A case for rethinking Sebi’s new merchant banking rules

PMS portfolios posted robust performances in 2025, with one-year returns climbing to nearly 42%, according to PMS Bazaar. Small-cap, multi-asset, thematic, and flexi-cap strategies dominated the leaderboard, led by Aequitas Investment Consultancy. The top 10 PMS performers reflect strong diversification, consistent execution, and varied investment approaches across market segments.