How to Verify SEBI Registration of an AIF or PMS
By Trilithon · Last updated · 7 min read
Short answer: open SEBI’s list of Recognised Intermediaries, choose Portfolio Managers (for a PMS) or Alternative Investment Funds (for an AIF), and search for the firm. Then confirm that the legal name and registration number on SEBI’s record match the documents you were given. A PMS number starts with INP. An AIF number follows the pattern IN/AIF1, IN/AIF2 or IN/AIF3, depending on category. If the name, number or category does not match, pause before sending any money.
Most investors who get into trouble with a private investment product did not skip due diligence on returns. They skipped a five-minute check on whether the seller is allowed to sell it at all. This guide walks through that check for the two products Trilithon works with, a Portfolio Management Service (PMS) and an Alternative Investment Fund (AIF), and explains what the result does and does not tell you.
How do you verify SEBI registration, step by step?
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Get the details in writing
Ask for the legal entity name (not just the brand), the registration number, the AIF category if relevant, and the registered address. A genuine firm shares these readily. They also appear in the PMS Disclosure Document or the AIF Private Placement Memorandum (PPM).
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Check the format of the number
Before searching, compare the number to the patterns in the next section. A number in the wrong shape is an early warning, and it takes ten seconds to spot.
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Open SEBI’s list of recognised intermediaries
On sebi.gov.in, open Intermediaries / Market Infrastructure Institutions, then Recognised Intermediaries, and pick Portfolio Managers or Alternative Investment Funds. Menu labels on government sites move from time to time. If you cannot find the page, use the site search for “recognised intermediaries”. sebi.gov.in
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Search and match name, number and status
Search by the firm’s name, or by registration number if the list offers it. Confirm four things on SEBI’s record: the legal name, the number, the address, and that the registration is current. Save a dated screenshot. If you are shown only a brand name, search again under the legal entity.
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Read the offering document
The Disclosure Document (PMS) or PPM (AIF) should repeat the same registration number and name the manager. For an AIF it should also state the category. Any difference between this document and SEBI’s record needs a written explanation.
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Check whoever introduced you
If a distributor or agent brought you the product, ask for their registration details too. PMS distributors typically hold an APMI registration with an APRN code. Registered firms usually disclose their distributor and its code openly.
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Verify the payment details
The payee name should match the registered entity, or the scheme named in your documents. Confirm bank details by calling a number taken from the firm’s official website or SEBI’s record, and never rely only on details in a forwarded message.
What do PMS and AIF registration numbers look like?
Each regulated activity has its own prefix, so the number itself tells you which register to search.
| Product | Governing regulation | Number pattern | How to read it |
|---|---|---|---|
| PMS | SEBI (Portfolio Managers) Regulations, 2020 | INP + nine digits, e.g. INP000009898 | INP marks a portfolio manager. The digits are a serial number. |
| Category I AIF | SEBI (Alternative Investment Funds) Regulations, 2012 | IN/AIF1/YY-YY/serial | Venture capital, social venture, infrastructure and similar funds. |
| Category II AIF | Same | IN/AIF2/YY-YY/serial | Private equity, debt and fund-of-funds structures. |
| Category III AIF | Same | IN/AIF3/YY-YY/serial, e.g. IN/AIF3/25-26/1808 | The digit after AIF is the category, the middle part is the financial year of registration, and the last part is a serial number. |
Use the format only as a quick filter. SEBI’s own record is the authority, and a well-formed number that does not appear there is still a failed check. For a plain-language view of the three categories, see our guide to AIF categories.
The manager and the fund are different entities
An AIF and the firm that manages it are separate legal entities. The registration number you verify belongs to the fund, while the manager is named in the PPM. The PMS registration, by contrast, is held by the portfolio manager firm itself. When names differ between your documents and SEBI’s list, ask which entity is which before you decide the check has failed or passed.
One more case that surprises people: Category I and II AIF managers who offer co-investment alongside their fund are expected to hold a portfolio manager registration for that activity. If a manager offers co-investment, ask for that registration too.
Worked example: how to verify Trilithon
Do not take our word for our registration. Run the same check on us. These are the details we publish on our website:
| Activity | Where to search on SEBI’s list | Registration number | Entity named on our site |
|---|---|---|---|
| Portfolio Management Service | Recognised Intermediaries › Portfolio Managers | INP000009898 | Trilithon Partners LLP |
| Category III AIF | Recognised Intermediaries › Alternative Investment Funds | IN/AIF3/25-26/1808 | Trilithon |
Read the AIF number as: Category III, registered in financial year 2025-26, serial 1808. Then compare the name, number and address on SEBI’s record with our compliance and investor charter pages. If anything differs, email investor.relations@trilithon.in and ask us to explain it in writing. We would rather you check than assume.
What does SEBI registration prove, and what does it not?
| A matching SEBI record tells you | It does not tell you |
|---|---|
| The entity holds a certificate of registration under the relevant SEBI regulations. | That the strategy will perform, or that capital is protected. |
| It is subject to SEBI rules, inspections and disclosure requirements. | That SEBI has reviewed or endorsed a particular scheme or its marketing. |
| You can raise a complaint against it through SEBI’s complaint systems. | That the product suits your goals, liquidity needs or tax position. |
| The legal entity exists in a form SEBI recognises. | That every person contacting you on its behalf is authorised to do so. |
Think of registration as a baseline filter. It removes unlicensed operators, and then the real work of judging strategy, fees and fit begins. Our guides on AIF vs PMS and how to invest in an AIF pick up from here.
Which red flags mean you should stop?
| Red flag | Why it matters |
|---|---|
| A guaranteed or fixed return | SEBI has stated that registered portfolio managers cannot offer assured-return products. The same promise on an AIF deserves equal suspicion. |
| A name close to a registered firm, but a different number | SEBI has warned that some entities use names similar to registered intermediaries to appear genuine. Match the number, not just the name. |
| A number that will not verify, or is in the wrong format | Genuine registrations appear on SEBI’s list. “Registration in process” is not registration. |
| A request to pay an individual or an unrelated entity | Funds should go to the entity named in your signed documents. |
| A “PMS” that pools your money with other clients | A portfolio manager must keep each client’s funds and securities separate from its own, and an individually managed account is the point of a PMS. |
| Pressure to decide today | A real product will still be there after you have verified it. |
For a longer list focused on PMS providers, read Top Red Flags to Watch Before Choosing a PMS Provider.
What should you do if the details do not match?
- Pause payment. Do not transfer money until the mismatch is explained and SEBI’s record confirms it.
- Ask in writing. Request a copy of the certificate of registration and an explanation of any name difference. A genuine firm answers promptly.
- Escalate to SEBI. Complaints against listed entities and registered intermediaries go through SEBI’s SCORES portal. You need to register with your name, PAN, address, mobile number and email. SEBI’s guidance is to approach the entity first, and a complaint can be filed within three years of the cause. The entity is expected to respond through the portal within 30 days.
- Use online dispute resolution if needed. After SCORES, the SMART ODR portal offers online conciliation and arbitration.
- Call the helpline. SEBI’s toll-free numbers are 1800 22 7575 and 1800 266 7575.
Our own escalation steps are on the grievance redressal page.
Note on freshness: SEBI occasionally reorganises its website and circulars. This page was last reviewed on 30 October 2026. If a menu name has changed, the underlying route, SEBI’s list of recognised intermediaries, remains the same.
Frequently asked questions
How do I check if a PMS is SEBI-registered?
Go to sebi.gov.in, open Intermediaries / Market Infrastructure Institutions, choose Recognised Intermediaries, select Portfolio Managers and search for the firm. Confirm that the legal name and the registration number, which starts with INP, match the Disclosure Document and the firm’s website.
How do I check if an AIF is SEBI-registered?
Follow the same route on sebi.gov.in but choose Alternative Investment Funds. Search for the fund and match its registration number, which follows the pattern IN/AIF1, IN/AIF2 or IN/AIF3 for Category I, II or III. Also confirm that the manager named in the Private Placement Memorandum is the entity you are dealing with.
What does an AIF registration number like IN/AIF3/25-26/1808 mean?
The digit after AIF is the category, so this is a Category III AIF. The 25-26 is the financial year of registration, and 1808 is the serial number. Use the format only as a quick sanity check, because SEBI’s own record is the authority.
What does a PMS registration number look like?
A portfolio manager’s registration number starts with INP followed by nine digits, for example INP000009898.
Does SEBI registration guarantee returns or safety of capital?
No. Registration shows that a firm is licensed and answerable to SEBI. It says nothing about future performance, and investments in AIFs and PMS can lose value, including the entire principal.
Can a registered PMS or AIF promise fixed returns?
SEBI has said that registered portfolio managers cannot offer products with assured or fixed returns. Treat a fixed-return promise attached to any PMS or AIF as a reason to stop and verify.
Are the AIF and its manager registered separately?
They are treated as distinct legal entities. The fund holds the AIF registration and the investment manager is named in the Private Placement Memorandum. Check that both names appear consistently across the documents you receive.
Where can I complain about a registered PMS or AIF?
Write to the firm’s grievance contact first. If it is not resolved or you get no reply, file a complaint on SEBI’s SCORES portal at scores.sebi.gov.in within three years of the cause of complaint. You can then use the SMART ODR portal at smartodr.in for online conciliation or arbitration.
How often should I re-check a registration?
Check before every new investment and at least once a year, because registration status can change.
What if a firm says it is registered but I cannot find it on SEBI’s list?
Search again under the legal name rather than the brand name, and under both the fund and the manager. If it still does not appear, ask for the certificate of registration in writing and do not invest until SEBI’s record confirms it. You can also contact SEBI’s toll-free helpline for help.
Prefer to talk it through?
Book a no-obligation discovery call and we will walk you through our registrations, documents and fee structure so you can verify each one yourself. You can also read about our PMS strategies and Category III AIF. Email investor.relations@trilithon.in.
Related reading
- SEBI PMS regulations explained
- SEBI AIF regulations explained
- PMS in India: how it works
- What is PMS and how does it work
- Types of PMS in India and how to choose one
- Accredited investors in India
- Trilithon FAQs
Disclaimer: Investments in securities markets are subject to market risks. Past performance is not indicative of future results. Investment in AIFs and PMS involves substantial risk of loss, including the possible loss of the entire principal invested. This page is for general information and is not investment advice, an offer or a solicitation. SEBI has not verified the accuracy or adequacy of its contents. Registration with SEBI does not guarantee performance or assure returns. Please read all scheme-related documents carefully before investing. PMS: Trilithon Partners LLP (SEBI Reg. No. INP000009898), registered under SEBI (Portfolio Managers) Regulations, 2020. Category III AIF: Trilithon (SEBI Reg. No. IN/AIF3/25-26/1808), registered under SEBI (Alternative Investment Funds) Regulations, 2012.