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A new investment product that brings sophisticated strategies to affluent Indians is set to usher in a fresh era for the nation’s asset managers.

Earlier this year, India’s securities regulator introduced specialized investment funds — also called SIFs — which allow managers to short stocks, use derivatives and pursue absolute-return strategies once reserved for hedge funds.

The program opens the door to hedge fund-style strategies for a broader range of investors in India’s booming $900 billion mutual fund industry. Firms from Edelweiss Asset Management Ltd. to SBI Mutual Fund have rushed to start funds under this category, hopeful that they will take the rapidly growing market to the next lev

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