SEBI PMS Regulations 2026: what changes on 1 April 2027

Short answer: SEBI notified the SEBI (Portfolio Managers) Regulations, 2026 on 7 October 2026. They come into force on 1 April 2027 and repeal the 2020 Regulations from that date. Registrations granted under the 2020 Regulations carry over, and existing portfolio managers get set periods to meet some requirements.

When do the new PMS Regulations apply?

From 1 April 2027 (Regulation 1(2)). Until then, the SEBI (Portfolio Managers) Regulations, 2020 continue to apply.

Do existing portfolio managers need to register again?

No. Anything done under the 2020 Regulations, including registrations granted, is treated as done under the corresponding provisions of the 2026 Regulations (Regulation 46(2)).

What deadlines should existing portfolio managers plan for?

• Liquid assets: twelve months to keep at least 10% of the minimum net worth in unencumbered liquid assets (Regulation 4(a)(iv)(d)).
• Commencement of business: thirty-six months to meet the commencement condition (Regulation 6(8)).
• Older client investments: twelve months for client investments made before the 2020 Regulations were notified to meet the minimum investment amount (Regulation 16(5)).

What is new in the 2026 Regulations?

• PRIM — a separate route for portfolios of direct-plan mutual funds, with a ₹25 lakh minimum and a ₹2 crore net worth for PRIM-only managers (Chapter VI, Regulations 29 to 34).
• Eligible fund managers — Chapter III for portfolio managers acting for eligible investment funds under section 9(12) of the Income-tax Act, 2025 (Regulation 9).
• Co-investment portfolio managers — Chapter IV for co-investing alongside Category I and II AIFs (Regulation 12).
• Large value accredited investors — accredited investors with agreements of at least ₹10 crore get more flexible terms (Regulation 2(1), Regulation 17).

What stays at the heart of PMS?

Each client's portfolio is managed individually; client securities are segregated and client money is kept in a separate account with a scheduled commercial bank (Regulation 16); a custodian is appointed unless only advice is given (Regulation 19); clients get reports at least every three months (Regulation 24); and grievances are redressed within twenty-one calendar days.

Quick answers

• Notified: 7 October 2026.
• In force: 1 April 2027.
• Repeals: SEBI (Portfolio Managers) Regulations, 2020.
• Existing registrations: carry over.
• Size: 46 regulations in 10 chapters, and 3 schedules.

Read every regulation with plain-English notes in the SEBI PMS rulebook.