New Delhi, Aug. 16 -- Pension savings of millions of Indians have turbocharged the assets of portfolio management services (PMS), often seen as the preserve of India's well-heeled. The reasons: A rule that binds the retirement fund manager to invest via PMS, and higher tax and compliance burdens that dampen high-net-worth individuals' enthusiasm.

These schemes, where you must put up a minimum of Rs.50 lakh, managed assets worth Rs.35 trillion as of May 2025, data from the Securities and Exchange Board of India (Sebi) showed. Of this, 79%, or Rs.28 trillion, came from the EPFO. Five years earlier, the number stood at 75%. Meanwhile, the share of PMS assets from other sources -- read HNIs -- shrank from 24% to 21%.







The EPFO, which m...