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PMS Distribution

Ayush Agrawal

APMI Registered PMS Distributor (APRN) · APRN09522
A private, relationship-led boutique serving HNIs, HUFs, NRIs and family-owned businesses, with discretion and confidentiality at the centre of every interaction.
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Our value
"We don't compete on being the cheapest distributor. We compete on being there after you invest."

Lowest cost isn't our only measure of value

We believe the cost of a PMS should be considered alongside the quality of the investment approach, suitability for the investor, transparency, and the level of service available throughout the investment journey.

Our role does not end once an investor is onboarded. We continue to provide ongoing product and service support:

For this reason, our objective is not simply to identify the PMS with the lowest fees and charges. Our focus is to help clients evaluate the overall proposition — including investment approach, risk, fees, service standards and suitability.

Clients should carefully consider all applicable fees and charges before investing. Any distribution commission received by us is disclosed in accordance with applicable requirements. Investors may also approach Portfolio Managers directly where a direct onboarding option is more suitable to their investment needs. Full disclosures →
Why choose us

What you get by working with me

I don't claim to be the biggest — I claim to be reachable, transparent and accountable. Here is what every client can expect, regardless of portfolio size:

Direct WhatsApp Access — Including Weekends

You can reach me directly on WhatsApp, even on weekends. Quick questions get quick answers.

No Forced Selling

I never push a product. If it isn't right for you, I won't try to make it fit.

Talk to Us Even If You're Not Ready to Invest

You can ask questions, explore and compare without any obligation to proceed.

Clear Fee & Commission Transparency

I disclose how I am compensated. No hidden charges from me — ever.

Ongoing Support After Investing

Onboarding, KYC, documentation, service requests and statement walkthroughs — I stay involved.

Facilitated Access to PMS Teams

When useful, I coordinate meetings or calls with the Portfolio Management Teams so you hear the approach directly.

Regular PMS, AIF & Industry Updates

Monthly APMI-based notes on the PMS and AIF industry — in plain terms, not hype.

We Discuss the Risks Too

Every conversation covers what can go wrong — drawdowns, illiquidity, market risk — before any decision.

Help Understanding PMS & AIF Documents

Disclosure documents, agreements and reports explained in simple language.

Operational Hand-Holding

I assist with the paperwork, forms and follow-ups so the process is smooth from start to finish.

Periodic Product & Service Review

We regularly review whether the product and service still fit your circumstances and goals.

Grievance & Escalation Assistance

If something goes wrong, I help you escalate to the right channel — the Portfolio Manager or SEBI.

Support for HUFs, NRIs & Family-Owned Businesses

I work with families, HUFs, NRIs and closely held businesses on their PMS needs.

Privacy & Discretion

Your information and conversations are treated with complete confidentiality.

We Are Comfortable Hearing “No”

Many conversations end with "not yet". That is completely fine.

Service commitments are made by me as a distributor and do not change the terms of any PMS agreement. All investments are subject to market risks.
01 — My role

What I do, and what I don't

What I do

  • Help you understand PMS offerings and investment philosophies
  • Explain and compare characteristics of different approaches
  • Coordinate meetings with Portfolio Managers
  • Assist with documentation and onboarding
  • Help resolve operational queries
  • Keep you informed and help you understand reports and communications

What I don't do

  • I do not manage the portfolio
  • I do not control investment decisions
  • I do not promise or guarantee returns
  • I do not represent that PMS eliminates market risk
  • I do not believe one strategy is appropriate for everyone
  • I do not provide personalised investment advice
I am a distributor, not an investment advisor. My role is to explain, compare and facilitate — the final decision always rests with you.
02 — Empanelled Portfolio Managers

SEBI-registered Portfolio Managers

I am currently empanelled with the following SEBI-registered Portfolio Managers. Depending on your financial circumstances, investment objectives, risk profile, investment horizon and other suitability considerations, I may introduce investment approaches offered by one or more of these Portfolio Managers.

Carnelian Asset Management & Advisors

SEBI REG. INP000006387 · PMS & AIF (GIFT IFSC)

Founded in 2019 as a boutique investment management firm — 100% founder-owned, built on a proprietary investment and forensic research framework, with a team of 116 professionals across 10 locations.

Founders: Vikas Khemani (CA, CFA, CS — 28 years, ex-CEO Edelweiss Securities), Manoj Bahety (CA, CFA — Fund Manager, ex-Head of Forensic Research, Edelweiss), Swati Khemani (CA).

Approaches: Compounder Strategy · Shift Strategy · Bespoke Portfolio · Contra Portfolio · Liquid Strategy.

Negen Capital Services

SEBI REG. INP000005414

A SEBI-registered, event-driven special-situations manager. Its approach is sector- and market-cap-agnostic — identifying undervalued opportunities from market inefficiencies and corporate actions: mergers, demergers, open offers, promoter changes and restructuring events that offer asymmetric risk-reward.

Strategy: Special Situations & Dynamic Allocation.

Founder & Fund Manager: Neil Bahal — over two decades in Indian capital markets, a value investor in the tradition of "figure out the value of something, and then pay a lot less."

Buoyant Capital

SEBI REG. INP000005000 (PMS) · IN/AIF3/22-23/1125 (AIF)

Managing public equities since 2016 with a single-strategy focus — Buoyant Opportunities (PMS & AIF). The framework combines top-down and bottom-up analysis, aligned to market cycles; thesis-driven, avoiding momentum-based investing. Risk is monitored at stock, portfolio and liquidity levels.

Co-founders: Sachin Khivasara, Jigar Mistry and Viral Berawala — each with over two decades of equity research and investing experience, working together for nearly a decade, with significant personal investments in the strategy.

Sundaram Alternates

SEBI REG. INP000006271

The alternatives arm of the Sundaram group, offering PMS and AIF strategies. The fund management team combines deep experience across real estate credit, performing credit and equity investments with a technology-first, customer-centric approach.

PMS strategies: Sundaram India Secular Opportunities (SISOP) · Sundaram Emerging Leadership Fund (S.E.L.F.) · Sundaram Voyager Portfolio · Sundaram Rising Stars.

Approach: Concentrated high-conviction investing across market cycles; dedicated mid- and small-cap strategies; and a balanced structural-plus-cyclical approach across the cap curve.

Abakkus Asset Manager

SEBI REG. INP000009959

An alpha-focused boutique asset manager investing in long-only Indian equities. The Abakkus group offers PMS, AIF, advisory for domestic and global investors, UCITS and mutual fund products.

Founder: Sunil Singhania — established Abakkus in 2018; nearly three decades in Indian asset management; former CIO of Reliance Mutual Fund; founding member of APMI.

Strategies: Abakkus All Cap Advantage (PMS) · Abakkus Emerging Opportunities (PMS) · Abakkus Flexi Edge Fund (AIF).

Empanelment with a Portfolio Manager, or inclusion of a PMS/investment approach on this website, should not be construed as an assurance of performance or as being suitable for every investor. Past performance does not guarantee future results. Full details, including fees and risk factors, are in each Portfolio Manager's official Disclosure Document.
Schedule time with me →
03 — Suitability

How I assess fit

04 — Fees & compensation

How this works

How I am compensated

I receive a distribution commission from Portfolio Managers when a client onboards through me. I do not charge you a separate fee for distribution services.

PMS fee structure

  • Management fee
  • Performance fee, hurdle rate and high-water mark
  • Exit load, if applicable
  • Brokerage and custody expenses

All fees are as per the Portfolio Manager's official Disclosure Document.

Industry Update

A monthly read on the PMS industry

Click a month to read the note. Percentage-only, sourced from APMI.

The PMS industry compounded again in July — assets up about two percent month-on-month and around eleven percent year-on-year. Client growth continues to run ahead of asset growth, a sign the investor base is broadening. Distributor registrations hit their highest monthly level of the fiscal year.

Source: APMI Industry Compendium, July '26

Assets expanded close to two percent month-on-month, while the client base grew about four percent — the fastest client growth of the quarter. The discretionary segment continued to anchor the industry.

Source: APMI Industry Compendium, June '26

A steadier month: assets edged up about half a percent, with client counts broadly flat. Year-on-year the industry stayed in double digits — assets up roughly ten percent, with domestic and foreign books growing at a similar pace.

Source: APMI Industry Compendium, May '26

The financial year opened constructively: assets rose about two percent in the month and inflows turned sharply positive after a soft March, with gross inflows up more than a quarter month-on-month. Year-on-year, assets were up around eleven percent while the client base grew about five percent.

Source: APMI Industry Compendium, April '26

05 — Risk disclosures

Understand risk first

Past performance does not guarantee future results. Performance data, where shown, is provided officially by the Portfolio Manager in the SEBI-prescribed format.
06 — Complaints & escalation

If something goes wrong

07 — Education

Learn before you invest

Read the full education guide →

How PMS works →

What a Portfolio Manager can and cannot do, and how your money is managed.

TWRR vs XIRR →

How performance is measured — time-weighted vs money-weighted returns.

Understanding drawdowns →

Why drawdowns happen and how to think about them.

Understanding fees →

Management fees, performance fees, hurdles and high-water marks.

PMS taxation →

How PMS investments are taxed.

Reading PMS reports →

How to read portfolio reports and statements.

08 — Questions worth asking

Ask before you commit

09 — My philosophy

How I think

10 — When I walk away

Empanelment is not endorsement

11 — FAQ

Common questions