PMS Bazaar, India’s leading alternative investments platform, has entered into a strategic collaboration with NSDL Database Management Limited (NDML), a SEBI-recognised Accreditation Agency, to streamline the process of obtaining Accredited Investor certification. The partnership, announced at the PMS Bazaar Bengaluru Conclave, aims to make the certification journey faster and more accessible through end-to-end assistance for eligible investors and entities. This move comes at a time when India’s alternative investment ecosystem has grown to over ₹23 lakh crore in assets, making Accredited Investor status increasingly important for accessing exclusive investment opportunities.
What the Partnership Involves
Under the collaboration, PMS Bazaar will serve as an official channel partner of the NDML Accreditation Agency, guiding investors through every step of the SEBI Accredited Investor certification process. The platform will provide end-to-end assistance, from eligibility assessment and documentation to submission and certificate issuance. Upon receiving all required documents, PMS Bazaar initiates the application immediately, with NDML typically issuing the Accredited Investor Certificate on a T+1 basis, subject to proper documentation and payment completion.
The efficiency of the streamlined process was demonstrated at the PMS Bazaar Bengaluru Conclave held on 9 May 2026 at Taj MG Road, Bengaluru. Several participants applied for and received their Accredited Investor Certificates within a few hours on the same day, showcasing how the digital-first approach has reduced what was traditionally a multi-day process into a near-instant experience.
Beyond individual investors, PMS Bazaar extends its handholding services to Asset Managers, Wealth Managers, Family Offices, and Distributors, facilitating certification for their eligible clients through the NDML Accreditation Agency. Importantly, investors pay no additional platform, service, or processing fee to PMS Bazaar. They only pay the applicable fees prescribed for the certification process by NDML.
Who Are PMS Bazaar and NDML?
PMS Bazaar
PMS Bazaar, founded in 2017 and headquartered in Chennai, is India’s first and leading platform for alternative investments. It offers data, research, and investment solutions across more than 500 Portfolio Management Services (PMS) investment approaches, over 200 Alternative Investment Funds (AIFs), and 60+ GIFT City Funds from over 300 asset management companies. The platform serves a community of over 100,000 subscribers, including High Net Worth Individuals (HNIs), Ultra HNIs, wealth managers, distributors, investment advisors, family offices, asset managers, fund managers, and financial journalists.
PMS Bazaar also operates the analytics platform Finalyca, which serves over 150 institutions including TATA Capital, HDFC Securities, and Julius Baer. The platform has been at the forefront of promoting India’s alternative investment ecosystem through annual events like the PMS & AIF Conclaves and the Dubai Alternative Investment Summit (DAIS).
NSDL Database Management Limited (NDML)
NSDL Database Management Limited (NDML), set up in June 2004, is a wholly-owned subsidiary of National Securities Depository Limited (NSDL), one of the largest securities depositories in the world. Headquartered in Mumbai, NDML operates across multiple business verticals including governance, industry solutions, capital markets, and digital empowerment.
NDML is recognised by SEBI as an Accreditation Agency for issuing Accredited Investor Certificates in accordance with the applicable regulatory framework. SEBI has set strict eligibility criteria for accreditation agencies: they must have at least 20 years of experience in Indian securities markets, a minimum net worth of ₹200 crore, nationwide terminal presence, investor grievance redressal mechanisms, and Investor Service Centres in at least 20 cities. Only four entities currently qualify as SEBI-recognised accreditation agencies, and NDML is one of them.
What Is an Accredited Investor?
An Accredited Investor is an individual or entity recognised by the Securities and Exchange Board of India (SEBI) as financially sophisticated enough to understand and bear the risks associated with advanced investment products. SEBI introduced this concept in August 2021 through a circular (SEBI/HO/IMD/IMD-I/DF9/P/CIR/2021/620), amending the SEBI (Alternative Investment Funds) Regulations, 2012, the SEBI (Portfolio Managers) Regulations, 2020, and the SEBI (Investment Advisers) Regulations, 2013.
The framework was designed to create a class of investors who, due to their higher net worth or income, can be trusted to make informed decisions without requiring the same degree of regulatory protection as retail investors. This concept mirrors similar frameworks in global markets, such as the US Securities and Exchange Commission’s (SEC) accredited investor rules.
Before SEBI introduced this framework, the Indian markets had the concept of Qualified Institutional Buyers (QIBs), which included mutual funds, insurance companies, and foreign portfolio investors. However, individual investors could not obtain QIB status. The Accredited Investor framework effectively provides QIB-like status to individual investors, opening doors to investment opportunities previously accessible only to institutions.
SEBI’s Four Recognised Accreditation Agencies
SEBI has designated four entities as recognised Accreditation Agencies for certifying investors:
| Accreditation Agency | Parent Organisation |
|---|---|
| BSE Administration and Supervision Limited (BASL) | BSE (Bombay Stock Exchange) |
| CDSL Ventures Limited (CVL) | CDSL (Central Depository Services Limited) |
| NSDL Database Management Limited (NDML) | NSDL (National Securities Depository Limited) |
| National Stock Exchange of India Limited (NSE) | NSE (National Stock Exchange) |
BASL was the first to receive accreditation agency recognition in November 2021, followed by CVL in January 2022.
Eligibility Criteria for Accredited Investor Status
SEBI has prescribed three routes through which individuals, HUFs, family trusts, and sole proprietorships can qualify as Accredited Investors. An applicant needs to meet any one of the following criteria:
| Route | Criteria |
|---|---|
| Net Worth Route | Total net worth of ₹7.5 crore or more, of which at least ₹3.75 crore is in financial assets |
| Income Route | Annual income of ₹2 crore or more |
| Hybrid Route | Annual income of ₹1 crore or more AND total net worth of ₹5 crore or more, of which at least ₹2.5 crore is in financial assets |
It is important to note that primary residence is excluded from net worth calculations. Financial assets include investments in stocks, mutual funds, bonds, fixed deposits, and provident fund balances, among others.
For trusts and corporates (except family trusts), the net worth threshold is higher at ₹50 crore, with at least half of the net worth or annual income invested in financial assets.
Certain entities are automatically recognised as Accredited Investors without needing to apply. These include the central government, state governments, central and state government funds, developmental agencies, Qualified Institutional Buyers, Category I Foreign Portfolio Investors, sovereign wealth funds, and multilateral agencies.
The Accredited Investor Certificate is valid for 2 years or 3 years, depending on the option selected at the time of application. For a 2-year certificate, the latest year’s Income Tax Return (ITR) and/or net worth certificate is required. For a 3-year certificate, documents from the last two financial years are needed.
Benefits of Becoming an Accredited Investor
Accredited Investor status unlocks several advantages that are not available to regular retail investors. The key benefits include:
Lower Minimum Investment Thresholds
The most significant benefit is the ability to invest in PMS, AIF, and Specialised Investment Funds (SIFs) at substantially reduced minimum amounts. While regular investors face minimum investment requirements of ₹50 lakh for PMS and ₹1 crore for AIFs, Accredited Investors can start with as little as ₹5 lakh to ₹10 lakh for PMS and ₹10 lakh to ₹25 lakh for AIFs, depending on the fund house.
For Specialised Investment Funds (SIFs), which SEBI introduced recently, Accredited Investors can invest with a minimum of just ₹1 lakh, compared to ₹10 lakh for regular investors.
Access to Exclusive Investment Opportunities
Accredited Investors gain access to investment products and opportunities that are available exclusively to this class. This includes participation in Angel Funds and Co-Investment Vehicles (CIVs), which are open only to Accredited Investors. They can also invest in private equity, venture capital, and other alternative investment products that are typically closed to retail participants.
Regulatory Relaxations
SEBI provides several regulatory flexibilities to Accredited Investors, including relaxations in investment agreements, prudential norms, and investment conditions. For Category I and Category II AIFs, Accredited Investors are excluded from the computation of the maximum number of investors permitted in a scheme, subject to an overall cap of 1,000 investors. Only Accredited Investors of Category I or Category II AIF are eligible to participate in co-investment schemes.
Customised Investment Products
Investment providers can offer tailored products and contractual arrangements suited to the specific risk-return profiles of Accredited Investors under a “regulation-lite” framework. This means more flexibility in fee structures, negotiated terms, and personalised portfolio strategies.
Greater Portfolio Diversification
With lower minimum investment thresholds, Accredited Investors can spread their capital across multiple PMS strategies, AIFs, and GIFT City funds, achieving greater diversification than would be possible with the higher minimums required for regular investors.
How the Certification Process Works
The Accredited Investor certification process, when facilitated through the PMS Bazaar-NDML partnership, follows a structured four-step workflow:
Step 1: Eligibility Assessment. PMS Bazaar’s experts evaluate the applicant’s financial profile and guide them on the most suitable qualification route, whether it is the Net Worth Route, Income Route, or Hybrid Route.
Step 2: Documentation. The platform provides end-to-end assistance in preparing and validating the required documentation. The common documents include a self-attested PAN Card, self-attested Aadhaar Card, a signed Declaration Form, and a duly filled Application Form. Additional documents depend on the qualification route chosen, such as Income Tax Returns for the Income Route or a Net Worth Certificate issued by a Chartered Accountant for the Net Worth Route.
Step 3: Verification and Submission. The application and verified documents are submitted to the NDML Accreditation Agency for processing. NDML verifies the documents against SEBI’s prescribed eligibility thresholds.
Step 4: Certificate Issuance. Upon successful verification and completion of the prescribed certification fees, NDML issues the Accredited Investor Certificate. Under the streamlined PMS Bazaar-NDML process, certificates are typically issued on a T+1 basis (the next business day after complete documentation is received). In several cases demonstrated at the Bengaluru Conclave, certificates were issued within hours on the same day.
It is important to note that PMS Bazaar only receives the final Net Worth Certificate along with basic KYC documents and declarations. All net worth documents remain strictly with the empanelled Chartered Accountant, ensuring total confidentiality and data protection for the investor.
India’s Growing Alternative Investment Ecosystem
The partnership between PMS Bazaar and NDML comes at a critical juncture in the growth of India’s alternative investment industry. According to data released by PMS Bazaar, India’s combined assets under Portfolio Management Services (PMS) and Alternative Investment Funds (AIFs) rose to ₹23.43 lakh crore as of September 2025, growing at a Compound Annual Growth Rate (CAGR) of 31.24% over the past decade.
The AIF segment alone has seen remarkable expansion, with the number of registered AIFs growing from just ₹14,707 crore at inception to over ₹20 lakh crore, at a CAGR of 54%. India now hosts 1,699 registered AIFs across all categories, indicating a rapidly diversifying investment universe.
This growth is being driven by several factors, including a growing affluent investor base, clearer regulatory frameworks, deeper institutional participation, and the gradual globalisation of domestic capital markets. The surge is also being fuelled by new-age investors, startup founders, senior professionals, and growing participation from tier-II and tier-III cities, supported by strong on-ground relationship managers.
SEBI has also been actively evolving the Accredited Investor framework. In January 2026, SEBI simplified the accreditation process by allowing AIF managers to complete procedural onboarding steps, such as executing contribution agreements and KYC, before the accreditation certificate is issued, while strictly prohibiting acceptance of funds until accreditation is formally granted. In September 2025, the SEBI Board approved proposals for creating a separate type of AIF scheme exclusively for Accredited Investors, signalling a potential long-term shift towards accreditation as the primary regulatory standard for investor sophistication.
Recent SEBI Amendments to the Accredited Investor Framework
| Year | SEBI Action | Impact |
|---|---|---|
| August 2021 | Introduction of Accredited Investor framework | Created a new class of sophisticated investors with regulatory benefits |
| January 2026 | Simplified accreditation process | Allowed pre-certification onboarding while protecting corpus integrity |
| September 2025 | Approved Accredited Investor-only AIF schemes | Signalled shift towards accreditation-based investment models |
The Accredited Investor framework is also becoming increasingly relevant as SEBI mandates accreditation for certain investment categories. From September 2026, angel investing in India will require SEBI accreditation, making the certificate a prerequisite rather than just a privilege for a growing part of the private markets.
Key Takeaways
- PMS Bazaar, India’s leading alternative investments platform, has partnered with NSDL Database Management Limited (NDML), a SEBI-recognised Accreditation Agency, to streamline the SEBI Accredited Investor certification process.
- Under SEBI’s Accredited Investor framework introduced in August 2021, individuals qualify through three routes: net worth of ₹7.5 crore or more, annual income of ₹2 crore or more, or a hybrid route combining ₹1 crore income with ₹5 crore net worth.
- Accredited Investors benefit from lower minimum investment thresholds in PMS (as low as ₹5 lakh to ₹10 lakh versus ₹50 lakh for regular investors) and AIFs (as low as ₹10 lakh to ₹25 lakh versus ₹1 crore for regular investors).
- SEBI recognises four Accreditation Agencies in India: BASL (BSE subsidiary), CVL (CDSL subsidiary), NDML (NSDL subsidiary), and NSE.
- India’s alternative investment ecosystem has grown to ₹23.43 lakh crore in combined PMS and AIF assets as of September 2025, growing at a CAGR of 31.24% over the past decade.
- From September 2026, SEBI accreditation will become mandatory for angel investing in India, making the certificate a prerequisite for participation in this segment of private markets.
