Markets regulator Sebi has notified the portfolio management services (PMS) framework, allowing portfolio managers to invest in Initial Public Offerings (IPOs), primary market debt issuances, and a wider range of overseas securities, while introducing a separate route for them for investing in mutual funds.
The Securities and Exchange Board of India (Portfolio Managers) Regulations, 2026, which replace the existing 2020 framework, will become effective from April 1, 2027.