SIF vs PMS: how the two SEBI products differ
On SIF vs PMS, both target investors above the mass-retail mutual fund ticket, but they are built differently. A SIF, or specialised investment fund, is a pooled product under SEBI's mutual fund framework with a 10 lakh rupee minimum, where investors hold units. A PMS, or portfolio management service, is a segregated account in your own demat with a 50 lakh rupee minimum. This guide compares SIF vs PMS on structure, minimums, and disclosure. It is not investment advice.
Definition
SIF versus PMS
are both SEBI-regulated products above the mutual fund ticket. A SIF is a pooled product under the mutual fund framework, with a 10 lakh rupee minimum and investors holding units. A PMS is a segregated account in the client's own demat, with a 50 lakh rupee minimum. Source: SEBI.
How do a SIF and a PMS differ?
The split is pooled versus segregated, plus the ticket size. A SIF pools money from many investors into a common product run under SEBI's mutual fund framework, and you hold units of it. A PMS holds the securities in your own demat account under your name, so you own each stock directly. The SIF, launched on 1 April 2025, sits a rung below PMS on the minimum, at 10 lakh rupees against 50 lakh rupees.
SIF vs PMS at a glance
| What to check | SIF | PMS |
|---|---|---|
| Structure | Pooled, investors hold units | Segregated account in your own demat |
| Minimum investment | 10 lakh rupees | 50 lakh rupees |
| Framework | SEBI mutual fund framework (SIF circular, 2025) | SEBI (Portfolio Managers) Regulations 2020 |
| Live from | 1 April 2025 | 2020 rules |
| Public portfolio | Mutual-fund-style disclosure | Private to the client |
10 lakh vs 50 lakh rupees
Minimum investment: 10 lakh rupees for a SIF against 50 lakh rupees for a PMS
Source: SEBI circular dated 27 February 2025; SEBI (Portfolio Managers) Regulations 2020
Which one is more transparent?
The SIF, on portfolio disclosure. Because a SIF runs under the mutual fund framework, it carries mutual-fund-style disclosure duties, closer to what a mutual fund owes. A PMS reports privately to its client and to SEBI, with no public per-holding portfolio, which puts it closer to an AIF. Flock's data leans on the public side of that line.
So on SIF vs PMS, the choice is a pooled, lower-ticket product with mutual-fund-style disclosure versus a larger segregated account you own directly. Flock works from the public filing record, and what any disclosure means for your money is your call to make.
Frequently asked questions
What is the difference between a SIF and a PMS?
A SIF is a pooled product run under SEBI's mutual fund framework, where investors hold units, with a 10 lakh rupee minimum. A PMS is a segregated account held in your own demat, with a 50 lakh rupee minimum. One is a shared pool, the other an individual account. Source: SEBI.
Which has the lower minimum, SIF or PMS?
A SIF. It carries a 10 lakh rupee minimum per investor at PAN level, against 50 lakh rupees for a PMS. That lower floor is part of why SEBI positioned the SIF between a mutual fund and PMS. Source: SEBI circular dated 27 February 2025; SEBI (Portfolio Managers) Regulations 2020.
When did SIFs launch versus PMS rules?
The SIF framework took effect on 1 April 2025, from a SEBI circular dated 27 February 2025. The current PMS rules are the SEBI (Portfolio Managers) Regulations 2020, which raised the PMS minimum to 50 lakh rupees. Source: SEBI.
Does a SIF or PMS disclose its portfolio?
A SIF sits under the mutual fund framework, so it carries mutual-fund-style disclosure duties. A PMS reports privately to its client and to SEBI, without a public per-holding portfolio. The SIF is the more transparent of the two on this point. Source: SEBI.
Flock tracks these filings, sourced, dated, and linked back to the original. See what smart-money entities disclosed, without the guesswork about what it means.
Disclosures shown are public regulatory filings. Data may be delayed or incomplete. Smart-money entities may no longer hold positions shown. Not investment advice.