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Aif VS PMS

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105 views1 page

Aif VS PMS

Uploaded by

mayank.cx
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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AIF PMS

1. Pooling of Pooling of funds is the essence of this kind of


Funds are not pooled, and investors have separate Demat accounts.
funds investment model.
5. Number of The maximum number of investors to any AIF
There is no cap specified on the number of investors
Investors scheme cannot exceed 1,000
3.SEBI-mandated
minimum
Rs. 1 crore Rs. 50 lakhs
investment
amount
4. Minimum A minimum corpus of Rs. 20 crore is required. For
No corpus amount requirements
corpus Category-I angel funds, Rs. 10 crore is necessary.
6. Lock-in In close-ended AIF, investors must adhere to the
PMS investors can withdraw their funds at any time.
period lock-in period.
AIFs are grouped into three – Category I, II, and III, PMS are of two types; discretionary and non-discretionary based on
2. Types
depending on where the funds are invested. the authority of the fund manager.
Category-I and II AIFs have a minimum tenure of 3
years and a maximum of 5 years. The minimum
7. Tenure term is extended when two-thirds of investors by No fixed tenure for securities.
value approve it. Category-III funds have no
minimum tenure.
Two factors impact the taxation of an AIF: Equity PMS – Short term capital gains (before 1 yr) will be taxed at
Classification of the fund into one of the 3 categories 15% and any long term capital gains will be taxed at 10% (after 1
and Legal form of the fund. SEBI regulations permit lakh limit per financial year) without indexation benefits. Debt PMS
8. Taxation
an AIF to be set up in the form of a trust, or a – For listed securities, you have the benefit of long-term capital gains
company, or a limited liability partnership or a body taxation, after 1 year, 1 day as compared to three years in debt
corporate. mutual funds

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