PMS vs AIF vs Mutual Funds – Pooling | Minimum Investment | Lock-in
Category III AIF against PMS and mutual funds on pooling, minimum investment, corpus, lock-in, investor cap and manager commitment, with full comparison tables.
Company Law
PMS Disclosure Document and Client On-boarding – Simplified Format 2025 | KYC | MITC
SEBI’s September 2025 simplified disclosure document in two parts, the on-boarding sequence, KYC and FATCA, direct on-boarding and the MITC document.
Types of Portfolio Management Services – Discretionary | Non-Discretionary | Advisory
PMS is classified three ways in India: by who provides it, by the asset class it invests in, and by how much control the client keeps. The third classification is the one the SEBI regulations turn on.
PMS Fees and Charges – High Water Mark | Hurdle Rate | Exit Load
What a PMS client actually pays, item by item: management fee, custodian fee, brokerage at actuals, the 0.50% operating expense cap, graded exit loads, and how the high water mark and hurdle rate decide whether a performance fee arises at all.
NISM XXI-A Certification – Syllabus | Exam Pattern | Weightages
NISM-Series-XXI-A is the Portfolio Management Services Distributors Certification Examination. Two hours, 100 marks, 60 per cent to pass, with 52 of those marks sitting in four units. Here is the exam pattern, the unit weightages and what the official workbook covers.
AIF Fund Structures – Onshore | Offshore | Unified | Master-Feeder | Parallel
The six AIF pooling structures used in India, compared on pooling vehicle, applicable regulations, investor type and routing of investment, with the LRS limit, feeder fee mechanics and buy-out structures.
AIF Performance Benchmarking – SEBI Framework | Agencies | Alpha
The SEBI benchmarking mandate for AIFs: who must report, the half-yearly operational guidelines, the benchmarking agencies, how each category is benchmarked, valuation reporting timelines and the CAPM alpha computation.
AIF Fund Due Diligence – Investor Perspective | Key Man Clause | Document Checklist
How an investor runs due diligence on an Alternative Investment Fund: evaluating the Investment Manager, track record and disciplinary history, the key man clause, the legal documents, conflicts of interest and a working document checklist.
AIF Valuation and NAV – IPEV Guidelines | Independent Valuer | Deviation Triggers
How AIF portfolio investments are valued and NAV computed: three valuation approaches, the seven IPEV methods, Regulation 23 frequency, independent valuer eligibility and the 20 percent and 33 percent deviation triggers.
Private Placement Memorandum (PPM) for AIFs – Disclosures | Audit | Material Changes
What an AIF’s Private Placement Memorandum must disclose, how it is filed through a merchant banker, the annual PPM audit scope and exemptions, and material changes.
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