A PMS offer deserves the same scrutiny as a major business contract: verify the manager’s SEBI registration, identify exactly what authority you are granting, read the disclosure document and agreement, calculate the complete fee load, and test whether the strategy fits your risk and liquidity needs. In India, SEBI’s September 20, 2024 FAQ states that a PMS account generally requires at least ₹50 lakh in funds or securities at opening. That threshold does not make an offer suitable, and registration does not mean SEBI has approved its returns or certified its documents.
Use the process below before transferring money. It is designed to compare offers on equivalent terms rather than being persuaded by a selectively presented return chart.
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1. Confirm what you are buying
Portfolio Management Services are arrangements in which a portfolio manager manages securities or gives portfolio-related advice for a client. The first decision is the level of authority and execution you are comfortable giving the provider.
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With discretionary service, the manager independently makes and executes investment decisions within the mandate you sign. You specify objectives, restrictions and other parameters; the manager chooses individual holdings and transactions subject to those terms.
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With non-discretionary service, the manager recommends or arranges transactions, but investment decisions follow your directions. This can preserve more control while requiring you to review proposals and respond in time.
Advisory service
An advisory arrangement provides investment advice without the provider independently executing trades or performing custody and accounting functions for you. Confirm that the account-opening form and agreement use the same service description that was presented in sales discussions.
Ask for a written answer to these questions before proceeding:
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- Who has final authority to approve each transaction?
- Which account holds the securities and cash?
- Can the manager trade without obtaining approval for every order?
- What restrictions can you impose on sectors, issuers, instruments or individual securities?
2. Verify registration, but do not treat it as an endorsement
Search SEBI’s official portfolio-manager registration information and match the registered legal entity, registration status and name on the proposed agreement. Do this before paying any amount or signing a mandate.
SEBI registration is a regulatory status, not a recommendation. It does not mean SEBI has approved the service, guaranteed performance or certified that the disclosure document is accurate or adequate. You remain responsible for checking suitability, conflicts, charges and contract terms.
Save a dated copy of the provider’s current disclosure document and agreement. If a salesperson refuses to provide the documents before requesting a commitment, pause the process.
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3. Read the disclosure document and agreement together
SEBI’s framework requires the disclosure document to be provided before the agreement and to be available on the manager’s website. Read both documents side by side, because marketing material may describe a strategy more broadly than the binding mandate.
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Items the documents should make clear
- Investment objectives and the Investment Approach being offered.
- Services supplied and whether they are discretionary, non-discretionary or advisory.
- Permitted investment areas, instruments, exposure limits and client-specific restrictions.
- Expected tenure, withdrawal terms, contract duration and termination procedure.
- Risks, including concentration, liquidity, market, credit, operational and issuer risks relevant to the approach.
- All fees, the amount or rate, the calculation method and when each charge is collected.
- Custody arrangements, audit provisions, account statements and reporting frequency.
- Related-party dealings, conflicts of interest and any required client consent.
- The manager’s previous three years of audited financial statements, as required in the disclosure document under the Portfolio Managers Regulations.
Mark every statement in a presentation that you cannot find in these documents. Ask for a written clarification or an amended agreement; do not rely on a verbal assurance.
4. Check the ₹50 lakh entry requirement and what happens later
SEBI’s FAQ dated September 20, 2024 states that the account-opening minimum is ₹50 lakh in funds or securities. A particular provider or product may require more. Confirm whether the quoted threshold applies to the exact Investment Approach, account type and client category you are considering.
SEBI’s FAQ also says a partial withdrawal is permitted if the prescribed minimum is maintained. If market movement later takes the portfolio below the minimum, the client does not have to top up solely because of that fall. The agreement may still contain practical withdrawal, settlement or notice requirements.
Do not confuse this current ₹50 lakh baseline with older regulatory text that shows a five-lakh figure. The later 2024 FAQ and current investor charter are the appropriate references for the baseline, but check the latest SEBI rules and the provider’s current documents at the time you invest.
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Compare what the strategy is allowed to buy with what you think you are buying. The September 2024 SEBI FAQ says discretionary PMS may invest in listed or exchange-traded securities, money-market instruments, direct-plan mutual-fund units and other securities permitted by SEBI. It says non-discretionary PMS may additionally invest up to 25% of a client’s assets under management in unlisted securities. Treat those statements as regulatory guidance and confirm the current agreement and applicable rules.
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Questions to ask about the mandate
- What percentage can be held in one issuer, sector or theme?
- Can the manager use derivatives, leverage, short positions or structured products?
- What is the minimum liquidity standard for a holding?
- Can the portfolio buy unlisted securities, and under what approval and valuation process?
- How are cash balances handled when suitable investments are unavailable?
- Can the manager change the Investment Approach, and how will you be notified?
Then compare those permissions with your own time horizon, emergency-fund needs, existing investments and tolerance for a permanent loss. A mandate that permits illiquid or concentrated positions may be unsuitable even if its headline objective sounds conservative.
6. Calculate the total cost, not just the advertised fee
SEBI permits fixed fees, performance-based fees or a combination. The agreement must state the fee for each service and the manner in which it is calculated. SEBI also says an upfront fee cannot be charged directly or indirectly.
Create a cost sheet with one row for every charge:
| Cost category | What to verify |
|---|---|
| Management or advisory fee | Rate, charging interval, asset base used and whether the amount is recurring. |
| Performance fee | Formula, hurdle or benchmark, crystallisation date, loss treatment and recovery method. |
| Brokerage and transaction charges | Rates, minimums, turnover assumptions and whether they differ by exchange or instrument. |
| Custody, demat and account charges | Provider, frequency and any pass-through expenses. |
| Taxes, levies and other stated expenses | Which amounts are charged to you and when they are debited. |
| Exit or transfer charges | Conditions, amount, notice period and whether an early-exit fee applies. |
Request a worked example showing a gain, a loss and a later recovery. The example should show the portfolio value before and after each fee, the period used, cash flows and the date on which the performance fee is taken. Do not assume that a provider’s “profit share” uses a high-water mark, hurdle rate or net-of-fee return unless the agreement says so.
7. Compare performance on identical terms
Ask each manager for the same Investment Approach, the same dates and the selected benchmark. SEBI requires performance communications for an Investment Approach to show time-weighted rate of return (TWRR) and the benchmark’s trailing return.
Your client report should show your own money-weighted XIRR alongside the minimum, maximum and median investor XIRR for that approach. It should also report TWRR and benchmark returns separately. These measures answer different questions:
- TWRR reduces the effect of deposits and withdrawals and is useful for judging the approach’s investment decisions.
- XIRR incorporates the timing and size of your cash flows and is therefore closer to your personal outcome.
SEBI warns that an individual portfolio can differ from the approach-wide result because of the timing of inflows and outflows and because restrictions or other constraints can produce a different portfolio composition. Treat historical performance as evidence to examine, not as a promised return. SEBI prohibits indicative or guaranteed returns.
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Go beyond the best annual return
Request a full-period or rolling history and examine drawdowns, volatility, concentration, time spent in cash and the number of positions. Check whether the benchmark represents the instruments and risk level of the mandate. A benchmark mismatch can make an apparently strong comparison misleading.
8. Investigate conflicts and related-party transactions
Read the conflict-of-interest section rather than assuming that a regulated manager is conflict-free. Identify relationships with brokers, distributors, issuers, group companies, affiliates and other service providers.
SEBI’s FAQ says investments in an associate’s or related party’s securities are subject to prescribed limits and prior client consent. Ask the manager to identify the approval process, limits, valuation method and disclosure you will receive. Obtain any consent requirement in writing before the first trade.
Also ask whether the manager receives distributor commissions or other benefits. Quarterly reporting should identify relevant commissions and benefits, allowing you to reconcile them with the cost sheet.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.9. Confirm reporting, custody and account control
Before funding the account, establish where assets are held, who can move cash, how statements are delivered and how you can independently verify holdings. Obtain the custodian’s name and the process for resolving a statement discrepancy.
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- Portfolio composition and value.
- Transactions during the period.
- Benefits received, such as income or other distributions.
- Expenses charged to the portfolio or client.
- Material risks and relevant defaults, where applicable.
- Distributor commissions.
Ask whether you receive trade confirmations and holdings information more frequently through the custodian or depository. A reporting portal is useful only if its figures reconcile with independent account statements.
10. Understand liquidity, termination and exit charges
SEBI’s FAQ says a portfolio manager cannot impose a lock-in on the investor. An applicable early-exit fee may nevertheless be charged, and the agreement controls termination, notice, transfer and settlement mechanics.
Find the exact answers to these questions:
- How many days’ notice are required to terminate?
- How are securities transferred if you leave rather than liquidate?
- Who decides which holdings are sold when cash is needed?
- How are illiquid or unlisted holdings valued and settled?
- When are final fees and expenses deducted?
- What happens if the manager or custodian is replaced?
Model an emergency withdrawal before investing. If the strategy cannot provide a credible timeline and valuation method, its liquidity risk may be incompatible with your needs.
11. Compare two or more offers with one scorecard
Do not compare one manager’s gross approach return with another’s net client XIRR. Use the same dates, return measure, benchmark and fee treatment wherever possible.
| Comparison axis | Evidence to place side by side |
|---|---|
| Authority and customization | Discretionary, non-discretionary or advisory status; restrictions accepted; approval workflow. |
| Mandate and diversification | Permitted instruments, concentration limits, unlisted exposure, derivatives and cash policy. |
| Total cost | Recurring fee, performance formula, trading and custody charges, taxes and exit costs. |
| Performance quality | TWRR, XIRR, benchmark, drawdowns, volatility and length of record for the same approach. |
| Liquidity | Withdrawal process, settlement timing, valuation of illiquid holdings and early-exit fee. |
| Controls and transparency | Registration, disclosure completeness, audited statements, conflicts, custody and quarterly reports. |
Write down why an offer wins on each axis. If you cannot obtain comparable evidence for one provider, record that as an information risk instead of filling the gap with assumptions.
12. Red flags that justify stopping
- A guaranteed, indicative or unusually precise return is presented as an expectation.
- You are asked for an upfront charge despite SEBI’s prohibition.
- The manager will not provide the disclosure document and agreement before signing.
- The verbal strategy differs from the permitted investment universe in the documents.
- Performance is shown without the required benchmark or without clarifying whether it is TWRR or XIRR.
- Fees are described as a single percentage with no worked calculation.
- Related-party investments or commissions are dismissed as “standard” without written limits and consent terms.
- Withdrawal timing, custody or final settlement cannot be explained.
- Pressure is applied to transfer the full ₹50 lakh immediately or to borrow to meet the threshold.
13. A pre-signing checklist
- Verify the legal entity and active SEBI registration.
- Identify the service type and the exact authority you grant.
- Obtain the current disclosure document and agreement before paying.
- Confirm the ₹50 lakh baseline, any higher product minimum and withdrawal conditions.
- Match the permitted instruments and exposures to your risk, horizon and cash needs.
- List every fee and obtain a gain-loss-recovery performance-fee example.
- Compare TWRR, XIRR and benchmark results for the same approach and dates.
- Review drawdowns, concentration, liquidity and the manager’s three years of audited financial statements.
- Document related-party limits, consent requirements, custody and reporting access.
- Confirm termination notice, transfer mechanics and any early-exit fee.
- Keep copies of all documents, statements and written answers.
What a sound decision looks like
Proceed only when you can explain, in your own words, who controls trades, what the strategy may hold, how much every layer costs, how performance is measured, how conflicts are handled and how you can exit. If any of those answers depends on an unwritten promise, the offer is not yet ready for your money.
SEBI’s FAQs are guidance rather than a substitute for current regulations and circulars. Recheck the rules, the manager’s latest disclosure document and the final agreement immediately before signing, and obtain independent regulated advice if the mandate or risks are difficult to assess.
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