PMS Account Opening: The Client Document Checklist
A prospect is ready to invest. The PMS agreement is drafted. Then the PAN copy turns up as a blurry photo, the cancelled cheque is missing, and the demat account turns out to be in a joint name nobody mentioned. The money waits on the papers, not on the investment.
PMS account opening documents fall into three groups: KYC, the PMS agreement with a risk profile, and the demat and bank accounts the portfolio runs through. Each client also needs a FATCA and CRS declaration, and large investments need a source of funds. Collect them before the agreement is signed, not after.
Confirm the basics first. The minimum investment is ₹50 lakh per client under the SEBI (Portfolio Managers) Regulations, and accredited investors may have a lower minimum. If the client's KYC is not finished, our guide to KYC documents for advisors covers the basics.
What documents do you need for a PMS account?
Collect these before the first meeting with the portfolio manager. Most come from the client. The KRA status you check yourself.
| Document | Why it is needed | Who has it |
|---|---|---|
| PAN and Aadhaar | Identity and address for KYC | Client |
| Photograph and signature | Completes the KYC record | Client |
| KRA status | Shows whether KYC is validated, registered or on hold | You check it |
| PMS agreement and disclosure document | Sets the terms and the manager's disclosures | Client signs, you keep a copy |
| Risk profile | Records the client's appetite for risk | Client |
| Demat account details | Shows where the portfolio is held | Client, from the depository participant |
| Bank account proof | Shows where money moves in and out | Client |
| Power of attorney | Lets the manager act in the account, as the agreement sets out | Client signs |
| FATCA and CRS declaration | Covers tax residency reporting | Client |
| Nomination or opt-out declaration | Names who receives the holdings | Client |
| Source of funds | Explains where large amounts come from | Client |
Some papers change with the client. A joint account needs PAN and KYC for each holder. An NRI client adds a FATCA and CRS self-declaration, overseas address proof and an NRE or NRO bank account.
How does onboarding run, step by step?
Onboarding runs in four stages. The image shows the order, so papers arrive in sequence and nothing waits on a missing page.
Where does PMS onboarding usually stall?
Four points often hold up a file.
The KRA status is on hold. The status can read validated, registered or on hold. Fix a hold before the agreement goes out, not after the money is ready.
A joint holder has no KYC. Each joint holder needs PAN and KYC. One holder who has not finished can hold up the whole file.
The source of funds is asked for late. Large amounts need a source of funds. Ask on day one, so the request does not hold the money at the last step.
The names do not match. Check that the name on the PAN, the bank account and the demat account are the same. A mismatch is easy to miss in a photo.
Which PMS style changes the paperwork?
PMS can be discretionary, non-discretionary or advisory. The style sets who decides the trades. Confirm it with the client first, so the agreement and the risk profile describe the same arrangement.
If the client has no demat account yet, demat account papers come first.
How do you collect PMS papers without the chase?
Clients send PAN copies on WhatsApp, bank statements by email, and a signed agreement as a scan with the word "done" in the message. Reposha, AI for financial advisors, replaces that with one upload link for the whole list. The client gets the link and a one-time code as two separate WhatsApp messages, then uploads from a phone or laptop with no account. Upload pages work in English and Hindi, and files can be up to 25 MB each.
Each file lands in that client's folder. Only staff with access to that client can open it, and every open and download is logged. Once the PMS is running, the statements to collect before a portfolio review can sit in the same folder. Reposha keeps the whole PMS file in one place, from onboarding to the first review.
Start at reposha.com.
Questions people ask
What documents are needed to open a PMS account?
KYC with PAN and Aadhaar, the signed PMS agreement and disclosure document, a risk profile, demat and bank account details, and a FATCA and CRS declaration.
What is the minimum investment for a PMS?
The minimum is ₹50 lakh per client under the SEBI (Portfolio Managers) Regulations. Accredited investors may have a lower minimum.
Does a PMS client need KYC checked before starting?
KYC is done once through a KYC Registration Agency and linked with CKYC. Check that the status reads validated, not on hold, before you start.
How can an advisor collect PMS papers without chasing clients?
Send one upload link and a one-time code, as two WhatsApp messages. Reposha, AI for financial advisors, keeps each client's papers in one folder and logs every open.
General information only, not legal, tax or financial advice. Rules and dates change, so confirm before acting.
