SEBI has approved a wide range of changes covering PMS, foreign investors, REITs, InvITs, mutual funds and financial advertising.
Here are the key changes in simple words:
1. PMS Gets More Investment Options
PMS (Portfolio Management Services) allows professionals to manage investments for clients.
Under the new framework, PMS can invest in areas such as IPOs, overseas securities, primary debt and certain unlisted debt.
2. New ₹25 Lakh PRIM Route
PRIM is a new route that allows PMS managers to invest in direct mutual fund plans.
The minimum investment is ₹25 lakh.
3. More Access for Foreign Investors
FPIs (Foreign Portfolio Investors) will be allowed to participate in certain non-agricultural commodity derivatives, subject to safeguards.
4. Accredited Investor Rules Expanded
The revised framework allows individuals with at least ₹5 crore in securities-market assets to qualify as accredited investors, along with other eligibility routes.
5. REITs & InvITs Get a Foreign Funding Route
REITs are investment vehicles linked to real estate, while InvITs are linked to infrastructure.
SEBI approved a framework for Depository Receipts against their units, creating a route to raise foreign capital.
6. Common Rules for Financial Advertising
SEBI approved a Common Advertisement Code for several regulated entities, including brokers, investment advisers, research analysts, PMS and mutual funds.
The framework also allows celebrity participation in brand-level promotions, subject to safeguards.
7. More Market Reforms
SEBI also approved changes covering AIFs, NCDs, vault managers, research analysts and settlement procedures.
For example, the minimum net-worth requirement for vault managers has been raised from ₹50 crore to ₹75 crore.
Overall, these reforms aim to widen investment options, improve market participation and simplify parts of the regulatory framework. Some measures will require further regulations or implementation steps before taking effect.
Source: SEBI Board Meeting, September 24, 2026.
Frequently asked questions
- What major changes did SEBI approve in September 2026?
- SEBI approved changes covering portfolio managers, FPIs, accredited investors, REITs, InvITs, advertising norms, AIFs, vault managers, research analysts and settlement procedures.
- What new investment options will PMS have?
- The approved PMS framework expands the investment universe to areas including IPOs, overseas securities, primary debt and certain unlisted debt, subject to the applicable framework.
- What is the ₹25 lakh PRIM route?
- PRIM is a proposed route under which PMS managers can invest in direct mutual fund plans, with a minimum investment amount of ₹25 lakh as described in the approved reforms.
- What changes are being made for FPIs?
- FPIs will be permitted to participate in certain non-agricultural commodity derivatives, subject to the prescribed safeguards and conditions.
- Who can qualify as an accredited investor under the revised framework?
- The revised framework expands eligibility routes, including an individual route based on having at least ₹5 crore in securities-market assets, subject to the applicable requirements.
- What is changing for REITs and InvITs?
- SEBI approved a framework for issuance of Depository Receipts against units of REITs and publicly listed InvITs, providing a mechanism for accessing overseas capital.
- What is the Common Advertisement Code?
- The Common Advertisement Code establishes common advertising requirements for specified SEBI-regulated entities, including categories such as brokers, investment advisers, research analysts, PMS and mutual funds.
- Can celebrities promote financial brands under the new framework?
- The approved advertising framework provides for celebrity participation in brand-level promotions, subject to applicable safeguards and requirements.
- Has the vault manager net-worth requirement changed?
- Yes. The approved reform raises the minimum net-worth requirement for vault managers from ₹50 crore to ₹75 crore.
- Are all these SEBI changes effective immediately?
- Not necessarily. Board approval is an important regulatory step, but some measures require amendments, regulations, circulars or further implementation steps before they become operational.
