Which wealth route fits you?
What Portfolio Management Services actually are
Under the SEBI (Portfolio Managers) Regulations 2020, a registered portfolio manager runs an investment mandate on your behalf. Unlike a mutual fund, the securities are bought in your own demat account — you see every holding, every trade and every charge.
Discretionary
The manager makes and executes investment decisions within your mandate — the most common form for busy investors.
Non-Discretionary
The manager recommends; every transaction is executed only with your consent.
Advisory
The manager advises on the portfolio; execution stays entirely in your hands.
How PMS differs from a mutual fund
PMS
Ownership — Securities in your own demat
Minimum — ₹50 lakh (SEBI-mandated)
Customisation — Mandate-based, can be tailored
Transparency — Every holding & trade visible
Fees — Fixed and/or performance-linked, per agreement
Taxation — Each trade taxed in your hands
Mutual Fund
Ownership — Units of a pooled scheme
Minimum — As low as ₹100–₹500
Customisation — Same portfolio for all unit-holders
Transparency — Periodic portfolio disclosure
Fees — Expense ratio inside NAV
Taxation — Taxed on redemption of units
Neither is “better” universally — PMS suits larger portfolios seeking mandate-level control and transparency; funds suit systematic, smaller-ticket investing. Many serious investors hold both.
Accessing PMS through PCJ
What to check before signing any PMS mandate
Registration
verify the portfolio manager on the SEBI website — registration is a verifiable fact, not a claim.
Fees
understand fixed vs performance fees, hurdle rates, high-water marks and exit loads.
Style & capacity
what the strategy owns, how concentrated it runs, and how it behaved in drawdowns.
Liquidity
notice periods and exit mechanics.
Reporting
frequency and depth of statements, and audited performance disclosures.
Frequently Asked Questions
₹50 lakh, as mandated by SEBI (Portfolio Managers) Regulations, 2020. This can typically be funded as cash, eligible securities, or a combination.
A SEBI-registered portfolio manager, under a written agreement and mandate you sign with them. PCJ facilitates access and servicing.
Yes — securities are held in your own demat account, and the manager provides periodic statements in addition to depository statements.
As per the agreement — typically by notice to the manager, subject to any exit load; securities or proceeds are returned to you.
No. No returns are guaranteed in any market-linked product. Evaluate strategy, fees and risk honestly before committing.
PMS (Portfolio Management Service) is a professionally managed portfolio where a SEBI-registered portfolio manager invests on your behalf under an agreed mandate — and the stocks are held in your own demat account. SEBI sets the minimum investment at ₹50 lakh, making PMS suitable for high-net-worth investors who want focused, personalised management.
An AIF (Alternative Investment Fund) is a SEBI-regulated pooled fund for strategies beyond regular mutual funds — long-short equity, private credit, unlisted opportunities and more. The minimum investment is ₹1 crore, and funds are typically tenure-bound. AIFs suit qualified investors looking to diversify beyond listed markets.
PCJ distributes PMS and AIF products of SEBI-registered managers. Our Wealth Desk helps you shortlist strategies that fit your goals and risk profile, coordinates the paperwork, and reviews performance with you — one relationship and consolidated attention, while the regulated manager runs the portfolio.
No product can guarantee returns, and SEBI registration is never an assurance of performance. PMS and AIF offer flexibility and concentration that mutual funds cannot, which can work both ways. The honest approach is matching the vehicle to your corpus, horizon and risk appetite — which is exactly what a Wealth Desk conversation is for.
Yes. PCJ Holdings is a SEBI-registered stock broker and a depository participant with NSDL, and a member of NSE, BSE and MCX since 2006. Your shares are not held by us — they sit in your own demat account with the depository (NSDL) in your name. Your funds are kept in client bank accounts that are separate from the company's own money, as SEBI rules require. Exchanges also run regular inspections of every member broker.
Your shares always remain in your own demat account at the depository, in your name — a broker cannot spend or lose them. Even in the unlikely event of a broker shutting down, your holdings stay with NSDL and can be moved to any other depository participant. This separation of assets is exactly why SEBI created the depository system.
DDPI stands for Demat Debit and Pledge Instruction. It is a limited authorisation that lets the broker debit shares from your demat account only when you actually sell them, or pledge them for margin if you choose. Unlike the old blanket Power of Attorney, it cannot be used for anything else. SEBI introduced DDPI to make investing safer, and PCJ follows this framework.
Never share your login password, OTP or UPI PIN with anyone — PCJ will never ask for them. Trade only through our official apps and website, and double-check any message that claims to be from PCJ; we communicate only through our official numbers and email IDs. Update your mobile number and email with us so you receive alerts for every transaction directly from the exchange and depository.
This is a SEBI-mandated safety feature. When shares move in or out of your demat account, NSDL informs you directly, and exchanges send you trade confirmations for your transactions. These alerts let you verify that everything happening in your account was authorised by you. Always read them, and contact us immediately if something looks unfamiliar.
Write to grievance@pcjholdings.in or call us at 011-43512500 — most issues are resolved quickly at this first step. SEBI norms require brokers to resolve investor complaints within 21 days. If you are not satisfied, you can escalate to our Compliance Officer, then to the exchange, and finally file on SEBI SCORES at scores.sebi.gov.in — our Grievance Redressal page shows the full path.
SCORES is SEBI's online complaint platform (scores.sebi.gov.in) where any investor can file a complaint against a listed company or market intermediary and track it end to end. Use it if a complaint with us remains unresolved — though our aim is that you never need to.
How PCJ offers PMS — our distribution role
PCJ Holdings acts as a distributor / referral partner of SEBI-registered Portfolio Managers. The strategies available through our Wealth Desk are conceived and managed entirely by the respective portfolio managers — not by PCJ.
- Your agreement is with the manager: the PMS agreement, fee schedule and mandate are executed directly between you and the SEBI-registered portfolio manager, and your securities remain in your own demat account.
- How we earn: we may receive distribution or referral fees from the portfolio manager, disclosed to you before you commit.
- Eligibility: minimum investment of ₹50 lakh, as per SEBI (Portfolio Managers) Regulations, 2020.
- What we add: curation of managers, paperwork and onboarding, consolidated servicing and periodic reviews through your dedicated RM.
PMS investments are subject to market risks; returns are neither guaranteed nor assured. Read the portfolio manager’s disclosure document carefully before investing.
Considering PMS for your portfolio?
Speak with the Wealth Desk — we'll walk you through disclosure documents and what a suitable mandate could look like.