Best PMS in India: A Detailed Guide for Investors

If you’re exploring high-net-worth investment options and want a professionally managed investment vehicle, you’ve probably come across terms like “PMS”, discretionary portfolio, or customized equity strategy. In this guide, we’ll dive into what makes the best PMS in India tick, from regulations and minimum investments to standout providers and how to assess them.

What is a PMS, and why consider one?

A Portfolio Management Service (PMS) is a customised investment service offered by firms registered with the Securities and Exchange Board of India (SEBI), where your portfolio is managed according to an agreed strategy, risk profile and investment horizon. Many investors explore PMS because they want:a

• Personalised asset allocation rather than one-size mutual funds
• Direct ownership of securities (in discretionary PMS)
• Expert-led monitoring and rebalancing

The best PMS in India offer high-conviction strategies, transparent fee structures and a track record of delivering risk-adjusted returns.

Key Features & Minimums

Here are some of the critical features and minimums you must know when evaluating a PMS:

How to evaluate a PMS provider

When you’re choosing among PMS providers, keep these evaluation criteria in mind:

• Strategy clarity: What is the investment style (large-cap, small/mid-cap, thematic)? Are you comfortable with the risk?
• Track record: Is performance consistent over several years. What is the risk-adjusted return (Sharpe/Info Ratio)?
• Team & governance: Who is managing the strategy?. Are processes transparent?
• Fee structure: Understand fixed vs performance fees, hurdle rates, lock-in or exit provisions.
• Transparency & reporting: Good PMS providers show detailed holdings, transactions, and performance vs benchmark.
• Alignment of interest: Does the provider invest alongside clients? Are fees aligned to upside only?

Top PMS providers in India (2026)

Here is a list of notable PMS providers in India for the purpose of clarity and comparison.

1. Dezerv

Dezerv stands out for a modern fee model, clear technology focus, and a newer entrant in the PMS space that caters to HNIs with customised solutions.

2. Marcellus Investment Managers

Known for its deep research-oriented approach and strategies focused on quality businesses.

3. Credence Wealth

Highlighted for customised, data-driven portfolios and holistic wealth advisory in PMS. 

4. ASK Investment Managers

A legacy player with strong distribution and PMS offerings. 

5. ICICI Prudential Asset Management Company – PMS Division

Well-recognised large institution with a multi-cap PMS strategy.

Choosing the best PMS for you

Since PMS is highly personalized, what’s “best” for one investor may not be best for another. Here are some tailored pointers:

• If you have ₹50 lakh or more and want customised equity exposure, then go for PMS.
• If you prefer large-cap, lower risk, choose a PMS strategy aligned to that.
• If you’re comfortable with mid/small cap, thematic high growth, pick providers who specialise there.
• Review the fee model carefully: higher fees may erode net returns, especially with longer horizons.
• Check lock-in or exit conditions: some PMS may have minimum durations.
• Ensure you receive transparent reporting and periodic review of your portfolio.
• Because PMS portfolios can be less diversified than mutual funds, ensure you are comfortable with higher volatility.

Risks to be aware of

• Under-performance risk: Even the best PMS may fail to beat benchmarks consistently.
• Concentration risk: PMS may have concentrated portfolios for alpha, which increases risk.
• Higher fees: Especially if fixed and performance, net returns matter.
• Market cycle risk: PMS strategies may work in specific regimes and suffer in others.
• Illiquidity or lock-in clauses: Some strategies may require staying invested for a period to realise returns.
• Transparency issues: Always demand full disclosure of strategy, holdings and churn.

When should you avoid PMS and choose something else?

• If you have a small investible amount (< ₹50 lakh), mutual funds may be better.
• If you prefer passive investing or index tracking, PMS may be overkill.
• If you cannot tolerate higher volatility or want highly diversified low-cost exposure.
• If you cannot commit to the long term (3-5+ years or more), many PMS strategies need time to play out.

Conclusion

In 2026’s landscape of wealth management in India, investing via PMS has matured significantly. The best PMS for you depends on your investment size, risk profile, horizon and preferences. Other strong providers like Dezerv, Marcellus, Credence Wealth, ASK Investment Managers and ICICI Prudential PMS also merit serious consideration.

When evaluating, be sure to compare strategy fit, fee structure, transparency, historical performance and your own comfort with risk and horizon. With the right fit, a PMS can be a powerful vehicle for wealth creation, but mismatch it, and you may pay more without commensurate benefit.