Navigating the Middle Ground: A Critical Examination of Specialised Investment Funds in India’s Evolving Financial Landscape

Volume 11, Issue 2, 2026

International Journal of Commerce and Management Studies, ISSN 2456-3684

Paper Title

Author Name and Affiliation

Dr. Krunal Parekh

Assistant Professor, Central Institute of Business Management, Research and Development,

MBA, RTM Nagpur University, Nagpur, Maharashtra, India.

Ms. Neha Mittal

Assistant Professor, Dr. Ambedkar Institute of Management Studies & Research,

Department of BCCA, RTM Nagpur University, Nagpur, Maharashtra, India.

Abstract

India’s investment ecosystem stands at an inflection point. When SEBI unveiled Specialised Investment Funds in late 2023, few anticipated how dramatically this regulatory innovation would reshape the landscape between conventional mutual funds and bespoke portfolio services. This paper digs into what SIFs actually mean for sophisticated investors, asset managers, and the broader market—moving beyond the regulatory press releases to examine the real opportunities and genuine obstacles these vehicles present.

Drawing on regulatory filings, industry analyses, and academic perspectives on fund design, we trace how SIFs attempt to bridge a long-standing gap. The research surfaces some uncomfortable truths: while the potential for market deepening and investor choice expansion is genuine. Investor sophistication varies wildly. Operational infrastructure at many asset management companies needs substantial upgrading and the regulatory framework itself—well-intentioned as it is—may require refinement as practical challenges emerge.

What emerges is neither a simple success story nor a cautionary tale, but rather a nuanced picture of financial innovation in action—with all its promise and pitfalls.

Keywords

Specialised Investment Funds, SEBI regulation, alternative investment vehicles, Indian capital markets, fund innovation.

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DOI

DOI: 10.67061/ijcams.2026.vol.11.issue.02.4072

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