Lesson 11 of 50 for advisers · Selling SIFs · 4 min read · Reviewed 13 Nov 2026
An AMFI registration and a valid ARN, plus NISM Series V-D. Every ARN and EUIN on a regular-plan SIF application must hold V-D. Those who passed NISM XIII by 21 Sep 2026 may continue until it expires. The investor puts in at least ₹10 lakh per PAN across one fund house’s SIF strategies, unless accredited.
SIFs started on 1 Apr 2025. They are run by mutual fund houses but may take positions a normal fund can’t, including derivatives.
The minimum is ₹10 lakh per PAN, across all SIF strategies of one fund house. The same fund house’s ordinary schemes don’t count towards it, and accredited investors are exempt.
Since 22 Sep 2026 a distributor needs NISM Series V-D, which covers SIFs and mutual funds. Anyone who passed NISM XIII by 21 Sep 2026 may carry on until that certificate expires.
Before the sale, the distributor explains the higher risk, the ₹10 lakh threshold, the derivatives exposure, the risk band, the notice period and the exit load.
Key idea: A fall below ₹10 lakh caused only by NAV is a passive breach: nothing is forcibly redeemed.
Try the short quiz on this page to check what stuck.
The first holder’s PAN.
If NAV caused it, nothing is redeemed. A withdrawal by the investor that would take it below ₹10 lakh may be rejected.
As the fund house specifies, under AMFI’s rules for ARN holders. SIF strategies follow mutual fund rules unless SEBI says otherwise, and mutual funds pay trail, not upfront commission.
For learning only, not investment advice. Built in India by a team that tracks its own money on Reva.