Portfolio Management Service (PMS) invest the clients' money as directed by the SEBI. Under Discretionary PMS wherein the fund manager has complete control on investment decisions, PMS invests in securities listed in a recognised stock exchange, money market instruments and direct mutual funds. Under Non-Discretionary PMS, wherein the final investment decision is in the hand of clients, in addition to the securities permitted for discretionary PMS, they may invest up to 25% of the AUM in unlisted securities including the units of Alternative Investment Funds, Real Estate Investment Trusts, Infrastructure Investment Trusts and warrants that are not listed on any recognised stock exchange in India.