1. What is a portfolio management scheme?
Portfolio management scheme, popularly known as PMS, is a specialised invest ment vehicle for lump sum investments. The portfolio manager invests the money in shares and other se curities and manages the portfolio on behalf of the client.
2. What is the minimum amount which one can invest?
As per regulato ry guidelines, the minimum starting amount in a PMS is `25 lakhs.
Investors can either write a fresh cheque of `25 lakhs or transfer an existing portfolio with market value more than `25 lakhs.There is no lock-in peri od in a PMS scheme, but PMS managers in sist investors come with a time frame of atleast 3 years.
3. What is the difference between a discretionary portfolio manager and a nondiscretionary portfolio manager?
The discretionary portfolio manager individually and inde pendently manages the funds of each client in accordance with the needs of the client. The non-discretionary portfolio manager manages the funds in accordance with the directions of the client.
4. Where do the investments lie?
Can I monitor them?
When you opt for a PMS scheme, a bank account and demat account are separately opened in your name and all investments are made in your name only . Accordingly, any income or dividend coming out of the investment made will also be credited in your bank account and the shares will be held in the demat account in your name. As per the PMS agreement, the Power of Attorney for operating the bank and demat accounts will be with the portfolio manager.Most portfolio managers give a username and password which can be used to login into their website and see the portfolio statements. As per SEBI instructions, a Portfolio Manager is required to furnish a performance report to their clients every 6 months.
5. How are the fees charged for the Portfolio Management services?
The fees will be as per agreement between you and the Portfolio Manager. The fees will be payable annually, depending on the growth and the value of the portfolio at the year end.
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