SEBI Business Registration

Portfolio Manager Registration

Portfolio management services (PMS) in India can be offered only by entities registered with SEBI under the SEBI (Portfolio Managers) Regulations, 2020, in force from 21 January 2020. The applicant files Form A through the SEBI Intermediary Portal with supporting documents under Schedule I, and on satisfaction SEBI grants the Certificate of Registration in Form B. The key requirements are a net worth of Rs 5 crore and a Principal Officer holding the specified NISM certification.

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Service Overview

What is Portfolio Manager Registration?

A Portfolio Manager is a body corporate that, under a contract with a client, advises or directs or undertakes on the client’s behalf the management or administration of a portfolio of securities or the client’s funds. Services can be discretionary, non-discretionary or advisory. A portfolio manager must hold a SEBI certificate of registration, charge fees as agreed, fixed, return-based or a combination, with no guaranteed returns and no upfront fees, and follow SEBI’s conduct, disclosure and reporting requirements.

The applicant must be a body corporate and fit and proper. The minimum net worth is Rs 5 crore, up from Rs 2 crore earlier, with existing portfolio managers given a 36-month grace period. Net worth means paid-up equity capital plus free reserves as defined in the Regulations. The Principal Officer must have the prescribed qualification and hold NISM Series XXI-B certification at all times.

Portfolio Manager Registration

Who Needs This Service

Wealth managers, asset management groups, investment boutiques, brokerage houses, banks and NBFCs that want to offer discretionary or non-discretionary portfolio management to high-net-worth and institutional clients need PMS registration.

Experienced fund managers who want to start their own PMS business need to build the required net worth and compliance infrastructure.

Companies that run AIFs may opt for co-investment portfolio manager status and enjoy relief on net worth.

If you only want to give investment advice, investment adviser registration may be more suitable than PMS.

Key Benefits

Clear route to SEBI registration as a portfolio manager
Net worth planning and certification
Principal Officer and compliance set-up guidance
Complete Form A and Schedule I documents
Support with client agreements and disclosures

Next Steps & Related Services

After registration, comply with SEBI's ongoing requirements.

Related services: Public or Private Limited Company registration, Mutual Fund registration, Annual Compliance and Accounting.

Common Mistakes

Underestimating net worth and its certification.
Appointing a Principal Officer without the required certification.
Weak compliance infrastructure.
Promising returns or charging upfront fees.
Neglecting client disclosures.

Timeline, Costs & Practical Tips

SEBI processing takes time depending on completeness.

Practical tip: confirm the registration fee and document list on the current SEBI regulations before filing.

Additional Information

SEBI (Portfolio Managers) Regulations, 2020 regulate PMS to protect investors. They set eligibility, conduct and disclosure rules.

Practical Scenarios

Scenario 1:

A wealth firm applies for PMS registration.

Scenario 2:

A fund manager sets up a new PMS entity.

Scenario 3:

An AIF manager considers co-investment portfolio manager status.

Practical Guidance

Portfolio management is a regulated, trust-based business. Beyond registration, SEBI expects clear client agreements, disclosure documents, segregation of client assets, reporting and a compliance culture. Build these into the firm from the start, not after registration.

Written By

Raghav Sharma

Operations Executive

10+ Years Experience

As seen on

Raghav Sharma has 10+ years of experience covering Company Registration - Operation, MCA Services - Operation, Corporate Operation, Import Export Services - Operation, Goverment Licence Services - Operation, FSSAI - Operation, SEBI - Operation, Labour Compliance - Operation, Fund Raising - Operation, Licence & Certificate - Operations.

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Frequently asked questions

Need clarity?

What is the minimum net worth?

Rs 5 crore.

Which form is used?

Form A, with the certificate in Form B.

Who qualifies as Principal Officer?

A person with the prescribed qualification and NISM Series XXI-B certification.

Are there exemptions?

Co-investment portfolio managers are exempt from the net worth requirement.

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