Mutual fund vs PMS vs AIF in India

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

Mutual funds, Portfolio Management Services (PMS), and Alternative Investment Funds (AIFs) 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.

Regulatory overview

Instrument	Regulatory framework	Regulator
Mutual fund	SEBI (Mutual Funds) Regulations, 1996	SEBI
PMS	SEBI (Portfolio Managers) Regulations, 2020	SEBI
AIF	SEBI (Alternative Investment Funds) Regulations, 2012	SEBI

All three are regulated by SEBI, but under separate regulatory frameworks reflecting their different investor bases, risk profiles, and operational structures.

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.

Portfolio Management Service on WebNotes

Mutual fund vs PMS vs AIF in India

Regulatory overview

True Beacon