Platinum Hybrid Long-Short Fund

A Specialized Investment Fund (SIF) is a new asset class introduced by SEBI, positioned between portfolio management services (PMS) and Mutual funds, accepting investments of ₹10 lakh & ₹5 lakh for accredited investor across all investment strategies under the Platinum SIF or more and offering advanced investment strategies.

(*Across all investment strategies under the Platinum SIF)

SEBI (Securities and Exchange Board of India) introduced Specialized Investment Funds (SIFs) to meet the evolving needs of India’s financial ecosystem.

In India, the concept of Specialized Investment Funds originated as part of the broader effort to promote newer investment alternatives that go beyond traditional mutual funds and combines the advantages of an AIF/PMS.

Specialized Investment Funds are currently classified into:

A) Equity Oriented Investment Strategies

Sr. No.	Category of Investment Strategy	Characteristics of Investment strategy	Type of investment strategy (uniform description of investment strategy)
1	Equity Long-Short Fund	Minimum investment in equity and equity related instruments – 80% and Maximum short exposure through unhedged derivative positions in equity and equity related instruments: 25%	An open ended/interval equity investment strategy investing in listed equity and equity related instruments including limited short exposure in equity through derivative instruments.
2	Equity Ex-Top 100 Long-Short Fund	Minimum investment in equity and equity related instruments of stocks excluding top 100 stocks by market capitalization – 65%	An open ended/interval investment strategy investing in equity and equity related instruments including limited short exposure in equity through derivative instruments, of stocks other than large cap stocks.
3	Sector Rotation Long-Short Fund	Minimum investment in equity and equity related instruments of maximum 4 sectors – 80% & Maximum short exposure through unhedged derivative positions in equity and equity related instruments: 25%* *Short exposure shall apply at the sector level, covering all stocks within that sector held in the portfolio. For instance, if the fund takes a short position in the Auto sector, all Auto sector stocks in the portfolio must be held as short positions.	An open ended/interval investment strategy investing in equity and equity related instruments including limited short exposure in equity through derivative instruments, of maximum four sectors.

B) Debt Oriented Investment Strategies

Sr. No.	Category of Investment Strategy	Characteristics of Investment strategy	Type of investment strategy (uniform description of investment strategy)
1	Debt Long-Short Fund	Investment in debt instruments across duration, including unhedged short exposure through exchange traded debt derivative instruments.	Interval investment strategy investing in debt instruments including limited short exposure in debt instruments.
2	Sectoral Debt Long-Short Fund	Investment in debt instruments of at least two sectors, with maximum investment of 75% in a single sector. Maximum short exposure through unhedged derivative positions in debt instruments: 25%* *Short exposure shall be across the sector, applicable for all the instruments of that particular sector held in the portfolio. Example: If the fund is short on Auto sector, then all debt instruments of the Auto sector, held in portfolio, shall be held as short positions.	Interval investment strategy investing in debt instruments including limited short position in debt instruments, of minimum two sectors.

C) Hybrid Investment Strategies

Sr. No.	Category of Investment Strategy	Characteristics of Investment strategy	Type of investment strategy (uniform description of investment strategy)
1	Active Asset Allocator Long-Short Fund	Dynamic investment across following asset classes: Equity, debt, equity and debt derivatives, REITs/InVITs and commodity derivatives. Maximum short exposure through unhedged derivative positions in equity and debt instruments: 25%	Interval investment strategy dynamically investing across equity, debt, equity and debt derivatives, REITs/InVITs and commodity derivatives, including limited short exposure on permitted instruments through derivatives.
2	Hybrid Long-Short Fund	Minimum investment in equity and equity related instruments – 25%. Minimum investment in debt instruments – 25%. Maximum short exposure through unhedged derivative positions in equity and debt instruments: 25%	Interval investment strategy investing in equity and debt securities, including limited short exposure in equity and debt through derivatives.

Investment in Platinum SIF Strategies can be made either directly or through any of our empanelled distributors.

Applications for allotment of SIF units should be made in the prescribed form only.

Cheques / DDs should be drawn in favour of "the respective investment strategies offered by the Platinum SIF Strategy" names.

The investment can be initiated through our digital platform as well.

Bank account details are mandatory in Specialized Investment Funds (SIFs) and Mutual Funds to ensure regulatory compliance with SEBI, prevent money laundering, and ensure secure transactions.

In order to protect unit holder's interest from any fraudulent encashment of cheques, the current SEBI Regulations has made it mandatory for investors to mention complete core banking details in their application, such as the bank name and account number of the unit holders.

The AMC will not be responsible for any loss arising out of fraudulent encashment of cheques and or any delay /loss in transit. In the absence of these details, applications are liable for rejection.

Every investor of the Strategy will receive an acknowledgement confirming the Folio number allotted to her/him and a statement of account of the units allotted under such Folio. This is triggered to their registered email id.

For any investments made during the New Fund Offer (NFO) period, the statements of account will be issued to all investors within 5 business days after the closure of the NFO.

After the Strategy reopens for subscription investors will be issued a statement of account detailing the number of units allotted through email on their registered email id.

The applications are screened through various checks and validations including the PAN KYC status, Bank account validations, credit realisation of the investment amount, post which allotment of units will be made against the amount invested depending upon the NAV of the units, up to 3 decimals.

The NAV (Net Asset Value) is the current market value of a SIF Investment Strategy.

It is calculated by taking the funds’ total investments, cash and any accrued earnings deducting liabilities, and dividing the remainder by the number of units outstanding.

NAV = (Market or Fair Value of Investment Strategy’s investments + Current assets including Accrued Income - Current Liabilities and provisions including accrued expenses) / No. of Units outstanding under the Investment Strategy/Option on the Valuation Date

Yes. Nominations may be made by individuals applying for or holding units on their own behalf, either singly or jointly.

Nomination is not applicable in case of Non-individuals including societies, trusts, corporate bodies, partnership firms, Kartas of Hindu undivided families, or holders of power of attorney.

The AMC will calculate and disclose the first NAV under the Investment Strategy not later than 5 Business Days from the date of allotment of units under the NFO Period.

Subsequently, the AMC shall update the NAVs on the website of the Specialized Investment Fund platinumsif.miraeassetmf.co.in and on the website of Association of Mutual Funds in India - AMFI (www.amfiindia.com) by 11.00 p.m. on every Business Day.

Investors may redeem 'any amount' or 'any number of units' as requested by the investor. However, the aggregate investment by an investor across all investment strategies offered by the Platinum SIF, at the Permanent Account Number ('PAN') level, should not fall below ₹10 lakh due to redemption in any of the investment strategies offered by Platinum SIF.

If the investment falls below ₹10 lakh because of partial withdrawals and not due to market movement, partial redemptions below this level are not allowed.

Redemption request can be made only 2 times in a week (Monday & Thursday) or at any lesser frequency as may be decided by the AMC.

Redemption requests received after Thursday 3.00 PM till Monday 3.00 PM would be considered for processing with Monday NAV, and requests received after Monday 3.00 PM till Thursday 3.00 PM would be processed with Thursday NAV. In case Monday or Thursday is a non- business day, the AMC shall process the redemption on the next business day.

The Trustees reserves the right to change the Redemption frequency in future, subject to SEBI Regulations and any other law, as applicable.

Investors have also the option to request the redemption:

a. of a Specified amount in Rupees

Or

b. of a Specified number of Units of the Strategy

Where the redemption request is for both a specified amount and for a specified number of units, the Specified Unit request is considered as definite. In case of a Specified request for an amount in rupees the number of units to be redeemed will be determined on the basis of the applicable repurchase price. Similarly where the request is for a specified number of Units for redemption, the redemption amount payable will be the number of units multiplied by the applicable repurchase price. Where the request for redemption exceeds the holdings of the Unit holders, the account of the Unit holder will be closed and the entire holding to the investor's credit will be redeemed at the applicable repurchase price.

Repurchase/ redemption shall be effected on receipt of the repurchase/ redemption request along-with the duly discharged Statement of Account mentioning the number of units offered amount sought for repurchase/ redemption at the authorised centre where the Units were originally purchased. The new statement of account, mentioning the units outstanding to the credit of investor, if any, will be sent to the investor separately and upon its receipt all previous statements of account will automatically stand cancelled.

On complete redemption of the holdings the investor's ceases to be a member of the Strategy and would not be entitled to any further benefits from the Strategy.

Repurchases / Redemptions By NRI's / PIO's will be in accordance with the conditions mentioned above subject to any procedures laid down by the RBI if any.

Payment to NRI's / PIO's will be subject to relevant laws / guidelines of the RBI as are applicable from time to time.

Subject to RBI approval, in case of NRI unitholders the amounts due on redemption / repurchases (subject to tax deduction at source) will be credited to the NRE / FCNR account of the investor where the original investment in the units was made on repatriation basis by an NRI either through inward remittance or debit to NRE/FCNR account.

In all other cases the amounts due on redemption / repurchases (subject to tax deduction at source) will be paid by means of a rupee cheque payable at the NRO/NRSR account of the investor as applicable.

Methodology for calculation of sale and re-purchase price of the units of investment strategy:

• Ongoing Price for subscription (purchase)/ switch-in (from other investment strategies/ plans of the Platinum SIF by investors. (This is the price you need to pay for purchase/ switch-in):

  The Sale Price for a valid purchase will be the Applicable NAV, i.e. Sale Price = Applicable NAV

  For a valid purchase request of Rs. 10,000 where the applicable NAV is Rs. 11.1234, the units allotted will be:

  = 10,000 (i.e. purchase amount) / 11.1234 (i.e. applicable NAV)

  = 898.006 units (rounded to three decimals)

  Any Other charges/expenses, borne by the investors have not been considered in the above illustration.

• Ongoing Price for redemption (sale)/ switch-outs (to other Investment Strategies/plans of the Platinum SIF by investors. (This is the price you will receive for redemptions/ switch-outs):

  The Repurchase Price for a valid repurchase will be the applicable NAV reduced by any exit load (say 1%), i.e. applicable NAV - (applicable NAV * applicable exit load).

  For a valid repurchase request where the applicable NAV is Rs. 12.1234, the repurchase price will be:

  = 12.1234 - (12.1234 * 1.00%)

  = 12.1234 - 0.1212

  = Rs. 12.0022

  Therefore, for a repurchase of 899.006 units, the proceeds received by the investor will be - = 899.006 (units) * 12.0022 (Repurchase price)

  = Rs. 10,790.049 (rounded to three decimals)

SWP is a facility given to the Unit holders to withdraw amounts from the Strategy on periodic basis by giving a single instruction. In a SWP the investors can redeem a fixed sum/ number of units subject to compliance with the minimum investment threshold of Rs. 10 lacs.

An investor has to have a minimum balance of specified no. of units or specified amount at all times which is Rs. 10 lacs. Investors can withdraw fixed amount on 1st or 10th or 21st of each month / quarter/ semi-annual and annual for minimum 5 instalments across each frequency for a minimum of INR.50,000/- or above. By default, in case of any ambiguity in selection of withdrawal frequency, then the SWP frequency will be 'Monthly'. By default, in case of any ambiguity in selecting the SWP Date, then the SWP date will be '1st of each month'.

The Load Structure prevailing at the time of submission of the SIP/ SWP application will apply for all the instalments indicated in such application. In Platinum SIF, the first transaction has to be of minimum Rs. 10 lacs across all Platinum SIF strategies.

Unitholders under the Strategy have a proportionate right in the beneficial ownership of the assets of the SIF under the Strategy.

The unitholders have a right to ask the trustee company/board of trustees about any information which may have an adverse bearing on their investments, and the trustees shall be bound to disclose such information to the unitholders.

The appointment of the Asset Management Company in respect of this Strategy may be terminated by a majority of Trustees or 75% of the unitholders.

Units of the Strategy are generally non-transferable. However, transfer of units, in cases outlined under the heading Transferability/ Transmission of units and subject to conditions stated therein, shall be made within 30 days from the date of lodgement.

Warrants in respect of dividends, if declared, will be dispatched to the unitholders within 30 days of the declaration of dividend if any.

Redemption or repurchase warrants will be dispatched within 10 working days from the date of their receipt of request duly complete in all respects by the appropriate Office.

The Trustees may, from time to time, add to or otherwise amend or alter all or any of the terms of this Strategy, for duly complying with the guidelines of Government, RBI/SEBI or any other regulatory body or in the interest or convenience of the Fund or the unit holders. and any modification of the fundamental attributes of the Strategy, or the trust or the fees and expenses payable or any other modification by the Trustees shall be made bearing in mind that the interest of the unit holders is not affected and no change in any of the above shall be carried out unless:-

A written communication (including digital modes such as email/sms etc.) about the proposed change is sent to each Unitholder and details are appropriately displayed on the website of the AMC; and

The unit holders are given an option for a period of at least 30 calendar days to exit at prevailing NAV without any exit load.

(the above facilities shall be availed subject to fulfilment of the criteria by investor that the aggregate investment by an investor across all investment strategies offered by the Platinum SIF, at the Permanent Account Number (‘PAN’) level, is INR. 10 lakhs.)

If a notice period is active, the trade date is T+1 after the end of the notice period.

In case of notice period, the redeeming investor shall receive the value of units sold based on the fund’s NAV at the end of the notice period. The maximum duration of notice period shall not exceed 15 working days.

The minimum investment required for SIFs is ₹10 lakhs. For Platinum SIF, the minimum amount for accredited investors is ₹5 lakh.

An accredited investor is an individual or institution that meets SEBI's financial criteria and is certified as capable of understanding and bearing the risks of advanced investment products.

Individuals, HUFs and Family:

Annual Income >= ₹2 crores OR

Annual income > ₹1 crore + Net Worth > (Financial Assets >= ₹2.5 crores) OR

Net Worth >= ₹7.5 crores (Financial Assets >= ₹3.75 crores)

Trusts other than Family Trusts:

Net Worth >= ₹50 crores

Body Corporates:

Net Worth >= ₹50 crores

Investor under SEBI's framework (Circular SEBI/HO/IMD/IMD-PoD-1/P/CIR/2025/26), an individual or institution must meet specific financial thresholds and obtain a certificate of accreditation from a CVL KRA (currently only KYC REGISTRATION AGENCY (kra) providing the certificate)

A non-accredited investor (often referred to as a "regular" or "retail" investor) is an individual or entity that does not meet the high financial thresholds required for official accreditation.

SIFs can adopt open-ended, closed ended and interval investment strategies, with subscription and redemption frequencies disclosed in the ISID & KIM.

SIFs can take long and short positions, benefiting from rising and falling markets. Unlike mutual fund Strategies, which can use derivatives only for hedging, SIFs can deploy them as core investment tools.

SIFs enjoy higher flexibility by adopting investment approaches like market-neutral strategies and concentrated positions, which are unavailable under traditional investment products.

Experienced fund managers execute the strategies and SIFs adhere to SEBI's reporting and disclosure norms.

SIFs follow the same expense structure as Mutual Fund.

The taxation structure for SIFs will be similar to that of mutual funds.

Yes, SIFs can invest in REITs and InvITs. Since REITs are now classified under Equities, there is no separate restriction to REITs other than what is applicable to equities. But no Specialized Investment Fund under all its investment strategies shall own more than 20 per cent of units issued by a single issuer of InvIT which will be inclusive of the 10% cap followed by mutual fund Strategys.

Further, an investment strategy under Specialized Investment Fund shall not invest more than 10 per cent of its NAV in the units of InvIT issued by a single issuer.

This ₹10 lakh minimum is not per investment strategy, but at PAN-level across all investment strategies from the same AMC. If your investment dips below ₹10 lakh (because of partial withdrawals and not due to market movement), you must exit completely - as partial redemptions below this level are not allowed.

If you're an accredited investor, the minimum investment amount will be Rs.5 Lakhs.

AMCs are not allowed to accept investments below ₹10 lakh. However, if the investment value falls below this threshold due to a market decline, it will be considered a passive breach and not treated as a violation. In such a case, the investor will only be permitted to redeem the entire remaining investment from the SIF.

In case of any active breach of the Minimum Investment Threshold by an investor, including through transactions on stock exchanges or off-market transfers:

• all units of such investor held across investment strategies of the SIF shall be frozen for debit, and
• a notice of 30 calendar days shall be given to such investor to rebalance the investments in order to comply with the Minimum Investment Threshold.

Pursuant to the notice to the investor as mentioned above:

• in case investor rebalances his/her investments in SIF within the notice period of 30 calendar days, the units of SIF of such investor shall be unfreezed, and no further action shall be taken with regard to compliance with Minimum Investment Threshold.
• in case the investor fails to rebalance the investments within the aforesaid 30 calendar day period, the frozen units shall be automatically redeemed by the AMC, at the applicable Net Asset Value of the next immediate business day after the 30th calendar day of the notice period.

As per SEBI regulations governing SIFs, AMCs must ensure that the SIF has a unique brand name and maintains a separate website, distinct from its regular mutual fund business.

Additionally, the SIF must have a separate identity to clearly differentiate its offerings from those of a mutual fund.

Yes, similar to mutual funds, SIF investment strategies will follow a single-tier benchmark, with an optional second-tier benchmark at the AMC's discretion.

AMCs must select a broad market index based on the investment objective and portfolio composition.

SIF investment strategies can maintain unhedged short exposure of up to 25% of net assets to exchange-traded derivatives, beyond hedging and rebalancing purposes.

Liquidity in open ended strategies is similar to mutual fund Strategy's. In hybrid and fixed income strategies, redemption is at pre-defined intervals and additionally liquidity is available through exchange listing.

Yes. SIP facility is available under the SIF. However, the Strategy minimum amount criteria need to be fulfilled.

Investors can opt for SIP of Rs. 50,000 and in multiples of Re.1/- with a frequency of Monthly & Quarterly and minimum of 5 instalments, subject to that the minimum investment amount by an investor should not be less than Rs. 10,00,000/-. Investor shall have the option of choosing any date of the month as the SIP date from 01st to 28th.

The clauses on SWP and STP will be subject to compliance with provisions mentioned under “Minimum investment threshold” as stated under Clause “Minimum threshold requirement and consequences of non- maintenance” of the ISID.

During the NFO - The SIP application should be submitted along with the initial purchase under SIF which should be as per the minimum amount criteria set for accredited or non-accredited investors (i.e., Rs.5 Lakhs & Rs.10 Lakhs respectively). The SIP frequency will be Monthly or Quarterly with minimum amount of Rs.50000/- in multiples of Re.1/- and Minimum 5 instalments.

During the Ongoing period - If the investor has existing investment of Rs.10 Lakhs in case of Non-accredited and Rs.5 Lakhs in case of accredited investors across PAN, then the SIP request can be initiated. The SIP frequency will be Monthly or Quarterly with minimum amount of Rs.50000/- in multiples of Re.1/-and minimum 5 instalments.

Threshold and eligibility checks are performed at the PAN (first holder) level

Yes. Same as mutual funds - regulatory compliance applies. Additionally, the minimum threshold amount criteria as mentioned in earlier points.

Switch allowed from MF to SIF and within SIF schemes but not from SIF to MF.

Applicable as per Investment Strategy Information Document.

Yes, a designated mail id: SIF@miraeasset.com

The change of broker code process will be similar to Mutual Fund. The additional validation in SIF will be ARN/EUIN to be SIF compliant.

Yes, mutual fund distributors can distribute Specialized Investment Funds (SIFs) in India, but they must first pass the NISM Series-XIII: Common Derivatives Certification Examination and register with AMFI for SIF distribution. This requirement ensures distributors have the necessary knowledge to handle these more complex investment products, which are designed for experienced investors.

SIFs are designed to provide access to more specialized investment strategies, often involving derivatives and alternative assets like private equity or real estate. The NISM Series-XIII certification is a mandatory measure to equip distributors with the specialized knowledge required to guide investors through these products.

To determine your eligibility for a Specialized Investment Fund (SIF), you must meet the SEBI-mandated minimum investment threshold of ₹10 lakh in the aggregate across all SIF investment strategies under a single Permanent Account Number (PAN) level, unless you are an accredited investor. For accredited investors, the threshold is of ₹ 5 Lakhs in aggregate across all SIF investment strategies mapped to singe single PAN.

Additionally, your risk profile should align with the high-risk nature of SIFs, which employ advanced strategies and include exposure to derivatives.

Investors are advised to consult with their independent financial and tax advisors to understand the potential risks, returns, and tax implications of SIF investment in light of their individual circumstances.