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ARTICLE · 13 OCTOBER 2026

SEBI Introduces A New Regulatory Framework For Portfolio Management Service

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Since 2020, the portfolio management services (PMS) industry has grown significantly. The assets under management (AUM) rose from INR 18.07 lakh crore in April 2019 to INR 42.61 lakh crore as on 31 May 2026.

IndiaFinance and Banking
Sahil Shah
Sahil Shah
Samarth Chopra
Samarth Chopra
Paridhi Gupta
Paridhi Gupta
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Background

Since 2020, the portfolio management services (PMS) industry has grown significantly. The assets under management (AUM) rose from INR 18.07 lakh crore in April 2019 to INR 42.61 lakh crore as on 31 May 2026.1

The Securities and Exchange Board of India (SEBI) carried out a survey among industry stakeholders through the Association of Portfolio Managers of India (APMI), seeking to identify regulatory provisions requiring review from an ease of doing business perspective. Based on the industry feedback and its internal analysis, SEBI issued a consultation paper on 23 July 2026 along with draft regulations (PMS Consultation Paper). The feedback received pursuant to the PMS Consultation Paper was examined and the proposed changes to the Securities and Exchange Board of India (Portfolio Managers) Regulations, 2020 (PMS Regulations 2020) were placed before SEBI.

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