The Securities and Exchange Board of India (SEBI) has introduced Specialized Investment Funds (SIFs) through an amendment to the SEBI (Mutual Funds) Regulations, 1996, to enhance portfolio flexibility between Mutual Funds (MFs) and Portfolio Management Services (PMS). Effective April 1, 2025, the framework outlines eligibility criteria for establishing SIFs, requiring mutual funds to have a substantial track record or appoint experienced fund managers. Additionally, the Association of Mutual Funds in India (AMFI) will provide guidelines by March 31, 2025, while market institutions will implement necessary regulatory changes. The framework also covers investment strategies and thresholds.