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Management of your Portfolio involves continuous care and attention. Simply buying is not enough. Every single investment needs to be monitored continuously. After all, what works today may not work tomorrow.

This, though, is easier said than done. And that’s where Emkay’s Portfolio Management Services come into play. With Emkay, you can rest assured that your investments are constantly working to achieve your goals efficiently.


Emkay’s Portfolio Management Services, a SEBI registered Portfolio Manager, comprises of professional fund managers, research and wealth advisors and associates with a combined experience of over 25 years. Our PMS clients include large corporate houses, family-owned businesses, high-networth individuals and Non-Resident Indians who have a long-term investment horizon (1 to 3+ years). All this is through Emkay Investment Managers Ltd (EIML), the Asset Management arm of Emkay Global.

Emkay’s Portfolio Management Services’ expertise ranges across the breadth of the Indian equities market, from blue-chip large cap funds and well-performing mid-cap funds to emerging small caps.

The driving goal behind every move of our Fund Management Team is to maximize wealth on a sustainable basis for our clients. Our investment practice is backed by a robust equities research division that tracks every movement of the stock markets round the clock.

We avoid rookie risks like over-diversification by doing do our homework and designing focused, strong, growth-oriented portfolios. We monitor every stock by the minute to get the best return on every single investment you make, no matter how the quantum of investment. A disciplined and fundamentals driven approach to stock and sector allocation means every portfolio reaps the benefits of current trends alongside the safety of adequate asset diversification.

It’s no wonder then that clients implicitly trust our well-rounded and insightful recommendations that consistently strike the winning note between risk and rewards, making Emkay one of the top Portfolio Management Services in India.

Interested in Emkay PMS

PMS Newsletter

Get a smart update about the stock market trends; the performing and underperforming sectors; investments by FIIs and DIIs; the major market movers as well as the performance of Emkay's Portfolio Management division with our quarterly newsletter.

Fund Management & Advisory Team

One of the secrets of a winning team is a strong leadership team that steers the organization by example. Emkay’s success as a PMS provider owes huge credit to the core PMS team led by the best in the investment business. The team offers unshakeable credibility through a combination of hard-won experience and an overwhelming tally of client successes that speak for themselves.

The leadership team is ably supported by star equity analysts, wealth advisors and research associates who bring a deep understanding of the markets and astute financial judgment to the table – the finest of the private fund managers in India.

Leading the way are:

Krishna Kumar Karwa

Managing Director

A rank holder from the Institute of Chartered Accountants of India (ICAI), Krishna is the promoter and Managing Director of the company. Krishna has rich and varied experience of over 31 years in all aspects of the Equity Capital Markets and leads the Research, Equity Asset Management and Corporate Advisory divisions at Emkay. He is also the Independent Director in West Coast Paper Mills Ltd.

Sachin Shah (B.Com, CFA)

Fund Manager

Sachin has extended his 18 years of experience in the Portfolio Management space with Emkay. His 5-year journey at Emkay has involved managing the portfolios. Most importantly, though, he’s provided valuable inputs in the establishment of a well-documented investment process—a key reason behind our splendid performance. He’s also played a pivotal part in the development of Emkay Portfolio Management Service’s proprietary module - E-QUAL RISK, which helps evaluate and compare listed companies objectively on major factors like management integrity and capability, wealth distribution to minority shareholders, information to shareholders, and liquidity.

Raj Gala

Senior Portfolio Manager

A management graduate from Mumbai University, Raj comes with over a decade of experience in the Indian equity market. As an equity strategist he is an expert at managing equity advisory (PMS/ ND-PMS/ Direct Equities) for wealth clients. In his past assignments he has also worked as a senior equity analyst tracking multiple sectors and managing event-based trading strategies.

Why Emkay PMS

Among all the investment avenues open to you, the Indian investor, the equity market is by far the most lucrative from the perspective of return on investment. However, the inherent volatility of the equity markets makes investing in equities seem a risky venture for many investors. You may instead prefer an alternative route to the equity markets considered to be ‘safe’ – mutual funds.

But what if you could combine the relative safety of a mutual fund with the competitive returns from equities? With Emkay’s Portfolio Management Services in India, you can now enjoy the best of both worlds.

TTo help in this regard, Emkay has toiled to bring about technology that can help evaluate stocks on a wide array of factors.

E-Qual Risk

Emkay Portfolio Management Services is the proud innovator of a proprietary stock evaluation module called E-QualRisk. This module compares companies on a series of qualitative and quantitative aspects, offering a minimum required benchmark value for risk-adjusted returns.

It offers this benchmark value for the entire spectrum of stocks - from large-caps to mid-caps to small-cap stocks. Our built-in filters blacklist low quality / high risk companies from our investment universe, thus minimizing risk for our investors’ portfolios.

This module focuses on quality stocks that optimize the asset distribution for our clients’ portfolios. Our highly capable team balances private wealth maximization with liquidity and complete transparency into the portfolio management process through consistent investor communications.

Emkay PMS and Mutual Funds

Mutual Funds are great; they are a one-size-fits-all type of investment vehicle.Emkay PMS services, meanwhile, custom-design your investment portfolio based on your personal and financial goals, your appetite for risk and your investment volume. A private portfolio management team that watches your investments with a hawk-eye easily trumps detached mutual fund managers who have no direct interaction with their clients. Choose your own pace of investment and enjoy the flexibility of picking a fee structure as per your requirements. Read on for features of PMS and Mutual Funds.

Features Portfolio Management Services Mutual Fund
Portfolio Personalized & Customized Portfolios Common Pool of portfolio
Fund Management Direct Access to Fund Management Team No Access to Fund Management Team
Focussed Portfolio Very Focussed - No-Over Diversification
Blue-Chip Portfolios- Not more than 15 Stocks
Mid-Cap & Small Cap Stocks, not more than 25 Stocks
Most of the mutual fund schemes have nearly 35-50 stocks, leading to excessive diversification
Gradual Investments Flexibility to Invest Gradually Fully Invested from Day 1 of Subscription
Cash Levels Flexibility to maintain High Cash levels Most of times more than 90% invested
Ownership Directly ownership of Assets - Securities in own DMAT A/C & Bank Balance in Own Bank A/C Unit holders own Units of Fund
Fees Flexible Fees Structure Available.
Option of Low Fixed and Performance Based Fees
MF Charge Fixed Management Fees Only. No Option of Linking Management Fees to performance
Tax Individual Stocks - Holding Period > 1 Year = Long Term - NIL Holidng Period < 1 Year = Short Term Capital Gain - 15% Tax Applicable as per subscription & Redemption Dates in the Fund.

Our Offerings

Emkay’s PMS services offer a range of tailor-made solutions to suit every portfolio size and investment objective. Our four key offerings in the Portfolio Management Service in India space are:

Emkay Capital Builder

This solution offers anywhere between 25 to 35 mid-cap stocks that are pegged to the S&P CNX 500 Index. This solution allows complete flexibility in the market cap of the stocks in your portfolio. Investors have the option of building a multi-cap portfolio with funds ranging from small cap and mid cap to large cap.

Emkay Platinum

This is a premium offering from Emkay’s stables that consists of only blue-chip funds. This solution covers 10 to 15 stocks listed on the S&P CNX Nifty. The ratio of large to mid-cap stocks in this portfolio ranges between 60-40 and 70-30.

Emkay Pearls

A middle of the road offering that combines the affordability of small and mid-cap funds with their high growth potential. Consisting of 20 to 25 stocks from the BSE Mid-Cap Index, this portfolio is skewed towards smaller funds with a mid-cap to small-cap ratio between 30-70 and 40-60.

Emkay Crystal

This offering combines the best of both worlds by bringing large caps in the same portfolio as mid and small caps. With 15 to 20 stocks from the BSE-500, this fund plays it safe with a strong large cap bias. The ratio of large to mid to small cap funds in this portfolio combination sits at 50-20-30.


A large and mid-cap oriented strategy that focuses on investing in high-quality companies with long-term sustainable growth, driven by dominant leadership positions in their respective segments. the strategy centres around delivering long-term superior risk-adjusted returns to investors and is positioned to be a core allocation in client portfolios. key investment themes: Value Migration + Domestic Consumption. It is backed by our robust investment processes and a highly experienced investment team with rich experience through various cycles of investment.

Emkay 12

Emkay’s 12 is an equal-weighted twelve stock large-cap oriented strategy. A buy and hold strategy focusing on companies with wider economic moat and dominant position in the sector. Combination of value + growth to deliver medium-long term wealth creation. Key investment themes: Value Migration + Domestic Consumption + Domestic Infra

Particulars Emkay PMS – Capital Builder Emkay PMS - Platinum Emkay PMS - Pearls Emkay PMS - Crystal Emkay LEAD PMS Emkay 12
Company Size Multi – Cap Blue - Chip Mid-Cap & Small Cap Blue-Chip,Mid-Cap & Small Cap Large & Mid-cap Large Cap
No of Stocks 25-35 10-15 20-25 15-20 15 stocks 12 stocks
Portfolio No-Market - Cap basis Large Cap : 60% - 70%
Mid Cap : 30% - 40%
Mid Cap : 30% - 40%
Small Cap : 60% - 70%
Large Cap : 50% - 60%
Mid Cap : 20% - 30%
Small Cap : 20% - 30%
Large Cap : 50% - 70%
Mid Cap : 50% - 30%
Large Cap : 100%
Benchmark Index S&P CNX 500 S&P CNX Nifty BSE Mid-Cap BSE-500 Nifty-200 Nifty-50