SIF distributor registration for mutual fund distributors
To distribute Specialized Investment Funds (SIF), a mutual fund distributor now passes NISM Series V-D and takes the combined MF plus SIF licence from AMFI. The older route through NISM Series XIII and a separate SIF registration closed after 21 September 2026. An individual pays ₹5,000 plus GST for the combined licence.
What SIF is
A Specialized Investment Fund is a category created by SEBI circular of 27 February 2025. For a fuller explainer, see our articles SIF part 1 and SIF part 2.
Old route vs new route
| Route | |
|---|---|
| Old | Valid ARN and EUIN, plus NISM Series XIII, plus a separate AMFI SIF registration |
| New | NISM Series V-D (combined MF and SIF), then the combined licence |
- The NISM XIII route for SIF ends after 21 September 2026.
- Existing NISM XIII holders continue until their certificate expires, but must also hold a valid NISM V-A.
- SIF registration lapses automatically if your MF ARN or EUIN becomes invalid, and revives when you renew.
Combined MF plus SIF licence fees (AMFI, July 2026)
| Category | Registration (₹) | Renewal (₹) |
|---|---|---|
| Individual | 5,000 | 3,000 |
| Proprietorship | 6,000 | 3,000 |
| Employee (EUIN) | 3,000 | 1,500 |
| Farmer Producer Companies | 20,000 | 10,000 |
| Post Office, MFIs | 30,000 | 15,000 |
| Partnership, Urban Co-op Banks, Societies, Trusts, HUFs | 40,000 | 20,000 |
| Pvt Ltd, OPC, LLP | 80,000 | 40,000 |
| RRBs, DCBs, NBFCs | 2,00,000 | 1,00,000 |
| Banks and Public Ltd Companies | 8,00,000 | 4,00,000 |
GST is extra. Farmer Producer Company fees will be reviewed after one year. For MF-only fees, see how to become an MFD.
The SIF tagline
- AMFI Master Circular: "AMFI Registered Mutual Fund Distributor & SIF Distributor".
- Social media format: "AMFI Registered Mutual Fund Distributor (ARN) and SIF Distributor (SIFD)". See social media rules.
Frequently asked questions
Which NISM exam do I need to sell SIF?
NISM Series V-D, which covers mutual funds and SIF together. The NISM XIII route for SIF closed after 21 September 2026.
What does the combined MF and SIF licence cost?
For an individual, ₹5,000 registration and ₹3,000 renewal, plus GST, per AMFI's July 2026 fee table.
I passed NISM XIII. Can I still sell SIF?
Yes, until your certificate expires, provided you also hold a valid NISM V-A.
What happens to my SIF registration if my ARN lapses?
It lapses automatically with the MF ARN or EUIN and revives when you renew.
Sources
Also drawn from AMFI and SEBI circulars cited in the text. Rules change often; check the latest circulars before acting.
This guide summarises AMFI and SEBI rules as of 4 October 2026 for information only. It is not legal or regulatory guidance. Rabbit Invest is a software platform for mutual fund distributors and is not an Investment Adviser under SEBI IA Regulations 2013.