Non-Discretionary PMS
The Portfolio Manager provides investment recommendations and a proposed course of action, but each trade requires explicit client approval before execution. The client remains actively involved in all portfolio decisions, while the manager acts as a research and advisory engine.
- Client approves every buy/sell instruction
- Manager provides detailed rationale for each trade
- Client retains full decision-making authority
- Ideal for involved investors who want oversight
- Slower execution — suitable for low-turnover strategies
Who It Suits
Investors who want professional research and recommendations but wish to retain final control over all transactions.
Minimum Investment
SEBI mandates a minimum investment of ₹50 Lakhs per client across every PMS mandate type, including non-discretionary pms. Unlike a pooled fund, PMS investors hold the underlying securities directly in their own demat account. For comparison, an Alternative Investment Fund requires a minimum commitment of ₹1 Crore — see PMS vs AIF vs Mutual Fund.
Non-Discretionary PMS Strategies
Other PMS Mandate Types
Discretionary PMS
The Portfolio Manager exercises full investment discretion on behalf of the client. Buy, sell, and rebalancing decisions are made and executed without…
Advisory PMS
The Portfolio Manager solely provides investment advice and research recommendations. The client evaluates the advice independently and is responsible…