Step A: Go to sebi.gov.in.
Step B: Navigate to Intermediaries / Market Infrastructure Institutions > Recognised Intermediaries.
Step C: Look for Registered Portfolio Managers.
You can search by the company name. If they aren’t on this list, they aren't registered.
Note: As of early 2026, there are approximately 505 registered Portfolio Managers in India. If a provider claims to be one but doesn't appear here, it’s a significant red flag. (SEBI)
Match the Registration Number
Every SEBI-registered PMS provider is assigned a unique registration number.
This number must be clearly displayed on:
What a SEBI PMS Registration Number Looks Like
A typical format appears as:
INP00000XXXX
If a PMS provider does not display a registration number, or if the number cannot be verified on SEBI’s website, this is a serious warning sign.
Review the Disclosure Document
SEBI requires all registered PMS providers to publish a disclosure document.
This document contains:
It should be:
If a provider cannot share a current disclosure document, it raises concerns about transparency and compliance.
[Note: SEBI requires discretionary PMS providers to disclose performance for the last three years using the Time Weighted Rate of Return (TWRR) method. Newer providers with shorter track records will have limited historical data available — this is normal, but worth factoring into your evaluation.]
Red Flags to Watch For
While verifying registration, investors should remain alert to common warning signs.
Structural Red Flags (these suggest the provider may be operating outside the legal framework):
No SEBI registration number displayed on their website or agreements
Provider name not appearing on SEBI's registered list
Pressure to invest before completing documentation
Absence of a disclosure document
Any inconsistency in registration details across documents
Conduct Red Flags (these suggest the provider may be operating unethically even if registered):
Promises of fixed or guaranteed returns
Vague or evasive answers about fee structure
No clear explanation of the investment strategy or risk profile
Additional Verification Resources
APMI (Association of Portfolio Managers in India) is an industry body whose portal publishes performance data for member PMS providers. While membership is voluntary and not a SEBI requirement, checking the APMI portal can be a useful supplementary step for comparing performance data across providers.
What SEBI Registration Does and Doesn’t Guarantee
SEBI registration ensures that a PMS provider operates within a regulated framework, but it is important to understand its limits.
Registration means:
The provider is subject to regulatory oversight
Disclosure and reporting standards are enforced.
Compliance and audit requirements are in place.
However, registration does not guarantee:
A SEBI-registered PMS can still deliver poor returns or follow a strategy that may not suit your portfolio.
Verification should therefore be seen as the starting point of due diligence, not the final step.
Conclusion
Before investing in any Portfolio Management Service, verifying SEBI registration is essential.
The process takes only a few minutes:
Check the provider on SEBI’s registered list
Match the registration number.
Review the disclosure document.
This simple step helps ensure that you are dealing with a regulated and compliant PMS provider.
However, verification alone is not enough. Investors should also evaluate factors such as strategy, fees, risk profile, and track record before making allocation decisions.
FAQs
1. Can a PMS provider operate without SEBI registration if they call themselves an “advisor”?
No. If a firm is managing your portfolio or executing trades on your behalf, SEBI registration as a Portfolio Manager is mandatory. This is different from a SEBI-registered Investment Adviser (IA), who is legally permitted to give advice but cannot execute trades or hold discretionary control over your portfolio. The concern is specifically about unregistered entities — those with no SEBI registration of any kind — who are effectively operating outside the legal framework entirely. If someone is making investment decisions and executing trades on your behalf without any SEBI registration, you have no regulatory protection.
2. Is checking the SEBI website enough to verify a PMS provider?
It’s the most reliable starting point, but not the only step. You should also cross-check the registration number across the provider’s website, disclosure document, and agreements. The APMI portal can be a useful supplementary resource for comparing performance data across member providers, but note that APMI membership is voluntary. SEBI's official registry remains the only definitive source for verifying registration status
3. What are the risks of investing with an unregistered PMS provider?
You lose regulatory protection. There are no enforced disclosures, audits, or grievance mechanisms. This increases the risk of misreporting, misuse of funds, or lack of transparency, with limited legal recourse if something goes wrong.
4. Does SEBI registration ensure ethical and high-quality portfolio management?
Not necessarily. It ensures compliance and accountability, but investment decisions, risk-taking, and strategy quality still depend on the manager. Registration is a baseline filter — not a guarantee of performance or discipline.
5. Should I re-check a PMS provider’s registration after investing?
Yes, periodically. While rare, regulatory actions or compliance issues can arise. An occasional check on SEBI’s website and staying updated with provider disclosures is a good practice.
6. What if the registration number doesn’t match across documents?
That’s a red flag. Any inconsistency in registration details should be verified immediately on SEBI’s website. If it cannot be validated clearly, it’s best to avoid proceeding with the provider.
7. Are all SEBI-registered PMS providers equally reliable?
No. Registration ensures they meet regulatory standards, but providers differ widely in strategy, fees, and performance. You still need to evaluate whether their approach fits your portfolio and risk profile.
Registered Name: Dezerv Investments Private Limited
SEBI Registration Number: INP000007377 (Portfolio Manager)
Registered Address: Unit No. 301, Trade Centre, Kanzul Iman Road, Bandra East, Mumbai, Mumbai Suburban, Maharashtra, 400051
