Definition: PMS is a customized investment solution offered by professional portfolio managers to manage a client’s investments in stocks, fixed income, debt, structured products, etc., on their behalf.
Discretionary PMS: Portfolio manager takes decisions on behalf of the investor.
Non-Discretionary PMS: Portfolio manager suggests investment ideas, but the client takes the final decision.
Advisory PMS: Only advice is given; client executes trades.
Minimum investment: ₹50 lakhs (as per SEBI)
Tailored portfolios based on client goals
Professional fund management
Detailed performance reports and transparency
Definition: AIFs are privately pooled investment funds registered with SEBI that collect funds from investors and invest them according to a defined investment policy.
Category I: Invest in startups, SMEs, infrastructure (socially/economically desirable).
Category II: Private equity funds, debt funds (no leverage except for day-to-day operations).
Category III: Hedge funds (employ leverage, complex strategies for short-term gains).
Minimum investment: ₹1 crore per investor
SEBI registered
Ideal for High Net-worth Individuals (HNIs), corporates, institutions
Structured and regulated under SEBI AIF regulations, 2012
Definition: SIF is not a commonly defined investment class under Indian SEBI regulations, but in some contexts (like Mauritius or Luxembourg), SIF refers to Specialized Investment Funds — flexible funds aimed at well-informed investors.
In India, the term SIF is sometimes used loosely in reference to:
Special Purpose Vehicles (SPVs)
Sector-specific or custom investment funds (especially in real estate, infrastructure, or private equity)
Note: If you meant SIF as per international definitions, especially in Luxembourg, then:
Flexible regulation for alternative investments
For institutional, professional, and qualified investors
Lower regulatory burden compared to UCITS
Often used for private equity, real estate, hedge funds