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.
REGULATION 32 · Chapter VI · Portfolio Management Service route for investment in mutual fund units (PRIM)
Permissible investment instruments
SEBI (Portfolio Managers) Regulations, 2026 · notified 7 October 2026 · in force from 1 April 2027
In plain English
PRIM portfolios can be invested only in direct plans of mutual funds in India, including index funds, exchange traded funds and specialized investment funds.
This note explains the provision; the notified text below is the law.
Regulation 32 as notified
English text of the Gazette notification. Read with any circulars SEBI issues under these Regulations.
The plain-English note is a learning aid. The notified text is the law; check later SEBI circulars.
Meet the expert
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.