PMS Distribution — Ayush Agrawal · APMI Registered PMS Distributor (APRN)

Ayush Agrawal

APMI Registered PMS Distributor (APRN) · APRN09522

A transparent, education-first PMS distribution practice for high-net-worth investors. I help you understand, compare and onboard with SEBI-registered Portfolio Managers — with full understanding of risks, fees and suitability.

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01 — My role

What I do, and what I don't

What I do

Help you understand PMS offerings and investment philosophies
Explain and compare characteristics of different approaches
Coordinate meetings with Portfolio Managers
Assist with documentation and onboarding
Help resolve operational queries
Keep you informed and help you understand reports and communications

What I don't do

I do not manage the portfolio
I do not control investment decisions
I do not promise or guarantee returns
I do not represent that PMS eliminates market risk
I do not believe one strategy is appropriate for everyone
I do not provide personalised investment advice

I am a distributor, not an investment advisor. My role is to explain, compare and facilitate — the final decision always rests with you.

02 — Empanelled Portfolio Managers

SEBI-registered Portfolio Managers

I am currently empanelled with the following SEBI-registered Portfolio Managers. Depending on your financial circumstances, investment objectives, risk profile, investment horizon and other suitability considerations, I may introduce investment approaches offered by one or more of these Portfolio Managers.

Carnelian Asset Management & Advisors

SEBI REG. INP000006387

AUM: ₹12,321 Cr · 5 investment approach(es) · as on 01-07-2026

Strategy: CARNELIAN CAPITAL COMPOUNDER STRATEGY

Benchmark: — · Inception: 15-05-2019 · Min: ₹5000000 · AUM: ₹2271.8968 Cr

Managers: Manoj Bahety (25y), Kunal Shah (13.00y)

Returns (official): 1M 3.03% · 1Y 16.13% · Since inception 19.60%

Strategy: CARNELIAN SHIFT STRATEGY

Benchmark: — · Inception: 06-10-2020 · Min: ₹5000000 · AUM: ₹5864.0991 Cr

Managers: Manoj Bahety (25y), Kunal Shah (13.00y)

Returns (official): 1M 0.58% · 1Y 7.53% · Since inception 31.93%

Full details in the Portfolio Manager's official Disclosure Document.

Negen Capital Services

SEBI REG. INP000005414

AUM: ₹1,485 Cr · 1 investment approach(es) · as on 01-07-2026

Full details in the Portfolio Manager's official Disclosure Document.

Buoyant Capital

SEBI REG. INP000005000

AUM: ₹12,563 Cr · 4 investment approach(es) · as on 01-07-2026

Strategy: Buoyant Opportunities PMS

Benchmark: — · Inception: 31-05-2016 · Min: ₹5000000 · AUM: ₹12257.2262 Cr

Managers: SACHIN KHIVASARA (y)

Returns (official): 1M 1.73% · 1Y 8.13% · Since inception 20.76%

Strategy: Buoyant All Weather PMS

Benchmark: — · Inception: 01-04-2022 · Min: ₹5000000 · AUM: ₹0.0000 Cr

Managers: SACHIN KHIVASARA (y)

Returns (official): 1M 0.00% · 1Y 7.77% · Since inception 8.46%

Full details in the Portfolio Manager's official Disclosure Document.

Empanelment with a Portfolio Manager, or inclusion of a PMS/investment approach on this website, should not be construed as an assurance of performance or as being suitable for every investor.

How this works

How I am compensated

I receive a distribution commission from Portfolio Managers when a client onboards through me. I do not charge you a separate fee for distribution services.

PMS fee structure

Management fee
Performance fee, hurdle rate and high-water mark
Exit load, if applicable
Brokerage and custody expenses

All fees are as per the Portfolio Manager's official Disclosure Document.

Understand risk first

Market risk — portfolios can decline in value

Concentration risk — PMS portfolios may hold concentrated positions

Liquidity risk — some holdings may be difficult to exit

Drawdown risk — meaningful interim declines are normal

Past performance does not guarantee future results. Performance data, where shown, is provided officially by the Portfolio Manager in the SEBI-prescribed format.

Ask before you commit

Who makes the investment decisions?

How long has the team managed this strategy?

What happens when the investment style goes out of favour?

What caused the largest drawdowns?

How concentrated can the portfolio become?

What are all the fees, exactly?

Under what circumstances should I reconsider this PMS?

Empanelment is not endorsement

Unclear investment process

Material team departure

Significant style drift

Governance concerns

Unexplained portfolio changes

Capacity concerns

Excessive risk relative to stated strategy

Inadequate communication

Material deterioration in the original investment thesis

11 — FAQ

Common questions

What is the minimum investment? — As specified in each Portfolio Manager's Disclosure Document.
Who holds the securities? — Securities are held in your demat account.
Can I see my portfolio? — Yes, you can view holdings and reports regularly.
Can the manager buy whatever they want? — Within the mandate and disclosures of the chosen investment approach.
How are fees charged? — As per the PMS Disclosure Document.
How is the distributor compensated? — Via commission from the Portfolio Manager.
Can I withdraw? — Subject to exit terms and liquidity of the portfolio.
What if I want to switch PMS? — I can assist with the process and implications.
Who should not invest in PMS? — Those who cannot bear drawdowns, need short-term liquidity, or don't understand the risks.

Ayush Agrawal

PMS in India, in numbers

Total PMS AUM

Equity

Debt

Hybrid

Multi-Asset

What I do, and what I don't

What I do

What I don't do

SEBI-registered Portfolio Managers

Carnelian Asset Management & Advisors

Negen Capital Services

Buoyant Capital

How I assess fit

How this works

How I am compensated

PMS fee structure

Understand risk first

If something goes wrong

Learn before you invest

How PMS works →

TWRR vs XIRR →

Understanding drawdowns →

Understanding fees →

PMS taxation →

Reading PMS reports →

Ask before you commit

How I think

Empanelment is not endorsement

Common questions