Jigar Dinesh Shah
A director of Negen Capital Services who is named on the Negen Undiscovered Value Fund's own website as its Fund Manager. That fund is a SEBI Category III AIF, not the firm's PMS — and the independent paper trail, including a takeover-code filing he signed to the BSE, confirms him as Director rather than as the fund's manager.
Is Jigar worth your time?
A long-tenured insider at a small special-situations house. Shah has spent well over a decade at Negen Capital Services Private Limited, the Mumbai firm founded by Neil Bahal, and has been one of its directors since 2022. Negen's dedicated website for the Negen Undiscovered Value Fund names him verbatim as its Fund Manager; the fund is a scheme of Negen Investment Trust, registered with SEBI as a Category III Alternative Investment Fund under IN/AIF3/22-23/1254. Two things to hold clearly in view before reading anything else. First, this is an AIF, not the Negen PMS — APMI records Neil Bahal, not Shah, as the fund manager of the firm's only PMS approach. Second, the Fund Manager title comes from Negen's own marketing site; every independent record we opened gives his designation as Director.
Investors who already understand what an Alternative Investment Fund is, can commit at least a crore, and want exposure to a genuinely differentiated special-situations approach — demergers, spin-offs, pre-IPO and anchor-book positions — rather than another diversified equity book. It suits someone with a multi-year horizon who accepts an initial lock-in and a tapering exit load, and who is comfortable that this is a small, founder-led firm rather than an institution. It does not suit anyone who wants monthly factsheets, a long audited record, or a single named individual with documented sole discretion over the portfolio. If the manager's identity is what you are buying, get the placement memorandum and ask the firm to confirm in writing who holds investment discretion over this scheme.
- This is a Category III AIF, not a PMS: the minimum is ₹1 crore and AIFs need not publish PMS-style factsheets.
- The track record is short — the fund is a 2023 launch, and sources disagree on the month.
- Key-person and concentration risk sit in a small firm where founder Neil Bahal runs the much larger PMS book.
- Independent records confirm him as Director; the Fund Manager title comes only from Negen's own website.
About Jigar Dinesh Shah
Jigar Dinesh Shah is a director of Negen Capital Services Private Limited, the Mumbai investment manager to the Negen Undiscovered Value Fund, and is named on the fund's own website as its Fund Manager. That fund is a scheme of Negen Investment Trust, registered with SEBI as a Category III Alternative Investment Fund under IN/AIF3/22-23/1254.
Negen's SEBI portfolio-manager disclosure document records him as a director with 14-plus years at the firm, covering capital-markets investing, equity research, business development, risk management and client risk-profiling; the firm now puts that figure at 16-plus years. He holds a B.Com from the University of Mumbai and a PGDBA in Finance from the Welingkar Institute of Management Development, and is a NISM-certified Investment Adviser at Levels I and II. He is one of Negen's three current directors and authorised signatories.
Career
- since Jul 2022
Director, Negen Capital Services Private Limited
One of three current directors and authorised signatories alongside founder Neil Madan Bahal and Bharat Bhushan Daulatram Bahal. He signed Negen's Regulation 29 takeover-code disclosure to the BSE on 27 January 2026 as Director.
- 16+ years
Negen Capital Services Private Limited
Capital-markets investing, equity research, business development, risk management, risk profiling of clients and client communications. Negen's own disclosure document put this at 14-plus years as at June 2024.
- current
Fund Manager, Negen Undiscovered Value Fund
Named in those words on the fund's own website. The fund is a scheme of Negen Investment Trust, a SEBI Category III AIF registered under IN/AIF3/22-23/1254, with Negen Capital Services as its Investment Manager.
- until surrender
Principal Officer, Negen's investment-adviser arm
Negen's investment-adviser website records him as Investment Adviser and Principal Officer under registration INA000017417, which the firm states it has since surrendered.
Six principles
The catalyst has to be identifiable
Undervaluation alone does not qualify. The fund looks for a corporate action, a long-term industry trend or a regulatory change that gives the re-rating a reason to happen.
Special situations first
Management changes, spin-offs, distressed assets and restructuring are the core hunting ground — the same demerger-and-spin-off playbook the wider firm is known for.
Access as an edge
Anchor-book allocations in the qualified-institutional-buyer portion of IPOs and pre-IPO positions give the fund entry points a public-market buyer cannot replicate.
Value as the floor
Alongside the event-driven book, the fund buys quality businesses it judges to be trading below fair value, which is where the patience in the mandate lives.
Risk management as a stated pillar
The fund lists risk management as one of only three core principles, framed as disciplined due diligence rather than market timing.
Sixteen years inside one firm
His stated experience is entirely at Negen and spans investing, research, risk management and client risk-profiling, rather than a portfolio career assembled across houses.
The call that shows the method working
A signature on a regulatory filing — and what it does and does not prove
The strongest independent evidence about Jigar Dinesh Shah is not marketing copy. On 27 January 2026, Negen Capital Services Private Limited filed a disclosure with the BSE under Regulation 29(1) and 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, covering the aggregate holding of the Negen Undiscovered Value Fund, Negen Capital Services and Neil Madan Bahal in Digilogic Systems Limited following an IPO allotment. It is signed, twice, 'For and on behalf of Negen Capital Services Private Limited and Negen Undiscovered Value Fund (As their Investment Manager) and Neil Madan Bahal — Name: Jigar Dinesh Shah / Designation: Director'. A regulatory filing carrying his name and designation, made on behalf of both the manager and the fund, is a far better record than a website biography.
What it establishes is that he is a director of the investment manager and signs for the fund. It does not establish that he runs the portfolio. That claim rests on Negen's own AIF website, which names him verbatim as 'Fund Manager - Jigar Dinesh Shah', and on PMS Bazaar, which repeats it. Two other AIF platforms describe Neil Bahal as the fund manager of the same scheme. The firm's own SEBI PMS disclosure document, its most formal public document, calls him simply 'Mr. Jigar Shah (Director)'.
The rest of the record is consistent and checkable. Negen's PMS disclosure document gives his education — B.Com from the University of Mumbai, PGDBA in Finance from Welingkar — his NISM Investment Adviser certifications at Series X-A and X-B, and 14-plus years at the firm as at June 2024, which the firm now states as 16-plus. The company record shows him appointed a director on 12 July 2022, one of three, alongside Neil Bahal and Bharat Bhushan Bahal. Negen's investment-adviser site records him as the Principal Officer of a registration the firm has since surrendered.
- 4 Jun 2007Negen Capital Services Private Limited incorporated in Mumbai
- c. 2010Joins Negen Capital Services — the firm dates his experience there at 16-plus years
- 2017Negen launches its PMS; APMI dates the Special Situations and Dynamic Allocation Strategy to 10 August 2017
- 12 Jul 2022Appointed a director of Negen Capital Services, per the MCA-derived company record
- 2023Negen Undiscovered Value Fund launches as a scheme of Negen Investment Trust — month disputed
- 21 Jun 2024Negen's SEBI PMS disclosure document records him as 'Mr. Jigar Shah (Director)' with 14+ years at the firm
- 27 Jan 2026Signs Negen's Regulation 29 takeover-code disclosure to the BSE as Director
- 31 Jul 2026APMI records Neil Madan Bahal, not Shah, as fund manager of Negen's only PMS approach
How the strategies have performed
Trailing returns, net of fees, annualised beyond one year. Shown only when sourced and dated; missing figures are unavailable, never zero.
| Strategy | 1Y | 3Y | Since inception |
|---|---|---|---|
| Negen Undiscovered Value Fund | +7.3% | +28.09% | +27.99% |
Your return will not be a single number. These are the strategy's trailing returns over different holding periods: up to one year absolute, beyond one year annualised. Your own outcome depends on when you invested; this is not a record of individual client accounts.
Figures are historical, unaudited and third-party reported, as of 2026-06-30. Past performance is not indicative of future returns.
What to press Jigar on
Bring these to the call.
Who holds discretion over this scheme?
The Fund Manager title appears only on Negen's own AIF website; independent filings call him Director, and two platforms name Neil Bahal as the fund's manager. Ask the firm to confirm in writing, and check the private placement memorandum.
Are you buying the AIF or the PMS?
These are different products with different minimums, different disclosure obligations and different named people. The PMS is run by Neil Bahal under INP000005414; the AIF is IN/AIF3/22-23/1254. Confirm which one is on your form.
How much history is there, and from when?
The fund is a 2023 launch and the start month is given three different ways across sources. Ask for the audited NAV series from the actual first close, and for the record of any prior vehicle if one is being shown to you.
What happens if he or Neil Bahal leaves?
Negen is a small firm with three directors and a founder who runs the much larger PMS book. Ask who takes the AIF portfolio if either is unavailable, whether that is documented, and what your exit rights are.
What are the actual fees and exit terms?
Third-party platforms report management fees of roughly 1% to 1.1%, performance shares of 10% to 11% on pre-tax NAV, a capped setup cost and a twelve-month lock-in — and they do not agree. Get the numbers from the placement memorandum and contribution agreement.
What will you actually receive after you invest?
AIFs are not required to publish PMS-style factsheets, and Negen does not appear to publish one for this fund. Ask what reporting you get, how often, whether holdings are disclosed and who audits the NAV.
How liquid is a book built on pre-IPO and anchor positions?
Pre-IPO stakes, anchor-book allotments and SME listings can be hard to exit at scale. Ask about lock-in periods on underlying holdings, the valuation policy for unlisted positions, and what happens if redemptions cluster.
Jigar Dinesh Shah · FAQ
What does Jigar Dinesh Shah manage?
Is he the fund manager of the Negen PMS?
How solid is the Fund Manager attribution?
What is the minimum investment?
How long has the fund been running?
What are the fees?
Considering Jigar's strategy?
We'll pull the current Disclosure Document, the actual fee schedule, and a portfolio-overlap check against what you already own.
PMS Sahi Hai is a distributor (APMI Reg. APRN08358), not a SEBI-registered Investment Adviser. APMI registration does not constitute an endorsement. We are paid by the product manufacturer; this does not change the price you pay. PMS & AIF investments are subject to market risks; past performance is not indicative of future returns. This is not investment advice. PMS Sahi Hai is an independent marketplace and is not affiliated with Jigar Dinesh Shah.