SEBI PMS key numbers
Net worth, minimum investment, fees and time limits under the SEBI (Portfolio Managers) Regulations, 2026, each linked to its regulation.
In force from 1 April 2027. The SEBI (Portfolio Managers) Regulations, 2026 were notified on 7 October 2026 and replace the 2020 Regulations from 1 April 2027. Until then, the 2020 Regulations apply.
| What | The number | Where |
|---|---|---|
| When the 2026 Regulations apply | 1 April 2027 | Reg 1(2) |
| Minimum net worth — portfolio manager | ₹5 crore | Reg 4(a)(iv) |
| Liquid assets — portfolio manager | At least 10% of the minimum net worth, unencumbered | Reg 4(a)(iv)(c) |
| Minimum net worth — PRIM-only portfolio manager | ₹2 crore, at all times | Reg 31(1)(iii) |
| Minimum investment per client — PMS | ₹50 lakh (not for accredited investors, with disclosures) | Reg 16(3), 16(4) |
| Minimum investment per client — PRIM | ₹25 lakh | Reg 33(1) |
| Large value accredited investor | Agreement for at least ₹10 crore | Reg 2(1) |
| Application fee | ₹1 lakh, non-refundable | Reg First Schedule |
| Registration fee | ₹10 lakh, within 30 calendar days of SEBI's intimation | Reg 3(6), First Schedule |
| Renewal fee | ₹5 lakh for each block of three years, paid within three months before the block ends | Reg 7(1), First Schedule |
| Start of business after registration | Within three years | Reg 6(7) |
| Investor grievances | Within twenty-one calendar days of receipt | Reg 6(3), 16(14) |
| Reports to clients | At least every three months | Reg 24(1) |
| Disclosure Document | Updated and CA-certified every year within six months of the year end | Reg 15(2) |
| Auditor's report deficiencies | Rectified within two months | Reg 25 |
| Records | Kept for at least five years | Reg 22 |
| Principal officer experience | At least five years, two of them in portfolio management, advisory or fund management | Reg 4(b) |
| Relaxation application fee | ₹1 lakh, non-refundable | Reg 43(2) |
From the Regulations as notified on 7 October 2026, in force from 1 April 2027.
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CS Prashant Kumar
Company Secretary & Compliance Officer
Global Horizons Capital Advisors (IFSC) Private Limited — an IFSCA-licensed investment banker
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.