Sebi notifies PMS rules; broadens investment avenue for portfolio managers, introduces PRIM route

The Securities and Exchange Board of India (Sebi) has notified new Portfolio Management Services (PMS) rules, effective from April 1, 2027. These rules broaden investment avenues for portfolio managers, allowing them to invest in IPOs, primary market debt, and overseas securities. They also introduce a Portfolio Managers Route for Investing in Mutual Fund units.