Official Trade Association & Supervisory Body
Setting Standards, Promoting Uniformity, and Driving the Orderly Growth of India's PMS Industry.
Association of Portfolio Managers in India (APMI) is the dedicated apex entity incorporated under Section 8 of the Companies Act, providing a unified regulatory interface and setting professional benchmarks for SEBI-registered portfolio managers.
Apex Industry Body
APMI Overview
The institutional foundation and statutory origin of the Association of Portfolio Managers in India.
Constituted under the regulatory guidance of SEBI and incorporated on 31st December 2021 as a Section 8 non-profit entity, APMI is the apex industry body representing SEBI-registered Portfolio Managers nationwide — promoting high ethical standards, standardized reporting, and research-backed best practices to bolster investor confidence.
535+
SEBI Registered PMs
Sec 8
Non-Profit Entity
2020
SEBI PM Regs Basis
Chartered Mandate
The APMI Charter
The four foundational pillars defining APMI's core operational responsibilities, regulatory cooperation, and institutional oversight.
PILLAR 01
POLICY FORMULATION
Play a role in helping the regulator and government agencies/market intermediaries evolve operating policies for members conducive to orderly functioning and growth. Guide members on implementation and control mechanisms.
PILLAR 02
INFORMATION DISSEMINATION AND KNOWLEDGE REPOSITORY
Impart knowledge on latest developments via industry experts. Act as a repository for industry data and as the first port of call for new entrants/prospective PMS managers for guidance and know-how.
PILLAR 03
INDUSTRY ADVOCACY
Present a coherent view and perspective of the industry through varied communication activities to the public at large with an aim to instill confidence.
PILLAR 04
ETHICS & GOVERNANCE
Define and maintain high professional and ethical standards in all areas of operation to protect investor interests. Recommend and promote best business practices and code of conduct.
Strategic Horizon
Our Vision
Championing orderly conduct, transparent market access, and fiduciary stewardship for India's capital markets.
APMI's formation is a testimony to the rising prominence of SEBI-regulated portfolio managers as a preferred, transparent route for affluent investors to access capital markets.
A common interface to regulators, government agencies, and industry stakeholders for orderly conduct.
Protecting and promoting the interests of both the industry and its investors.
Apex Regulatory Governance
APMI Governing Councils
Elected stewardship representing registered Portfolio Managers across SEBI consultation, fiduciary benchmark standards, and institutional milestones.
Chairman
VK
Chairman
Mr. Vikas Vijaykumar Khemani
Chairman
Mr. Vikas Vijaykumar Khemani
Carnelian Asset Management & Advisors Pvt. Ltd.
Vice Chairman
SJ
Vice Chairman
Mr. Sandeep Jethwani
Vice Chairman
Mr. Sandeep Jethwani
Dezerv Investments Pvt. Ltd.
Director
AJ
Director
Mr. Amit Jeswani
Director
Mr. Amit Jeswani
Stallion Asset Pvt. Ltd.
Director
BS
Director
Mr. Bhavin Shah
Director
Mr. Bhavin Shah
Sameeksha Capital Pvt Ltd.
Director
BD
Director
Mr. Biharilal Deora
Director • Past Chairman
Mr. Biharilal Deora
Abakkus Asset Manager Pvt. Ltd.
Director
JK
Director
Mr. Jatin Khemani
Director
Mr. Jatin Khemani
Stalwart Investment Advisors LLP
Director
PT
Director
Mr. Pankaj Tibrewal
Director
Mr. Pankaj Tibrewal
Ikigai Asset Manager Holdings Pvt. Ltd.
Director
RS
Director
Mr. Rajiv Vijay Shastri
Director
Mr. Rajiv Vijay Shastri
GoldStandard Wealth Private Limited
Director
SK
Director
Mr. Ssuneet Kabra
Director
Mr. Ssuneet Kabra
Equitree Capital Advisors Pvt. Ltd.
Director
SB
Director
Mr. Sushant Bhansali
Director • Past Vice Chairman
Mr. Sushant Bhansali
Ambit Investment Advisors Pvt Ltd.
Director
VT
Director
Mr. Vishal Thakkar
Director
Mr. Vishal Thakkar
Banyan Tree Advisors Pvt. Ltd.
Director
VV
Director
Mr. Vivek Vasudevan
Director
Mr. Vivek Vasudevan
Agreya Capital Advisors LLP
BD
Chairman (FY 24–26)
Mr. Biharilal Deora
Past Chairman
Mr. Biharilal Deora
Abakkus Asset Manager Private Limited
SB
Vice Chairman (FY 24–26)
Mr. Sushant Bhansali
Past Vice Chairman
Mr. Sushant Bhansali
Ambit Investment Advisors Pvt Ltd.
NC
Founding Chairman
Mr. Neeraj Choksi
Founding Chairman
Mr. Neeraj Choksi
NJ Asset Management Private Limited
SM
Founding Vice Chairman
Mr. Saurabh Mukherjea
Founding Vice Chairman
Mr. Saurabh Mukherjea
Marcellus Investment Managers Pvt. Ltd.
VK
Director FY 25–26
Mr. Vikas Vijaykumar Khemani
Director
Mr. Vikas Vijaykumar Khemani
Carnelian Asset Management & Advisors Pvt. Ltd.
SJ
Director FY 24–26
Mr. Sandeep Jethwani
Director
Mr. Sandeep Jethwani
Dezerv Investments Pvt. Ltd.
RG
Director FY 22–23
Ms. Radhika Gupta
Director
Ms. Radhika Gupta
Edelweiss Asset Management Limited
AV
Director FY 22–25
Ms. Amisha Niraj Vohra
Director
Ms. Amisha Niraj Vohra
Prabhudas Lilladher Advisory Services
SR
Director FY 24–26
Mr. Sunil Rohokale
Director
Mr. Sunil Rohokale
ASK Asset & Wealth Management Group
HV
Director FY 22–25
Mr. Hiren Haresh Ved
Director
Mr. Hiren Haresh Ved
Alchemy Capital Management Pvt. Ltd.
AS
Incorporation 2021
Mr. Aashish Somaiya
Founding Director
Mr. Aashish Somaiya
WhiteOak Capital Management
DS
Director FY 23–26
Mr. Deepak Shenoy
Director
Mr. Deepak Shenoy
Capitalmind Financial Services Pvt. Ltd.
AM
Director FY 23–26
Mr. Ayush Mittal
Director
Mr. Ayush Mittal
Mittals Capital Advisors Pvt. Ltd.
MB
Director FY 23–26
Mr. Manish Bhandari
Director
Mr. Manish Bhandari
Vallum Capital Advisors Pvt. Ltd.
HD
Director FY 22–24
Mr. Hemant Desai
Director
Mr. Hemant Desai
Firm details not available
SS
Director FY 22–23
Mr. Sameer Shah
Director
Mr. Sameer Shah
Firm details not available
SG
Director FY 22–23
Mr. Shivashish Gupta
Director
Mr. Shivashish Gupta
Firm details not available
SM
Director FY 22–25
Mr. Sonal Minhas
Director
Mr. Sonal Minhas
Firm details not available
BS
Director FY 23–26
Mr. Bhavin Shah
Director
Mr. Bhavin Shah
Sameeksha Capital Pvt Ltd.
VV
Director FY 22–26
Mr. Vivek Vasudevan
Director
Mr. Vivek Vasudevan
Agreya Capital Advisors LLP
JK
Director FY 25–26
Mr. Jatin Khemani
Director
Mr. Jatin Khemani
Stalwart Investment Advisors LLP
RS
Director FY 25–26
Mr. Rajiv Vijay Shastri
Director
Mr. Rajiv Vijay Shastri
GoldStandard Wealth Private Limited
NC
Founding Chairman
Mr. Neeraj Choksi
Founding Chairman
Mr. Neeraj Choksi
NJ Asset Management Private Limited
SM
Founding Vice Chairman
Mr. Saurabh Mukherjea
Founding Vice Chairman
Mr. Saurabh Mukherjea
Marcellus Investment Managers Pvt. Ltd.
AV
Director FY 22–25
Ms. Amisha Niraj Vohra
Director
Ms. Amisha Niraj Vohra
Prabhudas Lilladher Advisory Services
BD
Chairman (FY 24–26)
Mr. Biharilal Deora
Past Chairman
Mr. Biharilal Deora
Abakkus Asset Manager Private Limited
HD
Director FY 22–24
Mr. Hemant Desai
Director
Mr. Hemant Desai
Firm details not available
HV
Director FY 22–25
Mr. Hiren Haresh Ved
Director
Mr. Hiren Haresh Ved
Alchemy Capital Management Pvt. Ltd.
RG
Director FY 22–23
Ms. Radhika Gupta
Director
Ms. Radhika Gupta
Edelweiss Asset Management Limited
SS
Director FY 22–23
Mr. Sameer Shah
Director
Mr. Sameer Shah
Firm details not available
SG
Director FY 22–23
Mr. Shivashish Gupta
Director
Mr. Shivashish Gupta
Firm details not available
SM
Director FY 22–25
Mr. Sonal Minhas
Director
Mr. Sonal Minhas
Firm details not available
SB
Vice Chairman (FY 24–26)
Mr. Sushant Bhansali
Past Vice Chairman
Mr. Sushant Bhansali
Ambit Investment Advisors Pvt Ltd.
VV
Director FY 22–26
Mr. Vivek Vasudevan
Director
Mr. Vivek Vasudevan
Agreya Capital Advisors LLP
NC
Founding Chairman
Mr. Neeraj Choksi
Founding Chairman
Mr. Neeraj Choksi
NJ Asset Management Private Limited
SM
Founding Vice Chairman
Mr. Saurabh Mukherjea
Founding Vice Chairman
Mr. Saurabh Mukherjea
Marcellus Investment Managers Pvt. Ltd.
AV
Director FY 22–25
Ms. Amisha Niraj Vohra
Director
Ms. Amisha Niraj Vohra
Prabhudas Lilladher Advisory Services
AM
Director FY 23–26
Mr. Ayush Mittal
Director
Mr. Ayush Mittal
Mittals Capital Advisors Pvt. Ltd.
BS
Director FY 23–26
Mr. Bhavin Shah
Director
Mr. Bhavin Shah
Sameeksha Capital Pvt Ltd.
BD
Chairman (FY 24–26)
Mr. Biharilal Deora
Past Chairman
Mr. Biharilal Deora
Abakkus Asset Manager Private Limited
DS
Director FY 23–26
Mr. Deepak Shenoy
Director
Mr. Deepak Shenoy
Capitalmind Financial Services Pvt. Ltd.
HD
Director FY 22–24
Mr. Hemant Desai
Director
Mr. Hemant Desai
Firm details not available
HV
Director FY 22–25
Mr. Hiren Haresh Ved
Director
Mr. Hiren Haresh Ved
Alchemy Capital Management Pvt. Ltd.
MB
Director FY 23–26
Mr. Manish Bhandari
Director
Mr. Manish Bhandari
Vallum Capital Advisors Pvt. Ltd.
SM
Director FY 22–25
Mr. Sonal Minhas
Director
Mr. Sonal Minhas
Firm details not available
SB
Vice Chairman (FY 24–26)
Mr. Sushant Bhansali
Past Vice Chairman
Mr. Sushant Bhansali
Ambit Investment Advisors Pvt Ltd.
BD
Chairman (FY 24–26)
Mr. Biharilal Deora
Past Chairman
Mr. Biharilal Deora
Abakkus Asset Manager Private Limited
SB
Vice Chairman (FY 24–26)
Mr. Sushant Bhansali
Past Vice Chairman
Mr. Sushant Bhansali
Ambit Investment Advisors Pvt Ltd.
AV
Director FY 22–25
Ms. Amisha Niraj Vohra
Director
Ms. Amisha Niraj Vohra
Prabhudas Lilladher Advisory Services
AM
Director FY 23–26
Mr. Ayush Mittal
Director
Mr. Ayush Mittal
Mittals Capital Advisors Pvt. Ltd.
BS
Director FY 23–26
Mr. Bhavin Shah
Director
Mr. Bhavin Shah
Sameeksha Capital Pvt Ltd.
DS
Director FY 23–26
Mr. Deepak Shenoy
Director
Mr. Deepak Shenoy
Capitalmind Financial Services Pvt. Ltd.
HV
Director FY 22–25
Mr. Hiren Haresh Ved
Director
Mr. Hiren Haresh Ved
Alchemy Capital Management Pvt. Ltd.
MB
Director FY 23–26
Mr. Manish Bhandari
Director
Mr. Manish Bhandari
Vallum Capital Advisors Pvt. Ltd.
SJ
Director FY 24–26
Mr. Sandeep Jethwani
Director
Mr. Sandeep Jethwani
Dezerv Investments Pvt. Ltd.
SM
Director FY 22–25
Mr. Sonal Minhas
Director
Mr. Sonal Minhas
Firm details not available
SR
Director FY 24–26
Mr. Sunil Rohokale
Director
Mr. Sunil Rohokale
ASK Asset & Wealth Management Group
VV
Director FY 22–26
Mr. Vivek Vasudevan
Director
Mr. Vivek Vasudevan
Agreya Capital Advisors LLP
BD
Chairman (FY 24–26)
Mr. Biharilal Deora
Past Chairman
Mr. Biharilal Deora
Abakkus Asset Manager Private Limited
SB
Vice Chairman (FY 24–26)
Mr. Sushant Bhansali
Past Vice Chairman
Mr. Sushant Bhansali
Ambit Investment Advisors Pvt Ltd.
AM
Director FY 23–26
Mr. Ayush Mittal
Director
Mr. Ayush Mittal
Mittals Capital Advisors Pvt. Ltd.
BS
Director FY 23–26
Mr. Bhavin Shah
Director
Mr. Bhavin Shah
Sameeksha Capital Pvt Ltd.
DS
Director FY 23–26
Mr. Deepak Shenoy
Director
Mr. Deepak Shenoy
Capitalmind Financial Services Pvt. Ltd.
JK
Director FY 25–26
Mr. Jatin Khemani
Director
Mr. Jatin Khemani
Stalwart Investment Advisors LLP
MB
Director FY 23–26
Mr. Manish Bhandari
Director
Mr. Manish Bhandari
Vallum Capital Advisors Pvt. Ltd.
RS
Director FY 25–26
Mr. Rajiv Vijay Shastri
Director
Mr. Rajiv Vijay Shastri
GoldStandard Wealth Private Limited
SJ
Director FY 24–26
Mr. Sandeep Jethwani
Director
Mr. Sandeep Jethwani
Dezerv Investments Pvt. Ltd.
SR
Director FY 24–26
Mr. Sunil Rohokale
Director
Mr. Sunil Rohokale
ASK Asset & Wealth Management Group
VK
Director FY 25–26
Mr. Vikas Vijaykumar Khemani
Director
Mr. Vikas Vijaykumar Khemani
Carnelian Asset Management & Advisors Pvt. Ltd.
VV
Director FY 22–26
Mr. Vivek Vasudevan
Director
Mr. Vivek Vasudevan
Agreya Capital Advisors LLP
Technical Expertise
Working Committees
Specialized taskforces — spanning Operations & Compliance, Technology, Digitalization & Benchmarking, and Legal & Regulatory Affairs — drawing from member expertise to formulate compliance frameworks and industry standards.
Historical Evolution
Evolution of APMI Timeline
The milestone journey of APMI from its regulatory inception in 2022 through nationwide digital standardization and strategic priorities going forward.
YEAR 2022
Operationalization
- First Guidance Released (28th May 2022): Covering withdrawal of work-from-home flexibility for critical functions (Investments, Dealing, Operations, Compliance, Risk Management) post-COVID.
- Formation & Operationalization of Working Committees: Operationalization of APMI's 3 working committees from June 2022 to spearhead specialized industry initiatives.
YEAR 2023
Standardization & Reconstitution
- Flagging of Demat Accounts (May 2023): Implementation & execution of workflow on Flagging of Demat Accounts in May 2023 for enhanced regulatory traceability.
- Standardized Redemption Timelines (May 2023): Standardized time period for payout of funds/securities to investors during redemption in May 2023 for industry uniformity.
- Second Reconstitution of APMI Board (30th June 2023): Second reconstitution of APMI Board & Working Committees successfully completed on 30th June 2023.
YEAR 2024
100% Digital Transformation
- Digitalization & Process Streamlining: Organizations are able to streamline all their processes through digitalization, and are also exploring new avenues of growth by adopting 100% digitization—one such major change that has come into the financial services industry is digital client onboarding. Clients onboarding through the digital route is now a well-accepted way which provides scalability, efficiency and much more.
- SEBI Circular on Digital Client Onboarding (May 2024): Taking the submission of APMI forward, SEBI had released a circular on Digital Client Onboarding in May 2024.
- Standard Procedure & Fee Illustrations: As mandated by the regulator, APMI has specified a standard procedure for on-boarding of clients through digital mode in consultation with SEBI. This also covers aspects related to calculation of performance fee & creating illustrations for the same.
GOING FORWARD
Strategic Horizons
- PMS as Preferred Choice: Work towards making Portfolio Management Services offered by SEBI Registered Portfolio Managers as a preferred choice for Investors with increasing the reach by educative and marketing efforts.
- Investor Education Initiatives: Work on nationwide Investor Education to empower HNIs and institutions with clear understanding of risk-adjusted returns and PMS fiduciary mechanisms.
- Industry-Wide Data Standards: Making the best and digital use of data which can be a source of Industry wide data for comparison and setting industry wide standards.
- Ease of Doing Business: Completion & Execution of various submissions under the Ease of Doing Business framework to eliminate redundant compliance friction.