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Plain-English definition

What is Portfolio Management Services (PMS)?

Portfolio Management Services manage a client's securities portfolio under a discretionary, non-discretionary or advisory mandate.

Reviewed by Kshitij Jain, Principal Officer · SEBI Investment Adviser INA000022172 · Updated 24 October 2026

How Portfolio Management Services (PMS) works

Unlike a pooled mutual fund, a PMS portfolio is generally held in the client's own account and can differ by client. Minimum investment, fee structures, tax reporting and concentration may be materially different from mutual funds.

An example

Two PMS clients entering on different dates can hold different weights or purchase prices even under the same strategy.

Why it matters for your family

Families should compare net-of-fee performance, drawdowns, taxes, liquidity and concentration with simpler alternatives, not only the manager's headline return.

Questions people ask

What does Portfolio Management Services (PMS) mean?
Portfolio Management Services manage a client's securities portfolio under a discretionary, non-discretionary or advisory mandate.
Why does Portfolio Management Services (PMS) matter for a family?
Families should compare net-of-fee performance, drawdowns, taxes, liquidity and concentration with simpler alternatives, not only the manager's headline return.
Where can I verify information about Portfolio Management Services (PMS)?
Start with SEBI Investor, linked on this page, and the current official document for the product or tax year involved.

This page is general education, not personalised investment or tax advice. Rules can change; verify current official documents before acting. Investment in securities markets is subject to market risk.