New Delhi, July 27 -- For years, investors with Rs.25 lakh of investable surplus occupied a gap in India's wealth management ecosystem. They often had enough capital to seek professional investment assistance but did not qualify for Portfolio Management Services (PMS), where the minimum investment requirement is Rs.50 lakh.

SEBI's proposed Mutual Fund-only Portfolio Management Service (MF-PMS) framework, outlined in its consultation paper released on 23 July, could expand access to professionally managed portfolios by lowering the minimum investment requirement to Rs.25 lakh.

This framework is meant for portfolio managers who exclusively manage client investments only in direct plans of mutual fund schemes, including exchange-traded fun...