SEBI Allows Transfer of PMS Portfolios Between Portfolio Managers

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  • Last Updated on 27 October, 2025

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SEBI PMS transfer norms

Circular SEBI/HO/IMD/RAC/CIR/P/2025/ 0000000138; Dated: 24.10.2025

The Securities and Exchange Board of India (SEBI), with the objective of promoting ease of doing business, has allowed the transfer of Portfolio Management Services (PMS) business from one portfolio manager to another, subject to regulatory approval.

1. Key Highlights

  • SEBI Approval Mandatory – The transfer of PMS business will be permitted only upon prior approval from SEBI.
  • Eligible Transfers – Such transfers may take place between portfolio managers:
    1. Belonging to the same group, or
    2. From different groups,
      provided both entities hold valid registration as portfolio managers under SEBI regulations.
  • Immediate Implementation – The circular is effective immediately, and all PMS entities are required to comply with the prescribed norms before undertaking any transfer activity.

2. Objective

The move aims to:

  • Facilitate business continuity in cases such as mergers, reorganisations, or strategic realignments,
  • Ensure investor protection through a transparent and regulated transfer process, and
  • Simplify operational flexibility for registered portfolio managers.
Click Here To Read The Full Circular

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Author: Taxmann

Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.

The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:

  • The statutory material is obtained only from the authorized and reliable sources
  • All the latest developments in the judicial and legislative fields are covered
  • Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
  • Every content published by Taxmann is complete, accurate and lucid
  • All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
  • The golden rules of grammar, style and consistency are thoroughly followed
  • Font and size that's easy to read and remain consistent across all imprint and digital publications are applied