What Is PMS in India? SEBI Portfolio Management Basics
Portfolio Management Service (PMS) in India is a SEBI-regulated arrangement where a registered Portfolio Manager invests your capital under a written agreement — typically with securities held in your demat account. It is not a mutual fund scheme unit, not informal stock tips, and not a guarantee of returns.
This page is a plain-English orientation to what is PMS, how SEBI frames it, and how it differs from mutual funds and Research Analyst products. Pair it with How PMS works, the PMS vs mutual fund cluster, and Disclosures. Educational only — not personalised advice.
SEBI PMS in one sentence
Under SEBI's Portfolio Managers Regulations, a Portfolio Manager manages securities or funds belonging to a client, individually and independently, according to the client agreement. Discretionary PMS means the manager can execute within agreed risk bands without asking permission for each trade; non-discretionary and advisory formats exist but are less common in HNI equity mandates.
Always verify the legal entity name and SEBI registration number on public records before transferring capital. Clearmind's Portfolio Manager registration is INP000009816; Research Analyst programmes (model portfolios, Polaris Lite, algos) sit under INH000010098 and are not the same product as discretionary PMS.
What you typically own
In discretionary equity PMS, you usually own the underlying securities in your demat — not mutual fund units. That changes transparency, corporate-action handling, and how tax lots appear in your records. Read Direct ownership for the ownership contrast.
Custody, broker, and reporting partners matter as much as strategy labels. Ask who holds assets, how contract notes arrive, and what a monthly report looks like before you sign.
Minimum investment and who it is for
SEBI sets a statutory minimum ticket for PMS (₹50 lakh for most discretionary equity mandates). That threshold is why PMS is an HNI / serious-capital product — not a mass-market SIP substitute. Details and edge cases live on PMS minimum investment in India.
Fit depends on horizon, liquidity needs, concentration tolerance, and willingness to read agreements. Use How to choose a PMS and the PMS investor checklist before comparing glossy decks.
Fees, tax, and risk — skim first, then go deep
- PMS fees in India — fixed, performance-linked, and GST themes.
- Tax on PMS returns (themes) and PMS taxation themes — documentation themes for your CA, not liability calculations.
- Is PMS worth it? — decision frame when mutual funds already work for part of your book.
Clearmind's discretionary PMS
Polarisis Clearmind's discretionary equity PMS: momentum and trend-aware process, 0.5% fixed management fee, and performance economics tied to capital-doubling milestones. Read product disclosures before any allocation decision.
If your capital is below the PMS minimum, RA model portfolios and Polaris Lite may be the relevant category — different licence, different agreement. Map ticket size with the Min. Ticket Checker.