The SIF Compliance Reporting Formats Micro Summary PDF is a concise, focused explanatory document created under the RegDEEP™ methodology to help learners and industry professionals quickly grasp the essence of SEBI’s circular on SIF compliance reporting. Key points: ✅ It is FREE to download ✅ Designed as a 1-minute read (2 short pages) ✅ Presents information through clear summary tables and visual checklists for faster understanding ✅ Covers: ➡️ what changed under the circular, ➡️ who must report what (AMCs, Trustees, RTAs, compliance teams), ➡️ where SIF compliance fits within CTR Part IV and HYTR Clause 72A, and ➡️ key exam memory hooks for NISM exam aspirants 🎯 How it is different from the full article: 🟢 The full RegDEEP™ decoded article published on our website, provides detailed, clause-by-clause regulatory explanation 🟢 The RegDEEP™ Micro Summary PDF distills the same information into table-based, high-signal, revision-ready highlights 🟢 It is ideal for 1-minute revision, quick industry briefings, onboarding discussions, instant actionable tables, and executive snapshots The Micro Summary PDF, including its tables and checklists, is purely educational in nature and does not constitute compliance implementation advice.

SEBI introduced these changes to ensure that Specialized Investment Funds (SIFs) are governed with the same level of discipline, transparency, and trustee oversight as Mutual Funds, without creating a parallel or fragmented compliance system. By embedding SIF compliance within existing MF reporting, SEBI ensures: ✅ uniform governance standards, ✅ clearer accountability for AMCs and Trustees, and ✅ standardized, auditable data for supervisory review.

No. The circular does not introduce any separate or standalone compliance reports for SIFs. Instead: 🟢 SIF compliance is integrated into existing Mutual Fund CTR and HYTR formats, and 🟢 reporting continues through the same filings, with additional SIF-specific sections. ✅ This avoids duplication and keeps SIFs within the mainstream MF governance framework. 🎯 Remember this: No new reports - only new layers: CTR Part IV for AMCs, HYTR Clause 72A for Trustees, effective 08 Jan 2026.

SEBI has introduced Part IV in the Compliance Test Report (CTR) for SIFs. Through Part IV, AMCs must report SIF-specific compliance checks, including: 🟢 minimum investment threshold, 🟢 strategy characteristics and differentiation, 🟢 fees and expenses, 🟢 issuer concentration limits, 🟢 derivatives usage, 🟢 disclosures, risk band, and scenario analysis. ✅ Importantly, Part IV is part of the same CTR filed for Mutual Funds, not a separate report.

SEBI has introduced Clause 72A in the Half-Yearly Trustee Report (HYTR). Under this clause, Trustees must explicitly confirm that: 🟢 the AMC has adequate expertise, systems, and controls for SIFs, 🟢 regulatory limits and restrictions are complied with, 🟢 product differentiation from MF/AIF structures is maintained, and 🟢 disclosure, branding, risk management, and investor protection obligations are fulfilled. ✅ This strengthens Trustee accountability through affirmative confirmations, not general oversight.

No. There is no separate HYTR for SIFs. Trustees must: 🟢 continue filing the same HYTR prescribed for Mutual Funds, and 🟢 include Clause 72A within that report to cover SIF oversight.

The revised reporting requirements are applicable with immediate effect from 08 January 2026, the date of issuance of the circular. SEBI has: 🟢 not provided any transition period, and 🟢 not allowed deferred implementation. 🎯 Practical impact: ✅ AMCs must immediately incorporate CTR Part IV for SIF compliance. ✅ Trustees must include Clause 72A confirmations in the HYTR. ✅ RTAs and operations teams must support data, disclosures, and reporting evidence. ✅ Compliance teams must align internal SOPs and reporting templates. ✅ The impact is primarily governance and reporting discipline, not additional filings.

This circular is likely to be tested through: 🎯 Direct factual questions (e.g., “Where is SIF compliance reported?”), 🎯 Conceptual questions on embedding SIFs within MF governance, and 🎯 Scenario-based questions involving AMC or Trustee reporting after 08 January 2026. ✅ A common exam trick is assuming that SIFs require separate reports, which is incorrect.