Rahul Rathi
The chairman, promoter and principal officer of Purnartha's PMS, and the only person the firm attaches to its Pratham and Vision strategies. Purnartha reserves the scoped title 'Fund Manager' for a colleague on two other approaches, and its SEBI disclosure document names no fund manager for any of its seven — which is exactly why the wording here is careful.
Is Rahul worth your time?
A risk-analytics background applied to a concentrated Indian equity book. Rathi is the Chairman, Promoter and Director of Purnartha Investment Advisers Private Limited, the Pune firm SEBI registered as a portfolio manager on 23 July 2020 under INP000007021, and its registered Principal Officer for the PMS. He founded Capmetrics, a portfolio risk-analytics provider to global hedge funds, in 2002, and has driven Purnartha's investment philosophy since 2009. Two strategies carry his name and no one else's: Pratham, a concentrated ten-to-fifteen-stock book, and Vision, a fifteen-to-eighteen-stock one. Three qualifiers before the record. The firm titles him Founder & Chairman on those strategy pages, not fund manager. It gives the Fund Manager title to Rohit Jain on Dynamic Midcap and ONE. And a Chief Investment Officer, Sunny Arora, sits above both.
Investors who want a concentrated, channel-check-driven Indian equity book run inside a firm the chairman founded, owns and still fronts — and who are comfortable that what they are buying is the firm's process rather than a contractually named individual. It suits a multi-year horizon and someone who will read a ten-to-fifteen-stock portfolio with a 17.5% single-stock ceiling as a deliberate concentration bet rather than an accident. It also suits an investor willing to do two things before signing. First, ask in writing who holds discretionary authority over Pratham or Vision, because the firm names a Fund Manager on its other strategies and none on these. Second, negotiate the fee: the disclosure document's ceiling is up to 5.00% a year on daily closing AUM, and the number that actually applies to you is whatever your agreement says.
- Purnartha gives the scoped Fund Manager title to Rohit Jain on other strategies; on Pratham and Vision it shows only 'Rahul Rathi / Founder & Chairman'.
- Its SEBI disclosure document, certified 21 July 2026, names no fund manager for any of the firm's seven approaches.
- The fixed-fee ceiling on both strategies is up to 5.00% a year on daily closing AUM, far above the 1.5–2.5% commonly marketed.
- The firm lost ₹8.49 crore in FY2024 before recovering to a ₹6.71 crore profit in FY2025, still below FY2023.
About Rahul Rathi
Rahul Rathi is the Chairman, Promoter and Director of Purnartha Investment Advisers Private Limited, the Pune portfolio manager SEBI registered on 23 July 2020 under INP000007021, and its registered Principal Officer for the PMS. Its team page titles him Chairman & Principal Officer – PMS, and the homepage describes him at firm level as its chairman and fund manager.
He has over twenty years of research and portfolio risk-management experience gained in New York, London and Asia. He began as a risk analyst at a global hedge fund and founded Capmetrics, a portfolio risk-analytics provider to global hedge funds, in 2002. Since 2009 he has designed and driven Purnartha's investment philosophy. He holds a Master's in Industrial Administration from Carnegie Mellon University and a Bachelor's in Polymer Engineering from the University of Pune.
Career
- current
Chairman, Promoter and Director, Purnartha Investment Advisers Private Limited
Also the registered Principal Officer for the firm's PMS under INP000007021, effective 23 July 2020 and perpetual. The team page titles him 'Chairman & Principal Officer - PMS'; the homepage describes him at firm level as 'the chairman and fund manager of Purnartha Investment Advisers Private Limited'.
- since 2009
Architect of the Purnartha investment philosophy
The firm's disclosure document states he has designed and driven the long-term wealth-generation philosophy since 2009, and attributes its performance to his investment in people, process and data.
- from 2002
Founder, Capmetrics
A research and portfolio risk-analytics provider to global hedge funds and funds of funds, analysing and communicating portfolio-level risk to fund managers. The company was later incorporated as Capmetrics Technology Solutions and renamed Purnartha Investment Advisers in September 2017.
- early career
Risk analyst, global hedge fund
The start of a career built on portfolio risk analytics rather than stock-picking, across New York, London and Asia.
Six principles
Find the winning business model first
The stated four-step process begins by identifying the business model that wins, before valuation enters the conversation at all.
Margin of safety, then growth
Valuation and margin of safety are assessed at step two and growth trajectories at step three — quality and price are tested before the growth story is bought.
Channel checks as the differentiator
The firm's on-ground team meets not only company management but suppliers, clients and distributors. The disclosure document credits this with making the analysis robust and realistic.
Concentration by design
Pratham holds ten to fifteen names with a single position allowed up to 17.5% of the book; Vision holds fifteen to eighteen with a 10% cap. This is a deliberate bet, not a diversified proxy.
Structural risk limits, not market timing
A 35% sector threshold at the time of investment, sector allocation broadly proportionate to GDP, market-cap ceilings and a seven-day liquidity test do the risk work. The firm says it consciously avoids timing the market.
Screen out before you screen in
Cyclical businesses, instances of poor corporate governance and companies with unproven or little track record are excluded before the positive work begins.
The call that shows the method working
Named on the strategy — but not with the title the firm reserves for its fund managers
The registration and the role are beyond doubt and come from primary sources. Purnartha Investment Advisers Private Limited holds SEBI portfolio-manager registration INP000007021, effective 23 July 2020 and perpetual, with Rahul Rathi named as its Principal Officer — stated on the firm's own website footer on every page and consistent with its SEBI disclosure document, which calls him 'the Chairman, Promoter and Director'. That document, Version 2/2026-27, was certified by chartered accountants S Panse & Co LLP on 21 July 2026 and records 'None' against all six enforcement heads.
The attribution is where precision matters, because Purnartha itself is precise. Its team page gives him one title: 'Chairman & Principal Officer - PMS'. Its Pratham & Vision strategy page shows one person — 'Rahul Rathi / Founder & Chairman' — and no one else. Its Dynamic Midcap and ONE strategy pages show one person each, and that person is 'Rohit Jain / Fund Manager'. A firm that applies the scoped title to a colleague on two strategies and withholds it from the chairman on two others is making a deliberate distinction, not an oversight. The homepage does say at firm level that he 'is the chairman and fund manager of Purnartha Investment Advisers Private Limited', and that sentence is real — but it describes the firm, not the mandate.
APMI cannot settle it either. It names Rahul Rathi as fund manager on Pratham, on Vision and on Dynamic Midcap, and populates all three with compliance@purnartha.com. Since the firm's own site attributes Dynamic Midcap to Rohit Jain, that register entry is demonstrably a compliance contact repeated across approaches. And the disclosure document, which describes all seven approaches in full, names no fund manager for any of them. Above all of it sits a Chief Investment Officer, Sunny Arora. Treat Rathi as the chairman and principal officer who owns the PMS and whose name is the only one on Pratham and Vision — which is documented — rather than as either strategy's titled fund manager, which the firm pointedly does not say.
- from 2002Founds Capmetrics, a portfolio risk-analytics provider to global hedge funds and funds of funds
- since 2009Designs and drives the Purnartha investment philosophy
- 28 Mar 2011The company is incorporated as Capmetrics Technology Solutions Private Limited
- Dec 2013SEBI registers the firm as an Investment Adviser under INA000000672
- Sep 2017Renamed Purnartha Investment Advisers Private Limited
- 23 Jul 2020SEBI registers the firm as a portfolio manager under INP000007021, perpetual, with Rathi as Principal Officer
- 17 Sep 2020Purnartha Pratham inception, per APMI
- 3 Mar 2021Purnartha Vision inception, per APMI
- 18 Jun 2021Bombay High Court dismisses Purnartha's own petition challenging SEBI's investment-adviser fee cap
- 21 Jul 2026Disclosure Document Version 2/2026-27 certified — seven approaches, no fund manager named for any
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 | 5Y | Since inception |
|---|---|---|---|---|
| Purnartha Pratham Strategy | +9.13% | +12.61% | +9.27% | +11.66% |
| Purnartha Vision Strategy | +6.88% | +12.46% | +8.92% | +10.41% |
Your return will not be the headline number. This is the spread of Rahul's 2 tracked strategies' 3-year CAGR. Which strategy you hold, and when you invested, both move your outcome. Strategy-level dispersion, 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 Rahul on
Bring these to the call.
Who is named on Pratham or Vision, in writing?
The firm gives Rohit Jain the Fund Manager title on two other strategies and gives none here, and the disclosure document names no manager for any of the seven approaches. Ask Purnartha to confirm in writing who holds discretionary authority over the strategy on your form.
What does the CIO decide?
Sunny Arora is Chief Investment Officer, above the fund managers. Ask what he signs off on, what the chairman decides, and how a disagreement between them is resolved on a ten-to-fifteen-stock book.
What fee actually applies to you?
The disclosure document sets the ceiling at up to 5.00% per annum on daily closing AUM for both Pratham and Vision, with the performance fee left entirely to the individual agreement. Get the exact fixed rate, the profit-share percentage, the hurdle, the high-water-mark treatment and the exit load in writing before signing.
What happened in FY2024?
Total income fell from ₹75.83 crore to ₹40.32 crore and the firm posted a ₹8.49 crore loss, before recovering to ₹55.43 crore and a ₹6.71 crore profit in FY2025 — still below FY2023 on both measures. Ask what drove the fall and what has changed.
Can one stock really be 17.5% of the book?
That is the stated Pratham ceiling, against 10% for Vision. Ask for the current top-five weights, the worst drawdown since inception, and how the seven-day liquidity test is applied to the largest position.
What flows to Capital Metrics?
The disclosure document lists Capital Metrics and Risk Solutions Private Limited as the firm's sole group company and a related party receiving payments for software usage and reimbursements, with a director in common. Ask for the current quantum and the basis on which it is priced.
Ignore the brochures, read the filed document
The downloadable PDF brochures are out of date and still name a departed manager as fund manager of the ONE strategy, which the live site contradicts. Work from the current SEBI disclosure document and the signed PMS agreement only.
Rahul Rathi · FAQ
Does Rahul Rathi manage the Pratham and Vision strategies?
What does the SEBI disclosure document say about who manages what?
Who else is in the investment chain above or beside him?
Is Purnartha clean on the regulatory record?
What do the firm's financials look like?
What is the minimum investment, and what are the fees?
Considering Rahul'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 Rahul Rathi.