FME Regulatory Intelligence, Learning & Practice · IFSCA (Fund Management) Regulations, 2025

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AIF vs PMS vs mutual fund

SEBI AIFvsPortfolio management (PMS)vsMutual fund
SEBI AIFPortfolio management (PMS)Mutual fund
What it isA privately pooled fundA manager runs your own separate portfolioA pooled fund open to the public
Who can investSelected investors (private placement)Clients who meet the minimumAnyone, including small investors
Minimum₹1 crore (less for accredited investors)₹50 lakhSmall amounts
Your holdingsUnits of the fundSecurities held in your own nameUnits of the scheme
RulebookSEBI (AIF) Regulations, 2012SEBI (Portfolio Managers) Regulations, 2020SEBI's mutual fund regulations

SEBI AIF

What it is
A privately pooled fund
Who can invest
Selected investors (private placement)
Minimum
₹1 crore (less for accredited investors)
Your holdings
Units of the fund
Rulebook
SEBI (AIF) Regulations, 2012

Portfolio management (PMS)

What it is
A manager runs your own separate portfolio
Who can invest
Clients who meet the minimum
Minimum
₹50 lakh
Your holdings
Securities held in your own name
Rulebook
SEBI (Portfolio Managers) Regulations, 2020

Mutual fund

What it is
A pooled fund open to the public
Who can invest
Anyone, including small investors
Minimum
Small amounts
Your holdings
Units of the scheme
Rulebook
SEBI's mutual fund regulations

The new SEBI (Portfolio Managers) Regulations, 2026 were notified on 7 October 2026 and apply from 1 April 2027.

Plain-English explanations to aid understanding. Regulatory points cite their source; general finance concepts are explained as commonly used. Not legal or tax advice.

Prashant Kumar

Meet the expert

CS Prashant Kumar

Company Secretary & Compliance Officer
Global Horizons Capital Advisors (IFSC) Private Limited — an IFSCA-licensed investment banker

13+ years of experienceFCS Fellow member, ICSIAuthor Audit Under Fire

Published in The Chartered Accountant (Jun 2025, Jan 2025, Mar 2024) and Chartered Secretary (Aug 2023)

Prashant Kumar is a seasoned Company Secretary and corporate governance strategist with more than 13 years of experience advising large corporates, promoter-led groups and global businesses on compliance, regulatory risk and board governance. In GIFT IFSC, the IFSCA regime is his day job rather than a research topic.