PMS India on WebNotes

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).

Saurabh Mukherjea

Tue, 12 May 2026 00:00:00 +0000

Saurabh Mukherjea is the founder and Chief Investment Officer of Marcellus Investment Managers, a SEBI-registered Portfolio Management Service (PMS) and Alternative Investment Fund (AIF) provider established in 2018. He is known for the Consistent Compounders investment strategy, which seeks to identify Indian listed businesses with durable competitive moats and consistently high returns on capital, and for a substantial body of authored work on Indian equity markets and investing. Prior to founding Marcellus, Mukherjea served as CEO of Ambit Capital’s institutional equities business and as head of equities at Clear Capital. He is one of the more prolific authored voices in Indian investment management.

True Beacon

Mon, 11 May 2026 00:00:00 +0000

True Beacon is a portfolio management service (PMS) operated by True Beacon Wealth Private Limited, a company affiliated with the Zerodha group of financial services companies. Based in Bengaluru, it is registered with SEBI as a portfolio manager and targets high-net-worth individuals, ultra-HNIs, and family offices with a minimum investment threshold of fifty lakh rupees, the regulatory floor for PMS products in India. Nikhil Kamath, co-founder of Zerodha, serves as the primary fund manager.