Portfolio Management Services · intermediate
PMS Tax & Operations
Why each transaction in a PMS account is taxed in the client's hands, how an account is opened and run, and how PMS and AIFs differ in structure.
- 01PMS Tax — Why Each Transaction Is Taxed in the Client's HandsA PMS client owns the securities in the account, so every sale the manager makes is taxed in the client's hands. This lesson explains why, sets out the rates for listed shares as of October 2026, and covers what is not deductible and what remains unsettled.
- 02Opening and Running a PMS Account — Onboarding, Custody, StatementsThis lesson follows a PMS account from opening to day-to-day running: the client agreement, the option to onboard directly, bringing in the minimum, custody of the securities, and the reports and audited statement the client must receive.
- 03PMS and AIF — Structural DifferencesPMS and Alternative Investment Funds (AIFs) are both regulated by SEBI but are built differently: one is an individual account, the other a privately placed pooled fund. This lesson compares ownership, minimums, tenure, leverage, where the terms are written and how each is taxed.