🧠 Food for thought

Implications, context, and why it matters.

Dezerv’s Rs 350 crore raise sits against an unclear position in India’s Rs 32 lakh crore Portfolio Management Services (PMS) boom 1

• Dezerv markets “close to 30% returns since inception,” but Securities and Exchange Board of India (SEBI) monthly PMS reports state that SEBI “neither approves nor certifies the accuracy” of these disclosures 2.
• By June 2025, pure PMS assets under management (AUM) stood at Rs 8,874 crore 3. That places it outside the top 10 PMS players, which are PMS-only managers that exclude advisory and distribution 3. Its AUM is near one-fourth of Enam Asset Management at Rs 36,685 crore 3. Enam is an Indian PMS firm 3.

Account Aggregator integration opens a B2B play for India’s 467 SEBI-registered PMS providers 4

• The firm plans Account Aggregator (AA) integration. AA is a consent-based framework that lets users securely share financial data. It also plans access to Infrastructure Investment Trusts (InvITs), Real Estate Investment Trusts (REITs), and precious metals. This creates demand for AA-ready personalization, multi-asset custody, and Order Management System (OMS) platforms at PMS firms that manage over Rs 1,000 crore 3.
• Focus on PMS providers that serve affluent investors 30 to 45, where digital adoption exceeds 87% per Bain & Company 5. Offer real-time portfolio monitoring, goal tracking, and tax optimization 5. The market is moving from commission-driven legacy models to fee-only advisory, where clients pay transparent fees rather than product commissions 5. Minimum PMS ticket sizes start at Rs 50 lakh 6.