https://v2.webnotes.in/categories/high-net-worth/Recent content in High Net Worth on WebNotesHugoen-INTue, 12 May 2026 00:00:00 +0000https://v2.webnotes.in/mutual-fund-vs-pms-vs-aif/Tue, 12 May 2026 00:00:00 +0000https://v2.webnotes.in/mutual-fund-vs-pms-vs-aif/<p><a href="https://v2.webnotes.in/mutual-fund/">Mutual funds</a> , <strong>Portfolio Management Services (PMS)</strong>, and <strong>Alternative Investment Funds (AIFs)</strong> are three distinct categories of SEBI-regulated pooled or managed investment vehicles in India. They differ in minimum investment thresholds, investor eligibility, portfolio structure, fee models, regulatory disclosure requirements, and tax treatment.</p> <h2 id="regulatory-overview">Regulatory overview</h2> <table> <thead> <tr> <th>Instrument</th> <th>Regulatory framework</th> <th>Regulator</th> </tr> </thead> <tbody> <tr> <td>Mutual fund</td> <td>SEBI (Mutual Funds) Regulations, 1996</td> <td>SEBI</td> </tr> <tr> <td>PMS</td> <td>SEBI (Portfolio Managers) Regulations, 2020</td> <td>SEBI</td> </tr> <tr> <td>AIF</td> <td>SEBI (Alternative Investment Funds) Regulations, 2012</td> <td>SEBI</td> </tr> </tbody> </table> <p>All three are regulated by <a href="https://v2.webnotes.in/sebi-investment-management-department/">SEBI</a> , but under separate regulatory frameworks reflecting their different investor bases, risk profiles, and operational structures.</p>