Hindistan’da PRI M (PRIM) ile PMS pazarında 2-3 crore varlık yaratanlar kapsama giriyor: Piyasa potansiyeli büyüyor

Kısaca

2–3 crore varlık yaratıcıları PRIM ile PMS ekosistemine dahil oluyor; giriş noktası Rs 25 lakh olarak belirlenmiş. PRIM, direkt yatırım fonları, ETF’ler ve SIF’lerle portföy yönetimini yeni yatırımcı tabanına taşıyor; 1% yönetim ücreti ve çıkış yükü yok. yeni bağımsız fon yöneticisi çerçevesi sektöre daha uzman yatırım yeteneğini getirme potansiyeli sunuyor ve uzun vadeli performans değerlendirmesini değiştiriyor

Ana mesele

PRIM getirileriyle PMS sektöründeki kapsama genişliyor ve yeni yatırımcı profili oluşuyor

Ne değişti?

PRIM lisanslı portföy yönetimiyle bireysel yatırımcı tabanı genişliyor

Beni nasıl etkiler?

PMS çözümlerine erişim artabilir ve yatırım kararı süreçlerinde çeşitlilik yükselebilir

Ne oldu?

Hindistan’da PRIM çerçevesiyle PMS için Minimum yatırım eşiği Rs 25 lakh olarak duyuruldu.

Neden şimdi?

Büyüyen varlık tabanı ve modern yatırım çözümlerine talep nedeniyle kapsama alanını genişletme ihtiyacı doğdu.

Neden önemli?

Yatırımcıya özel portföy yönetimi daha geniş kitlelere ulaşıyor ve sektör için yeni rekabet dinamikleri ortaya çıkıyor.

Kimler etkileniyor?

• PMS sağlayıcıları
• bireysel yatırımcılar

Sektör ve piyasa etkisi

PMS pazarında erişim genişlerken rekabet ve çeşitlilik artabilir

Riskler

• Regülasyon değişiklikleri
• performans odaklı değerlendirme karmaşası
• uyum ve denetim maliyetleri

Takip edilmesi gerekenler

• PRIM lisans süreçlerinin uygulanması
• direct MF/ETF/SIF ürünlerinin portföylerde nasıl kullanıldığı
• bağımsız fon yöneticisi çerçevesinin benimsenme hızı

Haberin tamamı

India’s rapidly expanding wealth base could open up a massive new opportunity for the portfolio management industry, with as many as 2-3 crore Indian wealth creators potentially becoming eligible for the PMS ecosystem under SEBI’s new PRIM framework.Sandeep Jethwani, Co-founder of Dezerv, believes the Rs 25 lakh entry point could significantly widen the addressable market for professional portfolio management.PRIM allows managers to build customised portfolios using direct mutual funds, ETFs, index funds and SIFs, potentially bringing disciplined portfolio construction to a much broader investor base.In this edition of ETMarkets Smart Talk, Jethwani explains how PRIM could reshape PMS, why global diversification is becoming increasingly important for Indian investors, and how the proposed Independent Fund Manager framework could bring more specialised investment talent into the industry.He also makes the case for looking beyond one-year returns, arguing that drawdowns, recovery periods, consistency and risk-adjusted performance should play a much bigger role in how investors evaluate PMS strategies.

Edited Excerpts:Q) You called PRIM a significant step forward for the PMS industry. What is the biggest structural change this introduces for portfolio managers and investors?A) PRIM gives portfolio management of mutual funds its own licence. Until now, a manager building fund portfolios worked within a framework built for stock portfolios, at a Rs 50 lakh minimum.

PRIM is lighter to run and opens at Rs 25 lakh, bringing discretionary portfolio management within reach of a much wider set of investors.The design is investor-first: direct plans, a fee capped at 1%, no exit loads and a 25% cap on group AMC schemes.

Access to mutual funds is no longer the challenge for investors.The challenge is building a sensible portfolio from them and staying with it through market cycles, and that is what PRIM addresses.Q) PRIM allows PMS players to invest in direct mutual fund schemes, ETFs, index funds and SIFs.

How do you see portfolio managers using these products differently from how a traditional mutual fund investor would?A) A self-directed investor usually buys funds one at a time, on recent performance or a tip, and ends up with a dozen schemes that often hold the same stocks.More importantly, they have no one to guide them through market ups and downs or keep them focused on their goals.So they churn, exiting in corrections and chasing last year's winners.

Picking well from over 2,000 schemes is already hard, and this churn erodes returns further. A portfolio manager starts from the allocation.

Index funds and ETFs form a low-cost core, active funds go where managers have shown persistent skill, and SIFs add strategies a long-only fund cannot run.The manager then tracks overlap, watches for style drift, rebalances when allocations move out of range and manages the tax cost of every switch.Outsourcing these decisions to professionals is what helps the investor stay invested through the full cycle, which is when long-term returns are earned.Q) With PRIM lowering the entry point to Rs 25 lakh and the investment universe expanding, do you expect the PMS industry to become significantly larger over the next three to five years?A) Yes, the addressable base widens considerably.

We estimate that 2 to 3 crore Indian wealth creators could have mutual fund portfolios between Rs 25 and 50 lakh, and PRIM is built for exactly this segment.Separately, standard PMS gains room in foreign securities, unlisted debt and the Independent Fund Manager route.

So the industry grows at both ends: a new entry point through PRIM, and a broader offering for existing PMS investors.If PRIM gives these investors a disciplined portfolio and a clear view of how it is doing, they will stay, and that is what builds a durable category.The industry that emerges in five years should be judged by client outcomes and retention, not only by AUM.

If the incentive alignment in PRIM holds, I expect both to grow together.Q) PMS managers will get greater flexibility in exchange-traded derivatives, with exposure allowed up to 1.25 times client AUM. What additional risk-management responsibilities does it create?A) The first responsibility is to treat 1.25 times as a ceiling, not a target. Derivatives are useful for hedging and for adjusting exposure without disturbing the underlying portfolio.

Used as leverage, they change the risk the client has signed up for.This creates practical obligations. Managers need clear limits on gross and net exposure, monitored daily. They need to stress-test portfolios against sharp overnight moves as well as normal volatility.Margin and liquidity planning matters, because collateral calls tend to arrive at exactly the moment markets are most stressed.Equally important is disclosure.

The client should understand, in plain terms, how derivatives are used in their strategy and how the portfolio could behave in a bad month. We welcome the flexibility, but the discipline around it has to grow with it.Q) SEBI is also enabling PMS managers to invest in foreign securities, including overseas equities, debt, REITs, mutual funds, ETFs, index funds and foreign government debt.

How important is global diversification becoming for Indian PMS portfolios?A) It is becoming a core part of the portfolio. Most Indian portfolios are almost entirely concentrated in one market and one currency.

That has worked well in recent years, but concentration is a risk even when it is rewarding.Global exposure gives access to sectors that are thin in India, such as semiconductors and global technology.It also hedges against long-term rupee depreciation, which matters for families with overseas education or travel goals, and it reduces the portfolio's dependence on a single economic cycle.Until now, investors either relied on international funds limited by industry-wide overseas caps or invested through LRS on their own.

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Kaynaklar

• Economic Times - Markets