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of <h1>Specialized Investment Funds face mutual fund-style compliance reporting: new CTR Part IV and HYTR Clause 72A apply immediately</h1> All reporting requirements applicable to mutual funds under the SEBI (Mutual Funds) Regulations, 1996, the MF Master Circular dated June 27, 2024, and related circulars and guidelines are extended to Specialized Investment Funds (SIFs) under Regulation 49V(2), thereby requiring SIFs to follow the same compliance reporting regime as mutual funds. The Compliance Test Report format under Format 2.B is modified to add a new Part IV covering specified SIF compliance checks (including minimum investment threshold, strategy characteristics, fee/expense limits, investment restrictions, disclosures, distribution, risk band and scenario analysis), requiring AMCs managing SIFs to report these items within the mutual fund CTR. The Half-Yearly Trustee Report format under Format 2.C is modified to add Clause 72A on SIF-specific governance and compliance, requiring trustees of mutual funds managing SIFs to report these matters within the mutual fund HYTR, effective immediately.
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