SEBI · Portfolio Management Services
Every SEBI PMS rule, in plain English.
SEBI (Portfolio Managers) Regulations, 2026 — notified 7 October 2026, in force from 1 April 2027
Explore the new Portfolio Managers Regulations regulation by regulation: the notified text, plain-English notes, key numbers, PRIM, FAQs, a quiz and calculators, all in one place.
The 2026 Regulations replace the SEBI (Portfolio Managers) Regulations, 2020 on 1 April 2027. Until then, the 2020 Regulations apply.
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View all PMS FAQsWhen do the SEBI (Portfolio Managers) Regulations, 2026 come into force?
On 1 April 2027 (Regulation 1(2)). The 2020 Regulations are repealed from that date (Regulation 46(1)). Until then, the 2020 Regulations continue to apply. Regulation 1 ›
Do existing portfolio managers need to register again?
No fresh registration is required by the 2026 Regulations: registrations granted under the 2020 Regulations are treated as granted under the corresponding provisions of the 2026 Regulations (Regulation 46(2)). Some new requirements give existing portfolio managers time to comply, such as twelve months for the liquid-asset requirement. Regulation 46 ›
What is the minimum net worth for a portfolio manager?
At least ₹5 crore, with at least 10% of that minimum kept in unencumbered liquid assets such as cash, bank deposits with scheduled commercial banks, money market instruments and government securities (Regulation 4(a)(iv)). A portfolio manager offering only PRIM needs at least ₹2 crore (Regulation 31). Regulation 4 ›
What is the minimum investment for a PMS client?
₹50 lakh per client (Regulation 16(3)). It does not apply to an accredited investor, subject to disclosures in the Disclosure Document and the agreed terms (Regulation 16(4)). For PRIM, the minimum is ₹25 lakh (Regulation 33(1)). Regulation 16 ›
What is PRIM?
The Portfolio Management Service Route for Investment in Mutual Fund units, set out in Chapter VI. PRIM portfolios can be invested only in direct plans of mutual funds in India, including index funds, ETFs and specialized investment funds (Regulation 32). Regulation 32 ›
Who is a large value accredited investor?
An accredited investor who has entered into an agreement with the portfolio manager for a minimum investment amount of ₹10 crore (Regulation 2(1)). The Third Schedule contents of the agreement do not apply to them (Regulation 15(1)(b)), and up to 100% of their AUM may go into unlisted securities, with disclosures (Regulation 17). Regulation 2 ›
What fees does SEBI charge a portfolio manager?
A non-refundable application fee of ₹1 lakh, a registration fee of ₹10 lakh and a renewal fee of ₹5 lakh for every three years (First Schedule). The registration fee is paid within thirty calendar days of SEBI's intimation (Regulation 3(6)). First Schedule ›
When is the renewal fee paid?
Within three months before the expiry of the three-year block for which fees have been paid (Regulation 7(1)). Regulation 7 ›
A learning and compliance-preparation tool on the SEBI (Portfolio Managers) Regulations, 2026 as notified on 7 October 2026 (in force from 1 April 2027). Plain-English notes and answers are not legal advice; the notified text is the law. SEBI circulars under these Regulations are not covered yet.
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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.