Скачать или смотреть Portfolio Management Services: Structure, Control, and Fees || Demystifying PMS || CFA

The source provides an extensive analysis of Portfolio Management Services (PMS), focusing on the regulatory, operational, and fee structures governing this personalized investment solution for High-Net-Worth Individuals (HNIs) in India. It explains that PMS operates under the stringent SEBI (Portfolio Managers) Regulations, 2020, which mandates a high minimum investment threshold of ₹50 Lakh, requires manager capital strength, and enforces investor protections like the High-Water Mark (HWM) principle for performance fee calculation. The text examines the core operational distinction between Discretionary and Non-Discretionary models, noting that the former offers crucial real-time execution while the latter allows the client more control. Finally, the analysis compares fee models and discusses the competitive threat posed by the newly introduced, lower-entry Specialised Investment Funds (SIFs), emphasizing that PMS must differentiate itself through absolute customization and direct ownership transparency.