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SEBI · Portfolio Managers

PMS Registration with SEBI – Portfolio Manager Licence Requirements

Last updated: 2 October 2026

Managing client portfolios on a discretionary or non-discretionary basis requires SEBI registration as a portfolio manager. Expertvuw’s team checks eligibility, prepares the application and policies, and sets up the compliance framework — including changes the SEBI Board approved in September 2026.

Overview

How PMS Registration Works

Portfolio management services are regulated by the SEBI (Portfolio Managers) Regulations, 2020. A portfolio manager manages clients’ funds or securities under an agreement, on a discretionary, non-discretionary or advisory basis. Registration is granted by SEBI to entities that meet net worth, infrastructure and personnel requirements.

The applicant needs a minimum net worth of ₹5 crore, a principal officer and compliance officer with prescribed qualifications, experience and NISM certification, and adequate systems for client onboarding, custody, valuation and reporting. Clients must invest at least ₹50 lakh.

On 24 September 2026, the SEBI Board approved changes to the PMS framework — including a route for portfolio managers to invest in mutual funds with a lower ticket size, a new category of independent fund managers, and limited investment in unlisted investment-grade debt. These changes take effect only after SEBI notifies the amendments.

Basis: SEBI (Portfolio Managers) Regulations, 2020, as amended; SEBI Master Circular for Portfolio Managers; SEBI Board meeting decisions of 24 September 2026 (pending notification). Last updated: 27 September 2026.

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What This Service Covers

What We Help With

1

Eligibility check: net worth, personnel and infrastructure

2

Structuring the entity and appointing key personnel

3

Preparing the application and required policies

4

Client agreement, disclosure document and onboarding process

5

Post-registration reporting and compliance calendar

Key PMS Facts

Net worth

Minimum ₹5 crore.

Minimum investment

₹50 lakh per client.

Key personnel

Principal officer and compliance officer with prescribed qualifications and NISM certification.

Disclosure document

Must be filed with SEBI and given to clients.

Custodian

Portfolio managers must appoint a custodian, subject to exemptions.

Board decisions

September 2026 changes are approved but pending notification.

Common Issues

Common Issues

Applications are often delayed by personnel or systems gaps.

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Related Services

Related services

PMS registration connects with these services.

AIF Registration

Alternative Investment Fund registration.

RIA Registration

Investment adviser registration.

Research Analyst

Research analyst registration.

AMFI Registration

Mutual fund distributor ARN.

Documents Required

Documents we need from you

Entity Documents

People & Policies

Our Process

How the Process Works

1

Assess

Check eligibility and gaps.

2

Set up

Appoint key personnel and systems.

3

Prepare

Draft policies and documents.

4

Apply

File with SEBI with fees.

5

Queries

Respond to SEBI observations.

6

Launch

Start operations with compliance calendar.

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After Registration

After Registration

Portfolio managers have ongoing obligations.

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Get in Touch

Share your query and our team will reply during business hours.






    FAQs

    Frequently Asked Questions

    What is the net worth requirement for PMS?

    A minimum net worth of ₹5 crore.

    ₹50 lakh per client.

    A person meeting the qualification, experience and NISM certification requirements in the regulations.

    The SEBI Board approved changes on 24 September 2026, including a mutual fund investment route and a new independent fund manager category. They apply only after notification.

    Portfolio managers must appoint a custodian, subject to limited exemptions.

    About Expertvuw

    Who Handles Your Application

    CS Chetna Shoor, Company Secretary and Director, Expertvuw

    CS Chetna Shoor

    ACS – Director, Expertvuw Management Pvt Ltd

    SEBI applications and filings are prepared by Expertvuw’s team. Certificates, audits and due diligence that SEBI regulations reserve for practising professionals or registered intermediaries are provided by independent registered professionals, and representation before SEBI or SAT is made by advocates or authorised professionals.

    Expertvuw Management Pvt Ltd