Are there any roadblocks for the PMS business under current regulations?
The last quarter of 2002 witnessed significant changes in PMS regulations. These have gone a long way in improving the prospects of the business. We believe that creation of a level playing field on the tax front for PMS investments will immensely help its case. Besides, relaxation of norms with regard to international investment and permitting allocation to assets beyond equity and debt would further augment investment avenues available to PMS investors. How has Pru ICICI’s PMS evolved since it was launched? We launched the service in 2000, the first AMC to do so. This was a time when there was a little participation by established players in this segment. It was built it on several planks – transparency, customer service, innovation and performance. Investors, we think, have received the proposition well. To give you some numbers, we have over Rs 5,000 crore as AUM/advisory under our PMS, courtesy 800 retail and institutional investors. In short, the business today is viewed as a com
