SEBI Regulated on WebNotes

Alternative Investment Fund (AIF) in India

Sun, 17 May 2026 00:00:00 +0000

An Alternative Investment Fund (AIF) in India is a SEBI-regulated privately-pooled investment vehicle that collects funds from sophisticated investors (Indian or foreign) for investing in non-traditional asset classes or non-traditional strategies. AIFs are governed by the SEBI (Alternative Investment Funds) Regulations, 2012, which established a comprehensive framework distinct from the mutual fund and Portfolio Management Service frameworks. AIFs occupy the position between PMS (per-client portfolios for HNIs) and mutual funds (pooled retail products), as pooled vehicles for sophisticated investors with substantial minimum-investment thresholds and strategy flexibility.

Deutsche Bank AG, Mumbai Branch (Custodian, India)

Sun, 17 May 2026 00:00:00 +0000

Deutsche Bank AG, Mumbai Branch is a SEBI-registered custodian of securities serving Indian mutual funds, alternative investment funds (AIFs), foreign portfolio investors (FPIs), and other regulated financial-services entities. As the Indian branch of Deutsche Bank AG (the German multinational investment bank headquartered in Frankfurt), Deutsche Bank India has operated in the Indian custodian-services market for decades and is one of the leading custodian providers alongside HDFC Bank, ICICI Bank Custodial Services, Citibank N.A. India, JPMorgan Chase Bank India, and SBI-DFHI.

Portfolio Management Service in India

Sun, 17 May 2026 00:00:00 +0000

A Portfolio Management Service (PMS) in India is a SEBI-regulated investment-management vehicle through which a SEBI-registered Portfolio Manager manages individual client portfolios under a defined mandate. PMS is the principal vehicle for high-net-worth investors seeking customised investment management beyond what mutual fund schemes provide. Governed by the SEBI (Portfolio Managers) Regulations, 1993 (with multiple subsequent amendments), the PMS framework distinguishes between discretionary PMS (the portfolio manager has full investment discretion) and non-discretionary PMS (the manager requires client approval for each transaction). The minimum-investment threshold, raised progressively by SEBI over decades, stands at Rs 50 lakh as of 2026, positioning PMS as a high-net-worth-investor product distinct from mutual fund schemes that are open at much lower minimums (Rs 100 to Rs 5,000).

Registered Investment Adviser (RIA) in India

Sun, 17 May 2026 00:00:00 +0000

A Registered Investment Adviser (RIA) in India is a SEBI-registered investment-advisory professional or entity authorised to provide investment advice to clients on a fee-only basis under the SEBI (Investment Advisers) Regulations, 2013. The RIA framework was designed to address structural conflicts of interest in Indian investment-advisory practice by formally separating the advisory role (fee-based) from the distribution role (commission-based). An RIA cannot earn commissions from product manufacturers (AMCs, insurance companies) for selling products to clients; the RIA earns only the explicit fee paid by the client.

Specialised Investment Fund (SIF) in India

Sun, 17 May 2026 00:00:00 +0000

A Specialised Investment Fund (SIF) in India is a new SEBI-introduced investment-vehicle category, formalised through SEBI’s 2024 framework, that bridges the gap between mutual funds (open to retail investors at low minimum thresholds with standardised strategy categories) and Portfolio Management Services and Alternative Investment Funds (high minimum thresholds with strategy flexibility). The SIF category was proposed by SEBI in 2024 with a Rs 10 lakh minimum investment per investor, positioning it as accessible to mass-affluent investors who fall between retail-MF and HNI-PMS/AIF segments.

Video KYC (Video-based Customer Identification Process) in India

Sun, 17 May 2026 00:00:00 +0000

Video KYC, formally known as Video-based Customer Identification Process (VCIP), is a SEBI-and-RBI-permitted KYC mechanism in India that uses a real-time video call between a customer and an authorised representative to verify identity and complete the Know Your Customer (KYC) process. VCIP was introduced as an alternative to physical-document-based KYC and as a complement to Aadhaar -based e-KYC, particularly relevant for customers without active Aadhaar-linked mobile numbers, NRIs, foreign citizens, or customers preferring not to use Aadhaar OTP-based verification. The framework was formalised through SEBI Circular SEBI/HO/MIRSD/DOP/CIR/P/2020/73 dated 24 April 2020 and aligned RBI guidelines.