Managed by them.
Explained by us.
Portfolio Management Services and Alternative Investment Funds, above the thresholds SEBI sets for them. We distribute these products. We do not manage the money, and we do not tell you which manager to pick.
- Every manager's own disclosure document, unedited — never our summary of it
- What we are paid for the introduction, in writing, before you commit
- No rankings, no model portfolios, no list of the year's best managers
An enquiry, not an application. Nothing is committed and no amount is invested.
What this page offers
Portfolio Management Services require a SEBI-mandated minimum of ₹50 lakh per client, and Alternative Investment Funds require ₹1 crore per investor. PMS holds securities directly in your own demat account; an AIF pools capital into units. GrowIQ Capital distributes these products under NISM Series XXI-A certification, does not manage money, does not rank managers, and does not advise on which product suits your circumstances.
Whether either of these is for you
Both thresholds are set by SEBI and apply before anything else is discussed. They are the reason most readers of this page cannot invest in either product, and saying so plainly is more useful than three screens that get there eventually.
₹50L
SEBI-mandated minimum per client. Raised from ₹25 lakh in 2020 and cannot be waived by any distributor or manager.
₹1Cr
SEBI-mandated minimum per investor across Categories I, II and III. ₹25 lakh for employees and directors of the manager.
Market figures are indicative and may be delayed. Past performance does not indicate future returns. Securities and schemes named anywhere on this platform are exemplary, not recommendatory.
What we do here, and what we do not
Distribution, not management. GrowIQ Capital holds NISM Series XXI-A, which authorises distribution of portfolio management services. We describe products factually and point you to each manager's own disclosure document and track record. We do not manage money, do not rank managers, and do not advise on which product suits your circumstances — that is advice, and it requires SEBI Investment Adviser registration.
A PMS holds your securities
Shares sit in your own demat account, in your name, managed individually under a power of attorney. Two clients of the same manager can hold different portfolios and earn different returns, because entry dates and cash flows differ.
An AIF pools capital
You hold units in a fund rather than the underlying securities. Everybody in a class shares one portfolio and the units are illiquid with a stated lock-in. Where the tax is assessed depends on the category: in your hands for Category I and II, at the fund for Category III.
Side by side with a mutual fund
Most people reading this already hold mutual funds, so that is the column to read against. Every row is about structure — who holds what, who sets what, where the tax falls. None of it says which is better for you, because that depends on your circumstances and is advice.
| Feature | Mutual fund | PMS | AIF |
|---|---|---|---|
| Minimum to start | No statutory minimum. Schemes set their own, commonly ₹100 to ₹500 for a SIP. | ₹50L per client, set by SEBI. Cannot be waived. | ₹1Cr per investor, set by SEBI. ₹25 lakh for the manager's own staff. |
| What you hold | Units of the scheme. The scheme holds the securities in trust. | The securities themselves, in your own demat account, in your name. | Units of the fund. The fund holds the underlying investments. |
| Same portfolio as other investors? | Yes. Every unitholder in a plan holds the same portfolio. | No. Managed individually under a power of attorney, so entry dates and holdings differ between clients. | Yes, within a class. Everybody in the class shares one portfolio. |
| Getting your money back | Daily at NAV for open-ended schemes. An exit load may apply for a stated period. | Per the agreement. An exit load usually applies inside a stated period; positions are yours and can be sold. | Locked in for the period the PPM states, typically years. Units are illiquid. |
| Where the tax falls | In your hands, when you redeem, on the gain. | In your hands, on each transaction in your account — the manager's trades are your trades for tax. | Depends on category. Category I and II pass income through to you; Category III is taxed at the fund. The PPM says which. |
| Who regulates it | SEBI (Mutual Funds) Regulations, 1996. | SEBI (Portfolio Managers) Regulations, 2020. | SEBI (Alternative Investment Funds) Regulations, 2012. |
| What GrowIQ is paid | Trail commission from the scheme's expense ratio, on regular plans. | A commission from the manager, out of the fees you pay them. Rate given in writing per product. | A commission from the manager. Rate given in writing per product. |
Market figures are indicative and may be delayed. Past performance does not indicate future returns. Securities and schemes named anywhere on this platform are exemplary, not recommendatory.
Listed products
Listed alphabetically, with nothing chosen between them. Each card says who manages the product and what it takes to start; the strategies, the approach and the fee schedule are the manager's own regulated claims, so they are in the Disclosure Document rather than paraphrased here.
Multiple portfolio management strategies. Securities are held directly in the client's own demat account. Refer to the manager's Disclosure Document for the current strategy list, investment approach and fee structure.
ICICI Prudential PMS
Managed by ICICI Prudential Asset Management Company Limited
- Minimum investment
- ₹50,00,000
Opens on the manager's own site, as they published it. Not edited or summarised by us.
Portfolio management services carry full equity market risk with no capital protection. Returns are not pooled and vary between clients depending on entry date and portfolio construction.
WhiteOak Capital PMS
Managed by WhiteOak Capital Asset Management Limited
- Minimum investment
- ₹50,00,000
Opens on the manager's own site, as they published it. Not edited or summarised by us.
Portfolio management services carry full equity market risk with no capital protection. Returns are not pooled and vary between clients depending on entry date and portfolio construction.
Market figures are indicative and may be delayed. Past performance does not indicate future returns. Securities and schemes named anywhere on this platform are exemplary, not recommendatory.
Why there are no returns on this page
We publish no track records. A distributor choosing which returns to show is choosing the argument, and the strategies left out never appear. Each portfolio manager is required to disclose its own performance in its Disclosure Document, and that is the document to read — unedited, from the manager, not summarised by whoever is introducing you to it.
Four things to check when you read one
Time-weighted, not absolute
SEBI requires PMS performance on a time-weighted rate of return basis. An absolute number over an unstated period is not comparable to anything.
Net of fees and expenses
A gross figure is not what reached a client. Fixed fee, performance fee, brokerage, custody and DP charges all come out before you see anything.
Since inception, not a chosen window
A three-year figure starting the month after a crash is arithmetically true and describes a period nobody could have entered on purpose.
Yours will differ from the composite
PMS portfolios are managed individually. The published aggregate is not what your account would have earned, because your entry date and cash flows are your own.
What it costs, and what we are paid
What the manager charges
- A fixed fee on assets under management, charged whether the portfolio rises or falls.
- Often a performance fee above a stated hurdle. Ask whether it carries a high-water mark — without one you can pay twice for recovering the same ground.
- An exit load on withdrawal within a stated period, which is why the lock-in matters more than it looks.
- Brokerage, custody and DP charges at actuals, outside the management fee.
What we are paid
A commission from the portfolio manager, paid out of the fees you pay them. You do not write us a cheque, and the introduction is not free in economic terms — those are two different statements and most pages only make the first.
The rate differs by manager and by mandate, so no single figure on a page would be true for all of them. You get ours in writing, for the specific product, before anything is committed. If a distributor will not put that number on paper, that itself is the answer.
What can go wrong
No pooled returns, no guarantees. PMS returns vary between clients depending on entry date and portfolio construction, so any published composite is not what you would have earned. AIF units are illiquid and subject to lock-in. Read the Disclosure Document and Private Placement Memorandum in full before committing capital. Past performance is not indicative of future returns and does not guarantee future results.
A concentrated portfolio is the point of most of these mandates and it is also the risk: fewer holdings means a single position can move the whole account. Managers change, and a record built by one team is not a promise from the next. And the capital is committed for years — at these minimums, money you may need back inside the lock-in should not be here at all.
What happens after you enquire
Six steps, none of them a commitment until the fifth. Most conversations end at the second, and that is the process working.
01
You tell us where you are
Through the form or a call. What you hold, roughly what you are considering, and what you want to understand. Nothing is applied for and nothing is committed.
02
We say plainly if the minimum rules it out
SEBI's thresholds are the first thing checked and they cannot be waived by anyone. If they rule these products out for now, we say so in that conversation rather than three days later.
03
You receive the manager's own documents, unedited
The current Disclosure Document, with the manager's track record in the format SEBI prescribes, and their fee schedule. And what GrowIQ is paid for that product, in writing, before you decide anything.
04
A conversation about the category, not the manager
Whether a PMS or an AIF as a kind of product fits what you told us — lock-in, concentration, minimums. Which manager to choose for your circumstances is advice, and we are not registered to give it.
05
KYC and onboarding through the manager's registered process
Never on this page and never in an enquiry form. For a PMS, a power of attorney over your own demat account. For an AIF, subscription to units under the fund's placement memorandum.
06
The manager reports to you directly
Statements, valuations and performance come from the portfolio manager, to you. GrowIQ stays your point of contact for servicing and for anything you want explained again.
Frequently asked questions
What is the minimum investment for PMS in India?
SEBI mandates a minimum of ₹50 lakh per client for Portfolio Management Services. This was raised from ₹25 lakh in 2020. The minimum applies per client per portfolio manager and cannot be waived.
What is the minimum investment for an AIF?
SEBI mandates a minimum of ₹1 crore per investor across Category I, II and III Alternative Investment Funds. The threshold is ₹25 lakh for employees and directors of the fund manager.
What is the difference between PMS and an AIF?
In a PMS, securities are held directly in your own demat account and the portfolio is managed individually, so returns vary between clients. An AIF is a pooled vehicle: investors hold units in a fund and everybody in a class shares one portfolio. Where the tax falls depends on the category: Category I and II AIFs pass income through to you and you are taxed as if you had earned it directly, while a Category III AIF is taxed at the fund level, so what reaches you is after the fund's tax.
Does GrowIQ Capital recommend which PMS or AIF to choose?
No. GrowIQ Capital holds NISM Series XXI-A, which authorises distribution of portfolio management services, not advice on manager selection. Products are described factually and you are directed to each manager's own disclosure documents. Selecting a manager for your circumstances is advice, which requires SEBI Investment Adviser registration.
What is a Disclosure Document, and why does this page keep pointing to it?
A document every SEBI-registered portfolio manager must give you before you sign an agreement with them. It carries the manager's track record in the format SEBI prescribes, the complete fee schedule, the risks of each approach, the manager's disciplinary history and its related-party dealings. It is the manager's regulated statement rather than a distributor's summary, which is why this page sends you to it instead of paraphrasing it. Read the current version, from the manager, in full.
Market breadth on this site is illustrative sample data and is labelled where it appears. Figures published by the exchange are shown with the trading session they belong to, and are closing prices rather than live quotes. GrowIQ does not publish company ratios, screening signals or price targets. GrowIQ Capital provides financial data analytics, market information and educational content. We are not a SEBI-registered Investment Adviser or Research Analyst. Nothing on this platform constitutes investment advice or a recommendation to buy or sell any security.
Considering a PMS or AIF?
These carry high minimums and long lock-ins, so the first conversation is usually about whether they suit you at all. Tell us where you are and we will come back to you. This is an enquiry — nothing is applied for and no amount is committed.