one18

Stories

SEBI approves NCD listing relief for first-time issuers, grandfathering existing unlisted debt
M
Moneycontrol•24-09-2026, 18:46
SEBI Revolutionizes PMS: Unlocks IPOs, Foreign Securities, and Direct MFs for Investors
  • •SEBI has approved a new regulatory framework for portfolio managers, replacing the 2020 regulations, to develop the PMS industry and ease compliance.
  • •The new rules allow portfolio managers to invest client money in IPOs, primary debt issuances, and foreign securities including listed equity, debt, REITs, and overseas mutual funds.
  • •A new "Portfolio Managers Route for Investing in Mutual Fund Units" (PRIM) enables investments in direct plans of mutual funds, with a minimum ticket size of Rs 25 lakh and specific net worth requirements.
  • •PRIM introduces a prudential cap of 25% on investments in schemes of affiliated AMCs, caps fixed management fees at 1% of AUM, and permits performance-based fees.
  • •The framework also introduces Independent Fund Managers (IFMs) who can manage client portfolios in association with registered portfolio managers, with the latter retaining full responsibility.
Read Full Article on Moneycontrol in English

Key Questions Answered

Under the Securities and Exchange Board of India (Portfolio Managers) Regulations, 2026, portfolio managers are permitted to invest client funds in IPOs, primary market debt issuances, foreign securities, exchange-traded derivatives, and direct mutual fund plans. Additionally, discretionary portfolio managers can invest up to 10% of a client's AUM in unlisted debt securities with client consent.

SEBI has prescribed a minimum ticket size of Rs 25 lakh and a minimum net worth of Rs 2 crore for entities and offerings operating under the Portfolio Managers Route for Investing in Mutual Fund Units (PRIM) framework.

Independent Fund Managers (IFMs) can manage client portfolios in association with a registered portfolio manager, who retains full legal responsibility. IFMs must possess a graduation degree, CFA or CA qualification, two years of securities market experience, and a simplified NISM certification. Orders must flow through the registered portfolio manager's infrastructure, and fees are paid directly to them.

Similar Stories

Mutual funds Mutual funds allow investors to pool their money with other investors, with the accumulated corpus invested across assets such as equities, bonds or a combination of both. Professional fund managers manage these portfolios, making mutual funds an option for investors who want diversification without selecting individual securities themselves. The level of risk depends on the category of mutual fund selected. Risk profile: Low to high, depending on the fund category Investment tenure: Can range from a few days for certain liquid funds to several years for long-term equity funds Expected returns: Vary according to the fund category and market performance Taxation: Returns are generally subject to applicable capital gains tax rules. (Image: freepik)

Marcellus Investment Managers Receives SEBI Nod for Mutual Fund Business Expansion

C
CNBC TV18
SEBI board approves wider vault manager framework; net-worth requirement raised to Rs 75 crore

SEBI Expands Vault Manager Rules for Gold, Silver ETFs and Bullion Derivatives

M
Moneycontrol
Abakkus Mutual Fund Enters SIF Space with SEBI Approval for ‘Fokkus’

Abakkus Mutual Fund Enters SIF Space with SEBI Approval for ‘Fokkus’

C
CNBC TV18
1 Finance Secures SEBI In-Principle Approval for MF Lite AMC Licence

1 Finance Secures SEBI In-Principle Approval for MF Lite AMC Licence

C
CNBC TV18
Mahindra Manulife MF Launches New Long-Short Equity Fund in SIF Segment

Mahindra Manulife MF Launches New Long-Short Equity Fund in SIF Segment

C
CNBC TV18
Investment portfolio

SEBI Unveils PRIM: A New Era for Portfolio Managers and Mutual Fund Investments

M
Moneycontrol