With a view to keeping retail investorsaway from the portfolio management schemes (PMS), Sebi on Friday raised theminimum investment amount of clients for such schemes to Rs 25 lakh from theearlier Rs 5 lakh.PMS offers investors a range of specialised investmentstrategies to capitalise on opportunities in the market and made suitable tothe needs of individual clients.In a notification amending the Securities and Exchange Boardof India (Portfolio Managers) Regulations, 1993, the regulator said the newrule will apply to new clients as well as fresh investments by existingclients."... for the words 'five lakh' the words 'twenty fivelakh' shall be substituted," Sebi said.It added that existing investments of clients can continueas such till maturity of the particular investment."PMS regulations are light touch regulation and SEBIwas worried that retail investors are being drawn into it whereas theirinterest are not as tightly protected or guarded as it is in mutual fundregulation," Sebi Chairman U K Sinha had said after a board meeting lastmonth."With the amendments, Sebi has tried to synchronise thePMS rules with actual reality of the present time. Such schemes are basicallyfrom HNIs and big investors and the Rs 5 lakh ceiling was set long back in 1993and no longer holds good," SMC Global Securities Strategist and Head ofResearch Jagannadham Thunuguntla said.Sebi had in its last board meeting on January 28 decided enhancethe minimum investment amount of clients under PMS.In the amendments, Sebi has also said that henceforthportfolio manager will not be allowed to hold the unlisted securities, besidesthe listed securities, belonging to the portfolio account, in its own name onbehalf of its clients."Sebi's enhancement of the minimum limit will help inconcentration of quality investors in PMSs and will help them secure qualifiedand good service. For retail investors there are already other schemes,"CNI Research Chairman and Managing Director Kishore Oswal said.