Portfolio Management Services (PMS)
Customized PMS solutions covering asset allocation, portfolio rebalancing, risk management, benchmarking, tax strategies, and performance reporting.
- Estimate Cost
- ₹10,000 – ₹1,00,000
- Typical duration
- 10 days
Service overview
- Portfolio Management Services (PMS) involve professional management of a client's portfolio of securities in accordance with an agreed investment strategy, objectives, and risk profile
- The service covers customized asset allocation, discretionary rebalancing, non-discretionary advisory models, Nifty/Sensex benchmarking, risk-adjusted return optimisation, concentrated portfolio strategies, tax-harvesting portfolios, AIF co-investment opportunities, family-office solutions, and performance attribution reporting
- SEBI's investor materials describe discretionary PMS as a model where the portfolio manager makes investment decisions on behalf of the investor, while non-discretionary PMS involves recommendations with the investor retaining decision-making authority
Who needs it? / When is it needed?
- High-net-worth individuals, family offices, entrepreneurs, companies, trusts, HUFs, and other eligible investors seeking professionally managed or structured investment portfolios
- The service may be relevant where an investor requires customised asset allocation, ongoing portfolio monitoring, active rebalancing, concentrated investment strategies, performance benchmarking, risk management, or assistance with maintaining an investment strategy aligned with specified financial objectives
What to expect from the WCP Professionals
WCP professionals support you with:
- Assessment of your investment objectives, financial circumstances, risk profile, investment horizon, liquidity requirements, existing portfolio, restrictions, and preferred strategy
- Development or review of an appropriate portfolio-management framework
- Assistance with asset allocation and diversification
- Monitoring and review of portfolio performance
- Analysis of portfolio concentration and risk
- Rebalancing considerations
- Benchmarking against appropriate market indices
- Performance attribution
- Periodic reporting.
- Where the service constitutes regulated portfolio management, it must be provided by a portfolio manager registered with SEBI and in accordance with the applicable regulatory framework.
- SEBI currently lists the Securities and Exchange Board of India (Portfolio Managers) Regulations, 2020, last amended on September 3, 2025, and a Master Circular for Portfolio Managers dated July 16, 2025.
Key deliverables
Deliverables cover:
- Client investment strategy and portfolio-management framework
- Customised asset-allocation plan
- Portfolio construction
- Security-selection framework
- Discretionary or non-discretionary management support as applicable
- Portfolio rebalancing recommendations or execution
- Risk analysis
- Nifty/Sensex or other appropriate benchmarking
- Performance reports
- Performance attribution analysis
- Concentration and exposure reports
- Tax-harvesting analysis where applicable
- Portfolio review reports
- Transaction and holding statements
- Periodic reporting concerning portfolio performance and material developments.
Standard turnaround time
- Initial onboarding and portfolio construction may generally be completed within an agreed professional timeline after receipt and verification of your documentation, investment amount, objectives, risk profile, and portfolio information.
- Ongoing PMS is a continuing service rather than a one-time deliverable, with portfolio reviews, reporting, monitoring, and rebalancing carried out according to the agreed mandate and applicable regulatory requirements.
- The timeline for individual transactions or portfolio changes depends on market conditions, liquidity, the investment strategy, client instructions where applicable, and execution requirements.
Government fees, timelines & key outcomes
- No standard government fee is ordinarily payable merely for receiving PMS services, although you may incur management fees, brokerage, exchange charges, GST, securities transaction tax, stamp duty, depository charges, and other applicable transaction or statutory costs.
- SEBI's PMS framework requires the portfolio manager to charge an agreed fee and does not permit the portfolio manager to guarantee or assure returns.
- The applicable investment amount, contractual terms, disclosures, fees, and other requirements must be assessed under the current SEBI framework.
- Key outcomes include a professionally structured portfolio, defined investment objectives and restrictions, documented risk parameters, ongoing monitoring, and periodic performance reporting.
Forms & filings involved
- PMS onboarding generally involves KYC documentation, client agreements, risk-profiling and suitability documentation, bank and Demat-account details, declarations, disclosures, and other documents prescribed by the portfolio manager and applicable SEBI requirements.
- The portfolio manager must enter into a written agreement with the client setting out the investment objectives, services, investment restrictions, instruments, exposure, tenure, withdrawal provisions, risks, fees, custody arrangements, reporting, and other applicable terms.
- The portfolio manager is also required to provide the prescribed Disclosure Document and related disclosures before entering into the client agreement.
Documents required
- PAN and KYC documents, proof of identity and address, bank-account details, Demat-account information, existing portfolio and investment statements, financial and investment objectives, risk-profile information, source-of-funds information where required, investment restrictions, nominee details, tax-related information where relevant, and corporate or trust documents for non-individual clients.
- Additional documents may be required depending on your category, investment strategy, regulatory status, and source of assets.
What we need from you
- Complete details of your investment objectives, investment horizon, risk tolerance, available investment amount, existing portfolio, liquidity requirements, preferred asset allocation, sector or security restrictions, income or growth objectives, tax considerations, and desired level of portfolio-management involvement.
- The client should also provide accurate KYC, bank, Demat, tax, and ownership information and disclose material existing investments or obligations that could affect portfolio suitability.
Important conditions
- PMS is a regulated securities-market activity and should be undertaken only through an appropriately SEBI-registered Portfolio Manager.
- SEBI's framework requires a written agreement defining the relationship between the portfolio manager and client and specifies matters including investment objectives, permitted investments, restrictions, risks, fees, custody, termination, and reporting.
- The applicable framework also distinguishes discretionary and non-discretionary portfolio management, with discretionary managers independently managing client funds according to your needs and non-discretionary managers acting in accordance with client directions.
- No guaranteed return or assured profit should be promised.
- Investment performance remains subject to market, liquidity, concentration, valuation, regulatory, and other risks.
Additional information
Portfolio Management Services require a minimum investment of ₹50 lakh under the SEBI (Portfolio Managers) Regulations, 2020, and can only be offered by SEBI-registered portfolio managers.
PMS fees — fixed, performance-linked or hybrid — and the manager's track record and risk-adjusted returns should be compared before investing; SEBI requires standardised performance disclosure.
The estimated cost covers indicative professional fees only. Government fees, stamp duty and taxes are payable at actuals.
How it works
- 1. Raise a service enquiry describing your requirement.
- 2. A Relationship Manager reviews it and opens it for bidding.
- 3. Pay into escrow and assign the professional you select.
- 4. Track progress to completion, then accept and release payment.
Frequently asked questions
What is the minimum investment for PMS?
₹50 lakh under SEBI's Portfolio Managers Regulations.
How is PMS different from mutual funds?
PMS holds securities directly in your name with a customised portfolio, at higher minimums and often higher fees.
How are PMS fees charged?
As a fixed fee on assets, a share of profits above a hurdle, or a mix of both.
How can I check a PMS's performance?
From the standardised performance data SEBI requires portfolio managers to disclose, compared with appropriate benchmarks.