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Home / SEBI & Capital Markets / PMS Registration
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.
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.
Minimum ₹5 crore.
₹50 lakh per client.
Principal officer and compliance officer with prescribed qualifications and NISM certification.
Must be filed with SEBI and given to clients.
Portfolio managers must appoint a custodian, subject to exemptions.
September 2026 changes are approved but pending notification.
Applications are often delayed by personnel or systems gaps.
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PMS registration connects with these services.
Alternative Investment Fund registration.
Investment adviser registration.
Research analyst registration.
Mutual fund distributor ARN.
Check eligibility and gaps.
Appoint key personnel and systems.
Draft policies and documents.
File with SEBI with fees.
Respond to SEBI observations.
Start operations with compliance calendar.
Portfolio managers have ongoing obligations.
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Share your query and our team will reply during business hours.
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.
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.