The circular standardize compliance reporting formats for Specialized Investment Funds (SIFs) to ensure uniformity and clarity. It mandates modifications to two key reports, i.e. the Compliance Test Report (CTR) and the Half-Yearly Trustee Report (HYTR). The CTR format is amended to include an additional Part IV covering detailed compliance checks specific to SIF regulations, investment restrictions, disclosures, risk bands, and operational norms. The HYTR format is also expanded by inserting Clause 72A, requiring trustees to certify compliance with governance, risk management, fees, disclosures, and investor protection requirements for SIFs.