1. **Regulation**: PMS in India is regulated by the Securities and Exchange Board of India (SEBI), which lays down the guidelines and rules for portfolio managers. SEBI regulates the activities of portfolio managers through the SEBI (Portfolio Managers) Regulations, 2020.

2. **Types of Portfolio Managers**: There are two types of portfolio managers in India:

   – **Discretionary Portfolio Managers**: These managers have the authority to make investment decisions on behalf of the client without requiring their consent for each transaction.

   – **Non-discretionary Portfolio Managers**: Here, the portfolio manager advises the client on investments, but the client makes the final decision on whether to execute the transactions.

3. **Eligibility and Minimum Investment**: Typically, PMS in India is accessible to high net-worth individuals (HNIs) who meet minimum investment thresholds set by portfolio managers. These thresholds can vary but are generally substantial.

4. **Investment Approach**: Portfolio managers may have different investment strategies such as growth, value, income, or a combination thereof. They manage diversified portfolios tailored to the risk appetite and investment goals of their clients.

5. **Fee Structure**: Portfolio managers charge fees for their services, which usually include a management fee (annual fee based on assets under management) and a performance fee (based on profits generated).

6. **Reporting and Transparency**: Portfolio managers are required to provide periodic reports to clients detailing the performance of their investments, portfolio composition, and other relevant information.

7. **Risks**: While PMS can offer personalized investment management and potentially higher returns, it also carries risks inherent in equity and other markets. Clients should carefully consider the risks and rewards before opting for PMS.

8. **Taxation**: Tax implications of PMS investments include capital gains tax on profits earned, which can vary based on the duration of investment and type of asset.

9. **Due Diligence**: Before engaging a portfolio manager, investors should conduct thorough due diligence, including understanding the manager’s track record, investment philosophy, and reputation.

Overall, PMS in India provides a structured and regulated way for affluent investors to have their investments managed professionally according to their financial goals and risk tolerance. It’s essential for investors to assess their suitability for PMS and choose managers with a solid track record and transparent practices.