What is the difference between an SIF and a mutual fund ?

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The differences between an SIF and a mutual fund are as follows:

Mutual Funds	Mutual Funds	Specialised Investment Funds (SIF)
Minimum Investment	Very low (SIP from ₹100 or ₹500)	₹10 lakh minimum
Investment Strategy	Mostly long-only investing	Long-short strategies allowed
Use of Derivatives	Limited and mainly for hedging	Greater flexibility for derivatives
Risk Level	Moderate depending on category	Moderate to high
Liquidity	Daily redemption	Weekly or periodic redemption
Target Investors	Retail investors	Experienced / high-net-worth investors