SEBI's PRIM route, explained before it opens.
PRIM lets a registered portfolio manager run a client's mutual fund portfolio from ₹25 lakh. PRIMSetu explains the rules in plain language, helps distributors and managers size the opportunity, and lists portfolio managers near you.
24 Sep 2026
SEBI board approves new PMS rules and PRIM
Oct 2026
Portfolio Managers Regulations, 2026 notified
Expected
SEBI circular on how PRIM operates
1 Apr 2027
PRIM goes live
The rules in five lines
From the SEBI (Portfolio Managers) Regulations, 2026. Operating details are still due in a SEBI circular.
The full explainer- ₹25 lakh minimum
- Half the ₹50 lakh ticket for a regular PMS. The client's whole mutual fund portfolio is managed as one.
- Direct plans only
- Active mutual funds, ETFs, index funds and SIFs — always the direct plan, never the regular plan.
- Fee capped at 1%
- The fixed management fee is capped at 1% of assets a year. A performance fee is allowed on top.
- Run by a SEBI-registered portfolio manager
- Existing PMS firms can add a PRIM approach. New firms can register for PRIM only, with ₹2 crore net worth instead of ₹5 crore.
- Kept apart from distribution
- A firm that also distributes mutual funds must separate its PRIM clients and activity from distribution, except for accredited investors.
Start where you stand
I'm a distributor or adviser
Should you get a PRIM licence, partner with a manager, or wait? Work out the economics and what registration takes.
I run a PMS
What the 2026 regulations change for you, how to add a PRIM approach, and how to accredit investors yourself.
I'm an investor
What PRIM is, how it differs from your distributor or adviser, and what to ask a PRIM manager before you sign.
Work out your numbers
- MFD economics calculator
Compare today's trail income with a PRIM fee on the same book, after running costs.
- PRIM licence readiness checklist
Net worth, Principal Officer, staff and fees: see what you have and what is missing.
- Accredited investor checker
Check the new ₹5 crore securities-market test and the older net-worth routes.
Latest from SEBI
All updates15 Oct 2026
AIF regulations amended for accredited investors
Securities-market exposure added as an eligibility criterion, accreditation through SEBI-regulated entities permitted, and dispute-related expense rules revised.
7 Oct 2026
SEBI (Portfolio Managers) Regulations, 2026 notified
New regulations replace the 2020 rulebook from 1 April 2027. PRIM is set out in Chapter VI. The ₹50 lakh PMS minimum stays, accredited investors are exempt, and upfront fees are prohibited.
24 Sept 2026
SEBI board approves new PMS rules, PRIM and accredited investor changes
Board approved the SEBI (Portfolio Managers) Regulations, 2026, including the PRIM route (₹25 lakh minimum, direct plans, PRIM-only registration at ₹2 crore net worth) and manager-led accreditation.
Planning to run a PRIM book?
We're building operations software for PRIM managers: model portfolios, tax-aware rebalancing, statements and SEBI reporting. Join the early-access list to shape it.