Gold, Real Assets and Alternatives · Advanced
PMS, AIF and SIF structures
How PMS, AIFs and SIFs work, who they suit, how they are costed and taxed, and how to sell them without crossing a line.
What is inside
10 short lessons. Each ends with a quiz, so you know what you have learnt.
The structures
- PMS: a portfolio in your own name
- PMS fees and reading the fine print
- AIFs: Category I, II and III
- Taxation of PMS and AIF in broad strokes
- PMS, AIF and mutual fund side by side
Suitability, track records and selling
- SIF: the new middle ground
- Who these products suit, and who they do not
- Reading a track record without being fooled
- Red flags: when it's not what it seems
- Selling PMS, AIF and SIF responsibly
Key ideas you will take away
- Minimum ₹50 lakh.
- Held in client's own name.
- Hurdle and high-water mark matter.
- Compare net returns.
- AIF min ~₹1 crore.
- Cat I, II, III by strategy and leverage.
Try a question
Q1. What is the minimum investment per client in a PMS under SEBI rules?
- ₹50 lakh
- ₹1 lakh
- ₹10 lakh
- ₹5 crore
Show the answer
A. SEBI set the minimum PMS investment at ₹50 lakh.
Q2. What is a 'hurdle rate' in a PMS performance fee?
- The minimum return the manager must beat before earning performance fees
- The client's minimum investment
- The brokerage rate
- The SEBI penalty rate
Show the answer
A. The manager earns the fee only on returns above the hurdle.
Frequently asked questions
Is the PMS, AIF and SIF structures course free?
Yes. Lessons, quizzes and practice are free. Sign in once with your mobile number or Google to start.
Who is the PMS, AIF and SIF structures course for?
It is a advanced-level course with 10 short lessons, written in plain language for beginners and for people who advise others on money.
Can I learn this in Hindi or Gujarati?
The app screens switch between English, Hindi and Gujarati at any time, and many quiz questions have translations. Lesson text is in English for now.
Do I get a certificate?
Yes. Pass the course exams to earn a certificate that anyone can verify online.
Is this investment advice?
No. It is education only. Speak to a qualified adviser before you act on your own money.
Related courses
UpperCrust Academy is independent study material from UpperCrust Wealth. It is not affiliated with NISM, SEBI or AMFI. For education only. Not investment advice. Always confirm the latest syllabus and rules on the official NISM website.