Explore India's Leading PMS & AIF Strategies — In One Place
PlanMyCashflows is an AI-powered platform that helps affluent professionals, business owners, HNIs, UHNIs and NRIs discover, compare and understand Portfolio Management Services (PMS) and Alternative Investment Funds (AIF) from India's leading fund houses — with unbiased research and education-first guidance, all in one place.
SEBI-regulated products · Curated across multiple fund houses · Education-first, no sales pressure
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Understand PMS & AIF Before You Invest
What is a Portfolio Management Service (PMS)?
A Portfolio Management Service is a professionally managed, personalised investment portfolio built and managed for you by a SEBI-registered portfolio manager. Unlike a mutual fund — where your money is pooled and you hold units — in a PMS the securities are held directly in your own name and demat account, giving you full transparency into every holding. SEBI mandates a minimum investment of ₹50 lakh per portfolio manager. PMS can be discretionary (the manager makes buy/sell decisions on your behalf) or non-discretionary (the manager recommends; you decide). PMS is designed for investors who want a concentrated, high-conviction, customised portfolio and are comfortable with the associated risk.
What is an Alternative Investment Fund (AIF)?
An Alternative Investment Fund is a SEBI-regulated pooled investment vehicle for sophisticated investors, investing in strategies beyond traditional stocks and bonds. SEBI mandates a minimum investment of ₹1 crore (₹25 lakh for the fund's own employees/directors), and each scheme is capped at 1,000 investors (49 for Angel Funds). AIFs fall into three categories:
- Category I — funds with positive economic/social spillover: venture capital, SME, infrastructure, angel and social-impact funds.
- Category II — funds that don't use significant leverage: private equity, private credit/debt funds, and real-estate funds. This is the largest category by commitments in India.
- Category III — funds that may use complex or leveraged strategies, including long-short and other hedge-fund-style approaches; often structured as listed-equity Category III AIFs for HNIs.
A quick word on taxation (educational overview)
- In a PMS, because you own the securities directly, you are taxed as if you traded them yourself. For listed equity, short-term capital gains (holding under 12 months) are taxed at 20% and long-term gains (over 12 months) at 12.5% on gains above ₹1.25 lakh per year (rates applicable for FY 2025–26 onward); dividends are taxed at your slab rate.
- In an AIF, taxation depends on the category. Category I and II AIFs generally enjoy "pass-through" status (income is taxed in the investor's hands), while Category III AIFs are typically taxed at the fund level. NRIs may be able to reduce tax through applicable Double Taxation Avoidance Agreements (DTAA).
Tax rules change with each Union Budget and depend on your personal situation. This is general information, not tax advice — please consult a qualified tax adviser.
Why Investors Are Looking Beyond Mutual Funds
As your wealth grows, a standardised, pooled mutual fund may no longer match your goals. That's why a growing number of affluent professionals, business owners, HNIs, UHNIs and NRIs are adding PMS and AIF to their portfolios:
Direct ownership & transparency. In a PMS, securities sit in your own demat account — you see exactly what you own and why, not just a monthly factsheet.
Customisation. Portfolios can be shaped around your goals, risk appetite, time horizon and existing holdings, rather than a one-size-fits-all mandate.
High-conviction, concentrated strategies. PMS managers can run focused portfolios and specialised themes that pooled funds typically cannot.
Access to private markets. AIFs open the door to private equity, private credit, structured strategies and other opportunities not available through mutual funds.
A structure built for scale. With ₹50 lakh–₹1 crore-plus corpuses, PMS and AIF give sophisticated investors institutional-quality management with individual attention.
These products carry higher minimums, different risks and lower liquidity than mutual funds — which is exactly why unbiased research and education matter before you commit.
A Fast-Growing Opportunity
Total PMS industry AUM across ~2.12 lakh client accounts
Source: APMI PMS Industry Compendium, May 2026
Total AIF commitments raised, up ₹3.45 lakh crore year-on-year
Source: SEBI, quarter ended 31 March 2026
Registered Alternative Investment Funds, up from 732 five years ago
Source: SEBI, 31 March 2026
Accredited investors in India, up from 649 a year earlier
Source: SEBI, 30 April 2026
India's alternative-investment ecosystem is broadening quickly, with AIF commitments compounding at roughly 25–30% a year over the last five years. As more fund houses and strategies launch, choosing the right one — for your goals, corpus and risk appetite — becomes both more important and more complex. That's where PlanMyCashflows helps.
Figures are as of the dates shown and are drawn from APMI and SEBI data. Industry data is updated periodically; please treat figures as indicative.
Discover → Compare → Invest with Guidance
Discover
Browse curated PMS and AIF strategies across India's leading fund houses, organised by category, objective and risk profile. Our AI-assisted tools help you shortlist strategies that fit your needs.
Compare
Study strategies side-by-side — approach, category, structure, minimums and key features — with clear, unbiased information and education-first explainers, so you understand what you're evaluating.
Invest with guidance
When you're ready, our team helps you complete the process with the relevant fund house — walking you through documentation, onboarding and the practical steps. We are a distribution platform that connects you with third-party products; we do not manage your money or run our own fund.
PMS vs AIF vs Mutual Funds
| Feature | Mutual Funds | PMS | AIF |
|---|---|---|---|
| Minimum investment | As low as ₹500 | ₹50 lakh (SEBI-mandated) | ₹1 crore (SEBI-mandated) |
| Ownership | Units in a pooled fund | Securities held directly in your name/demat | Units in a pooled fund |
| Customisation | Standardised | High — personalised portfolios | Strategy-level (pooled) |
| Typical investor | Retail to HNI | HNI / UHNI / NRI | HNI / UHNI / NRI / institutions |
| Strategies | Broad, regulated categories | Concentrated, high-conviction equity/debt | Private equity, private credit, real estate, long-short (Cat I/II/III) |
| Transparency | Periodic factsheet/NAV | Full holding-level visibility | Periodic reporting |
| Liquidity | Generally high | Moderate | Lower; often lock-ins (esp. Cat I/II) |
| Regulation | SEBI | SEBI | SEBI |
| Taxation (broad) | At investor level | At investor level (direct holdings) | Cat I/II pass-through; Cat III at fund level |
Mutual Funds
- Minimum investment
- As low as ₹500
- Ownership
- Units in a pooled fund
- Customisation
- Standardised
- Typical investor
- Retail to HNI
- Strategies
- Broad, regulated categories
- Transparency
- Periodic factsheet/NAV
- Liquidity
- Generally high
- Regulation
- SEBI
- Taxation (broad)
- At investor level
PMS
- Minimum investment
- ₹50 lakh (SEBI-mandated)
- Ownership
- Securities held directly in your name/demat
- Customisation
- High — personalised portfolios
- Typical investor
- HNI / UHNI / NRI
- Strategies
- Concentrated, high-conviction equity/debt
- Transparency
- Full holding-level visibility
- Liquidity
- Moderate
- Regulation
- SEBI
- Taxation (broad)
- At investor level (direct holdings)
AIF
- Minimum investment
- ₹1 crore (SEBI-mandated)
- Ownership
- Units in a pooled fund
- Customisation
- Strategy-level (pooled)
- Typical investor
- HNI / UHNI / NRI / institutions
- Strategies
- Private equity, private credit, real estate, long-short (Cat I/II/III)
- Transparency
- Periodic reporting
- Liquidity
- Lower; often lock-ins (esp. Cat I/II)
- Regulation
- SEBI
- Taxation (broad)
- Cat I/II pass-through; Cat III at fund level
Illustrative comparison for educational purposes. Specifics vary by product and change with regulation and Budget updates.
Why PlanMyCashflows
AI-powered platform
Smart tools help you discover and shortlist relevant PMS and AIF strategies faster, matched to your objectives.
Unbiased curation across fund houses
We bring together strategies from multiple managers so you can compare on the merits — not on who's selling hardest.
Education-first
Clear, plain-English explainers, guides and comparisons help you understand products before you commit. No pressure, no jargon.
Transparency
Straightforward information on structures, minimums, features and how we're compensated — so you always know where you stand.
Built for serious investors
Designed for affluent professionals, business owners, HNIs, UHNIs and NRIs who want institutional-quality opportunities with personal guidance.
Explore Curated Strategies
Strategies that beat the S&P BSE 500 TRI in at least 2 of the last 3 annual windows, with AUM above ₹100 Cr, as on 30 Jun 2026.
SAHASRAR CONCENTRATED GROWTH PORTFOLIO
White Pine India Emerging Stars Approach
STALLION ASSET CORE FUND
Aequitas India Opportunities Product
As on 30 Jun 2026 · Returns are annualised (TWRR) beyond 1 year; 1M and 6M are absolute. Alpha is return minus S&P BSE 500 TRI. Past performance is not indicative of future returns.
Strategy details shown are for information and education only and do not constitute a recommendation or an offer to invest. Past performance is not indicative of future returns. Investments in securities markets are subject to market risks; read all scheme-related documents carefully before investing.
Learn Before You Invest
New to alternatives? Our Education Hub breaks down PMS and AIF in plain English — from minimums and categories to taxation and how to get started.
Frequently Asked Questions
What is the minimum investment for PMS and AIF?
SEBI mandates a minimum of ₹50 lakh for a Portfolio Management Service and ₹1 crore for an Alternative Investment Fund (₹25 lakh for a fund's own employees/directors). These thresholds are set by regulation and apply across all providers.
Who is eligible to invest?
PMS and AIF are designed for sophisticated investors — typically affluent professionals, business owners, HNIs, UHNIs, family offices and NRIs — who meet the minimum investment thresholds and understand the associated risks. They are not intended for small retail investors.
Can NRIs invest, and how does the process work?
Yes. NRIs can invest in eligible PMS and AIF products through their NRE (fully repatriable) or NRO (repatriation capped at USD 1 million per year) accounts, subject to KYC and FEMA compliance; equity-based PMS typically also requires a PIS/demat setup. NRIs can often reduce tax through applicable DTAA benefits by submitting a Tax Residency Certificate and Form 10F. A few managers have additional compliance requirements for US/Canada-based NRIs under FATCA. The process is largely digital and typically takes a couple of weeks; our team helps you navigate it.
How are distributors like PlanMyCashflows compensated?
As a distribution platform, we may receive a commission or referral fee from the fund house when you invest in a product through us. This does not add a separate charge on top of the product's standard fee structure. We disclose this clearly and aim to present products on an unbiased basis so you can compare on merit.
Is PlanMyCashflows a fund manager or an investment adviser?
No. PlanMyCashflows is an information and distribution platform that helps you discover, compare and access third-party PMS and AIF products. We do not manage money, run our own fund, or provide personalised investment advice. All products are managed by their respective SEBI-registered managers.
What are the main risks?
PMS and AIF invest in securities and alternative assets and are subject to market risks, including possible loss of capital. They can be more concentrated, more complex and less liquid than mutual funds, and some AIFs have lock-in periods. Returns are not guaranteed, and past performance is not indicative of future results. Always read all scheme-related documents carefully.
How is PMS taxed compared with a mutual fund?
In a PMS you own securities directly, so you're taxed on each transaction the manager makes as if you traded it yourself (for listed equity, broadly 20% short-term and 12.5% long-term above ₹1.25 lakh for FY 2025–26 onward; dividends at your slab). Mutual fund taxation is based on the fund units you hold and when you redeem them. AIF taxation depends on the category. Tax rules change with each Budget — consult a tax adviser.
How is PMS different from a mutual fund, in simple terms?
A mutual fund pools money from many investors and gives you units; a PMS builds a portfolio in your own name with securities held directly by you, offering more customisation and transparency, but with a much higher minimum and different risk and fee profile.
Can I move my existing shares into a PMS?
In many cases, yes — this is known as bringing in a 'corpus in kind.' The specifics depend on the portfolio manager and applicable rules; our team can explain the options.
How do I get started?
Explore strategies on our platform, then click 'Book a Call' or 'Talk to an Expert.' We'll understand your goals, help you compare suitable options, and guide you through onboarding with the relevant fund house.
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