SIF AUM grew 19x in a year: Are you ready to distribute SIF?
Key takeaways
SIF AUM grew about 19x, from ₹2,010 crore in October 2025 to ₹38,287 crore in September 2026, across 34 schemes (AMFI).
About 11,500 distributors were registered to sell SIFs at the end of September 2026, while assets roughly tripled between April and September.
The SIF minimum investment is ₹10 lakh per investor, counted at PAN level across one fund house's SIF strategies.
To become an SIF distributor, you need to clear the NISM-Series-V-D exam, which also renews your ARN.
A client who has built up ₹25 lakh over the years comes in for a review and asks whether there is anything beyond mutual funds that makes sense for them. Specialised investment funds (SIFs) give you a new way to answer that question, and since the first funds launched in October 2025, they have grown much faster than the number of SIF distributors qualified to offer them.
That gap is your opportunity. Below, we look at the latest SIF AUM data, why the number of SIF distributors has not kept pace, and how you can become an SIF distributor through the NISM-Series-V-D exam, even if you only distribute mutual funds today.
SIF growth in India: how fast are SIFs growing?
In the eleven months since October 2025, assets have grown about 19 times and investor folios about 15 times (AMFI data).
SIF net AUM at quarter-end, in ₹ crore, from December 2025 to September 2026. Source: AMFI.
Over the same period, the number of schemes has gone from 4 to 34, and assets grew by about 23% in September alone. Redemptions in September came to about 9% of the money that came in, which suggests that investors are holding on after they enter.
What is a specialised investment fund?
A specialised investment fund (SIF) is a SEBI-regulated category, run by mutual fund houses, that gives fund managers more flexibility than a regular mutual fund, for investors who put in at least ₹10 lakh. SEBI announced the SIF framework in February 2025 and brought it into force in April 2025, and the first funds were allotted to investors in October 2025. If you want a refresher on how SIFs work, our guide to specialised investment funds covers the basics.
The SIF distributor gap: how many SIF distributors are there in India?
Around 11,500 distributors were registered to sell SIFs at the end of September 2026, according to AMFI data reported by Cafemutual. That base has grown about 82% since March, while SIF assets roughly tripled between April and September.
Client money is moving into the category faster than distributors are qualifying to offer it. Individual distributors make up about half of the registered base, and the rest are corporate distributors and their employees.
September was the strongest month so far, with new registrations rising about 85% over August to an all-time high. Most of that came after NISM simplified the certification route in July, which tells you that many of your peers have already started.
The category is still young. Most schemes have been running for less than a year, long-term track records are still being built, and features such as SIPs and STPs are still being added across fund houses. Getting certified now gives you time to understand SIFs well before more of your clients start asking about them.
The SIF opportunity for distributors: where the next wave of growth could come from
The most encouraging part of the SIF story is where the next wave of money could come from. At Cafemutual's SIF Summit 2026 in Bengaluru, panellists said that the biggest growth in SIFs may come from conservative investors who hold fixed deposits, rather than from money moving out of mutual funds. One panellist estimated that close to ₹200 lakh crore of household savings is still held in FDs. For you, that means SIFs can bring new money into your practice instead of shifting what your clients already hold with you.
Independent distributors also have a head start. MFDs who qualify now get time to understand the category well and build relationships with SIF investors before larger channels such as banks catch up.
The distributor base is expected to keep growing too. In June 2026, the head of one fund house told Cafemutual she expects 25,000 to 30,000 SIF distributors within five years, up from around 7,000 at the time. About 11,500 were registered by September, so the industry is already moving that way, and the distributors who start early will have the most experience to show for it.
SIFs can also deepen the role you play for your clients. Distributors told Cafemutual that SIFs encourage a shift from offering individual products to building portfolios around each client's needs, because clients need to understand how a strategy is expected to behave and not just look at its past numbers. Allocations of 10 to 15% to SIFs are already becoming common in larger portfolios, which gives you a natural reason to have deeper conversations with the clients who matter most to your business.
How to become an SIF distributor
To become an SIF distributor, you need a valid ARN and the NISM-Series-V-D certification, which SEBI requires for distributing SIFs. If you already distribute mutual funds, adding SIFs to your practice is a logical next step, and you can get there in four steps.
If you are new to mutual fund distribution, AssetPlus Academy can help you get started.
Prepare for and clear the NISM-Series-V-D exam. AssetPlus Academy can help you prepare, and the certificate itself is awarded by NISM.
Complete your SIF distribution registration and empanelment with the fund houses you want to work with.
Start with the clients most likely to ask about SIFs, such as your larger accounts and clients who hold large fixed deposits.
NISM V-D exam: pattern, pass mark and fee
The NISM V-D exam is the certification you need to distribute both mutual funds and SIFs. Its full name is the NISM-Series-V-D: Mutual Fund – Specialized Investment Fund Distributors Certification Examination. NISM introduced it in consultation with SEBI, and it has been available since July 22, 2026.
Before V-D, an MFD who wanted to offer SIFs needed two separate certifications, NISM Series V-A and NISM Series XIII. V-D brings both into a single exam, and passing it also renews your ARN, so one sitting covers your mutual fund and SIF distribution together.
If you already hold V-A and Series XIII, you can keep distributing SIFs until your Series XIII certificate expires, and take V-D at that point.
Exam detail | NISM V-D |
Duration | 180 minutes |
Total marks | 150 |
Pass mark | 60% |
Negative marking | 10% of the marks for each wrong answer |
Certificate validity | 3 years |
Fee | ₹3,000 |
The reason to do it now is practical. The clients most likely to ask about SIFs are the larger accounts in your book, and being able to answer that question yourself keeps the conversation, and the relationship, with you. Clearing V-D early also gives you time to get comfortable with the category before more of your clients start asking.
Ready when your clients ask
If you want to offer SIFs to the larger clients you already serve, start with V-D and build the rest of your practice with AssetPlus.
Frequently Asked Questions
How fast is SIF AUM growing in India?
SIF assets under management grew about 19 times between October 2025 and September 2026, reaching ₹38,287 crore across 34 schemes, according to AMFI data. Assets rose about 23% in September 2026 alone, and investor folios crossed 1.56 lakh.
What is a specialised investment fund (SIF)?
A specialised investment fund (SIF) is a SEBI-regulated category, run by mutual fund houses, that gives fund managers more flexibility than a regular mutual fund. It is meant for investors who put in at least ₹10 lakh, and it stays within SEBI's mutual fund regulations.
What is the minimum investment in an SIF?
The SIF minimum investment is ₹10 lakh per investor, counted at the PAN level across all the SIF strategies of one fund house. Accredited investors are exempt from this threshold.
What is the SEBI SIF framework?
The SEBI SIF framework is the set of rules SEBI issued in February 2025, in force from April 1, 2025, that allows eligible mutual fund houses to launch SIFs. It sets the ₹10 lakh minimum investment and caps short positions through derivatives at 25% of net assets.
How is an SIF different from a PMS?
An SIF is a pooled fund regulated under SEBI's mutual fund framework, with a ₹10 lakh minimum investment. A PMS holds securities in the client's own demat account and needs at least ₹50 lakh to start.
How do I become an SIF distributor?
To become an SIF distributor, you need a valid ARN and the NISM-Series-V-D certification, which SEBI requires for distributing SIFs. Once you clear the exam, you can distribute both mutual funds and SIFs, and the same exam also renews your ARN.
Can I distribute SIFs if I only distribute mutual funds today?
Yes. Clearing the NISM-Series-V-D exam qualifies you to distribute both mutual funds and SIFs, and it also renews your ARN, so you do not need a separate certification for each.
Do I need NISM V-D if I already hold V-A and Series XIII?
Not immediately. If you already hold NISM Series V-A and Series XIII, you can keep distributing SIFs until your Series XIII certificate expires, and take V-D at that point.
What is the pass mark and fee for the NISM V-D exam?
The NISM V-D exam is a 180-minute, 150-mark test with a 60% pass mark and 10% negative marking for each wrong answer. The fee is ₹3,000, and the certificate is valid for three years.
How many SIF distributors are there in India?
About 11,500 distributors were registered to sell SIFs at the end of September 2026, according to AMFI data reported by Cafemutual. That is about 82% more than in March 2026.
Can clients invest in SIFs through a SIP?
Yes. SEBI allows SIPs, SWPs and STPs in SIFs as long as the client's total investment meets the ₹10 lakh minimum. Availability varies across fund houses, so it is worth checking for each SIF.
