Best PMS in India 2026

The AND Fintech Score is a composite ranking metric that measures two things: how much a fund outperforms its peers, and how well it manages risk. It's computed over a 36-month trailing window within each peer group. A higher score means the fund delivered strong outperformance with controlled risk — the combination most investors actually want.

The answer depends on which peer group matters to you. The AND Fintech Score ranks funds within their category — so the #1 Large Cap PMS is a different question from the #1 Small & Micro Cap PMS. Check the Category Leaders strip at the top of this page for the current #1 in each group. For an overall view, the All Equity table ranks every qualified strategy together.

Raw returns conflate market-wide gains with manager skill — in a rising market, even mediocre managers look brilliant. Alpha (return above benchmark) is better but still incomplete: a fund with +20% alpha and -40% drawdowns took on enormous risk to get there. The AND Fintech Score incorporates both outperformance and risk management, giving a more complete picture of which managers are genuinely skilled rather than just lucky or aggressive.

SEBI regulations mandate a minimum investment of ₹50 lakhs (₹50,00,000) for all Portfolio Management Services in India. This applies to every SEBI-registered PMS provider without exception. Some premium strategies may require higher minimums of ₹1 Cr or more depending on the fund house's offering document.

The score ranges from 0 to 100. A score above 75 means the fund is in the top quartile on both alpha generation and risk control within its peer group — that's genuinely strong. Scores between 50-75 indicate above-average performance. Below 50 means the fund trails its peer group on one or both dimensions. Context matters: a score of 60 in a competitive peer group (e.g. Large Cap with 40+ funds) may represent stronger management than a score of 80 in a thin group.

For HNI investors with ₹50L+ investable corpus who want direct stock ownership, full transparency, and higher-conviction concentrated portfolios, PMS often delivers better risk-adjusted outcomes. For investors seeking hands-off simplicity or smaller ticket sizes, mutual funds are the practical choice. Neither is universally "better" — the right answer depends on your capital, time horizon, and tolerance for operational overhead.

Indian PMS fees typically combine a fixed management fee of 1-2.5% per annum with a performance/variable fee of 10-20% above a stated hurdle rate (usually 8-12%). The high-water mark principle ensures you don't pay performance fees on gains that merely recover previous losses. Exit loads may apply within the lock-in period (typically 6-12 months).

Yes. All PMS providers in India are SEBI-registered under the Portfolio Managers Regulations, 2020. Investor securities are held in your own demat account (not the manager's), which structurally prevents fund-manager insolvency from affecting your assets. That said, PMS strategies invest in listed equities and inherit full market risk. The regulatory safety net covers custody and compliance, not investment outcome.

Automatically updated monthly. The 36-month trailing window ensures a smoother curve — a single good or bad month won't dramatically reshuffle the table.

Yes. Non-Resident Indians (NRIs) can invest in SEBI-registered PMS through an NRO (Non-Resident Ordinary) or NRE (Non-Resident External) bank account linked to a Demat account in India. Most PMS providers accept NRI investors, though some may have additional KYC or documentation requirements. Repatriation of funds follows RBI guidelines — profits from NRE-linked PMS accounts are fully repatriable, while NRO-linked accounts have annual repatriation limits.

PMS investors are taxed on each individual stock transaction in their portfolio — unlike mutual funds where tax arises only on redemption. Short-term capital gains (holding < 12 months) are taxed at 20%, and long-term capital gains (holding ≥ 12 months) above ₹1.25 lakh per year are taxed at 12.5%. Dividends are taxed at the investor's income tax slab rate. Your PMS provider issues a consolidated tax statement annually to simplify filing.

PMS (Portfolio Management Services) invests directly in listed stocks held in your own Demat account, with a ₹50 lakh minimum. AIF (Alternative Investment Fund) pools capital from multiple investors into a single fund vehicle (like a private fund), with a ₹1 Cr minimum for Category III. PMS gives you direct ownership and full transparency; AIF offers access to more complex strategies (long-short, derivatives, pre-IPO) but with less liquidity and higher lock-in periods (typically 3 years for Category I/II).

PMS does not have a regulatory lock-in period — you can withdraw capital at any time. However, most providers impose an exit load of 1-3% if you redeem within the first 6-12 months. Beyond the exit-load window, redemptions are typically processed within 7-10 business days. Some strategies may also have a soft lock-in recommended by the fund manager based on the investment philosophy.

As of 2024, there are approximately 400+ SEBI-registered PMS providers in India, collectively managing over ₹30 lakh crore in assets. However, not all are actively accepting new clients, and many run multiple strategies. The AND Fintech ranking covers strategies with at least 36 months of continuous return data reported to APMI, which filters out very new or inactive strategies.

PMS returns are calculated using the Time-Weighted Rate of Return (TWRR) method, as mandated by SEBI. TWRR eliminates the impact of cash inflows and outflows, making it a fair comparison across strategies. Returns reported on this page are net of fixed management fees but before performance fees and taxes. All data flows from SEBI/APMI monthly disclosures — AND Fintech does not accept self-reported data from fund houses.