India, Nov. 26 -- Within a few days, there was a mix of good news, bad news, and policy-related demands related to the country's Portfolio Management Services (PMS). It showed the differences between past performances, immediate concerns, and future landscape. The good news stems from how PMS has grown over the years. The bad news came from a cautious approach, even a scared one. The policy screams highlighted the possible need to revamp a few rules and laws to give a further fillip to the segment in the future.

Let us start with the good news. India's alternative investment landscape has reached a pivotal moment, with PMS, and Alternative Investment Funds (AIFs) together surpassing Rs23 lakh crore in assets as of September 2025. Data co...