PMS — Portfolio Management Services
A professionally managed, concentrated portfolio held in your own demat account, run by a SEBI-registered Portfolio Manager.
What it is
Portfolio Management Services means a SEBI-registered Portfolio Manager runs a concentrated portfolio on your behalf, with the securities held in your own name and your own demat account.
The difference from a mutual fund is ownership and concentration. In a mutual fund you own units of a pooled scheme holding dozens of securities. In PMS you own the underlying shares directly, usually across a far smaller number of holdings, managed to a stated strategy.
That concentration cuts both ways. A portfolio of fifteen to twenty-five stocks can outperform meaningfully, and can also fall much harder than a diversified scheme. Reporting is more detailed, and taxation is at your own hands rather than at the scheme level.
We act as a distributor only. Prabir Kumar Jana is registered with APMI as a distributor of Portfolio Management Services under APRN10515 (EUIN E20528), valid from 16-09-2026 to 15-09-2029. The portfolio management agreement is signed directly between you and the SEBI-registered Portfolio Manager. We do not manage money, we never hold your funds or securities, and we are not a Portfolio Manager ourselves.
Our registration
Registered to distribute PMS — and nothing more
APMI Registration
Portfolio Management Services DistributionPrabir Kumar Jana is registered with the Association of Portfolio Managers in India (APMI) as a distributor of Portfolio Management Services, enrolled on 13-10-2026.
Disclaimer. In respect of PMS we act only as a distributor of products of SEBI-registered Portfolio Managers. We are not a Portfolio Manager, we do not manage portfolios, we do not hold or handle client funds or securities, and we do not assure or guarantee any return. The portfolio management agreement is signed directly between you and the Portfolio Manager, and the securities are held in your own name. PMS is subject to the minimum investment prescribed by SEBI and carries market risk, including the risk of loss of principal. Past or simulated performance of any Portfolio Manager or strategy is not indicative of future performance. Please read the Disclosure Document of the respective Portfolio Manager carefully before investing.
Who this suits
You are probably in the right place if…
- Investors who meet the SEBI-prescribed minimum investment for PMS
- Those who already hold a diversified core portfolio and want a concentrated satellite
- Investors comfortable with sharper drawdowns in exchange for a focused mandate
- Anyone who wants direct ownership of the underlying securities
Who this does not suit
We would rather say so up front.
- Investors below the regulatory minimum — mutual funds serve you better and cost less
- Anyone who would be alarmed by a concentrated portfolio falling faster than the index
- Money with a short horizon, or money you may need at a fixed date
How it works
How this one actually runs
Check eligibility
PMS carries a SEBI-mandated minimum investment. We confirm this fits before going further.
Choose the Portfolio Manager
We introduce you to registered Portfolio Managers whose strategy suits your mandate.
Sign directly with them
The agreement, the fees and the reporting are between you and the Portfolio Manager.
Ongoing review
We stay available to help you read the reporting and keep it aligned with your wider plan.
What it costs
Charges, plainly
- Minimum investment
- As mandated by SEBI for PMS. Substantially higher than mutual funds.
- Management fee
- Set by the Portfolio Manager — typically a fixed fee, a performance share, or both.
- Our charge to you
- None. Any referral commission is paid by the Portfolio Manager and disclosed on request.
- Exit load
- Varies by Portfolio Manager and is set out in your agreement with them.
What could go wrong
The risks, stated first
- A concentrated portfolio can fall considerably harder than a diversified mutual fund scheme.
- Performance depends heavily on a single manager’s decisions and style staying in favour.
- Fees, including any performance fee, reduce your net return.
- There is no assured or guaranteed return of any kind. Past performance is not indicative of future results.
Investments in securities markets are subject to market risks. PMS is offered by the SEBI-registered Portfolio Manager, not by Jana Finserv. Read all related documents carefully before investing.
Questions
Questions we get asked
A SEBI-registered Portfolio Manager, with whom you sign the agreement directly. Jana Finserv is a referral point — we do not manage portfolios and do not hold your securities.
In your own demat account, in your own name. That is one of the main differences from a mutual fund, where you hold units of a pooled scheme.
Not inherently. It is different — more concentrated, more expensive, more detailed in reporting, and generally more volatile. For most investors a well-chosen set of mutual funds does the job at lower cost.
Wondering if PMS belongs in your portfolio at all?
Sit with us for a free, no-obligation conversation — at our New Garia office, or over a call at a time that suits you.
