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The SEBI (Portfolio Managers) Regulations, 2026, taking effect from 1st April 2027, establish an overhauled regulatory framework governing Portfolio Management Services (PMS) in India. Key reforms significantly expand the permissible investment universe to include IPOs, unlisted debt, overseas securities, and exchange-traded derivatives up to 1.25 times client Assets Under Management (AUM). The framework introduces the Portfolio Managers’ Route for Investing in Mutual Fund Units (PRIM) with a lower ₹25 lakh minimum investment threshold, alongside Independent Fund Managers (IFMs) operating under registered portfolio managers. Furthermore, simplified operational and compliance requirements ease administrative burdens while creating substantial compliance, audit, and tax opportunities for Chartered Accountants.
Evolution of Portfolio Management Services
The formative years of the Securities Exchange Board of India’s (SEBI) legislative framework laid down the foundation of the SEBI (Portfolio Managers) Regulations, 1993. SEBI’s recognition of PMS as a formal investment vehicle on 7th January 1993 led to the beginning of two major evolutions in the capital market – regulatory and asset management – fuelling an unprecedented rise in the PMS hou
