual fund report, October 2026 (industry assets)
- SEBI, FAQs for Specialized Investment Funds, Part A for investors (22 Sep 2026)
- SEBI circular, Regulatory framework for Specialized Investment Funds (27 Feb 2025)
Compound is analysis, not investment advice. Reva Money is not a SEBI-registered investment adviser.
