Description

UNION MUTUAL FUND_SIF has been activated on the BSE StAR MF Platform from April 30, 2026, with the ARTHAYA EQUITY LONG SHORT FUND SIF NFO scheme to follow on May 4, 2026. NRI and Minor investor transactions are permitted, except for investors from USA and Canada.

Summary

BSE has informed its members that the Specialized Investment Funds (SIF) of Union Mutual Fund are now available on the BSE StAR MF Platform, effective April 30, 2026. This follows SEBI’s regulatory framework circular (SEBI/HO/IMD/IMD-PoD-1/P/CIR/2025/26 dated February 27, 2025) for SIFs. An NFO scheme — ARTHAYA EQUITY LONG SHORT FUND SIF — will be activated for order routing from May 4, 2026.

Key Points

  • UNION MUTUAL FUND_SIF activated on BSE StAR MF Platform effective April 30, 2026
  • Transactions for NRI and Minor investors are permitted under UNION MUTUAL FUND_SIF schemes
  • NRI applications from investors in USA and Canada are not accepted
  • ARTHAYA EQUITY LONG SHORT FUND SIF – NFO scheme to be activated for order routing from May 4, 2026
  • Detailed transaction acceptance process provided in Annexure III
  • Members can contact Mutual Fund Helpdesk: 022-45720450 / 022-45720650 (business days, 8:00 a.m. to 7:00 p.m.)
  • Queries can also be raised via CRS portal: https://bsecrs.bseindia.com

Regulatory Changes

This notice operationalises SEBI circular no. SEBI/HO/IMD/IMD-PoD-1/P/CIR/2025/26 dated February 27, 2025, which established the Regulatory Framework for Specialized Investment Funds (SIF). The SIF category represents a new regulated investment vehicle now being onboarded to the BSE StAR MF Platform.

Compliance Requirements

  • BSE members must note the activation of UNION MUTUAL FUND_SIF and update their systems accordingly
  • Members must ensure NRI applications from USA and Canada are not routed through the platform for SIF schemes
  • Members should refer to Annexure I (Regulatory Framework), Annexure II (Monitoring of Minimum Investment Threshold), and Annexure III (Detailed Transaction Acceptance Process) for full compliance details
  • Minimum investment threshold monitoring under SIF must be adhered to as per Annexure II

Important Dates

  • April 30, 2026: UNION MUTUAL FUND_SIF activated on BSE StAR MF Platform
  • May 4, 2026: ARTHAYA EQUITY LONG SHORT FUND SIF – NFO scheme activated for order routing

Impact Assessment

This circular has a moderate operational impact on BSE members and mutual fund distributors using the BSE StAR MF Platform. The introduction of SIF as a new product category requires members to update their systems and workflows for transaction routing and eligibility checks (particularly for NRI investors). The exclusion of USA and Canada-based NRI investors is a notable restriction that members must enforce. The NFO activation on May 4, 2026 creates a short onboarding window for members to prepare. Broader market impact is limited as this applies specifically to the mutual fund segment and Union Mutual Fund’s SIF offerings.

Impact Justification

Operational notice relevant to mutual fund distributors and members using BSE StAR MF Platform; introduces a new fund category (SIF) but affects a specific segment of market participants rather than broad market.