What is PMS, in one page.
Portfolio Management Services are SEBI-regulated, individually-managed equity portfolios for investors with ₹50 lakh and above. Less hand-holding than mutual funds, more transparency than an AIF.
The 60-second version.
A PMS is a discretionary investment service where a SEBI-registered portfolio manager builds and manages a custom equity portfolio in your demat account. You see every trade, every charge, every holding, in real time.
It's not a fund. It's not a basket. It's your money, deployed by a professional, in a strategy you chose.
How they actually differ.
Both invest in equities. The similarities end there.
When PMS makes sense.
- You have ₹50 lakh+ to deploy in equities
- You want exposure to a specific manager's style or thesis
- You're comfortable with concentrated portfolios (15–30 stocks)
- You're in a higher tax bracket and want STCG/LTCG control
- You want quarterly manager calls and a real conversation
- You can't deploy ₹50 lakh as lump-sum or in tranches
- You want diversified, low-cost index exposure
- You can't tolerate 20–30% drawdowns in bad years
- You prefer SIP-style monthly investing
- You don't have a CA who can handle PMS tax filing
Three flavors. Pick wisely.
Discretionary
Manager makes all decisions inside the chosen mandate. Most common, and the easiest for first-timers.
Non-discretionary
Manager recommends, you approve every trade. More work, more control.
Advisory
Pure advice, no execution. Rare in India. Best for sophisticated allocators with their own desk.
Still comparing PMS options? Ask Nyra.
She reads factsheets, scores every SEBI-registered PMS on one basis, and cites her sources.
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