Green Portfolio, the Gurgaon fund house, runs two Shariah products that differentiate on features nobody else in India prints: a PMS with a 0% fixed fee, pay-only-for-performance option, and administered dividend purification notifications on both its ethical products. The compliance layer for both comes from Islamicly, the screening platform, under a documented collaboration. This review covers both products, the Islamicly arrangement's strengths and limits, and who each product suits. Crawled greenportfolio.co and the co-branded pages 2026-08-06.
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The firm
Green Portfolio holds three SEBI registrations we verified: Portfolio Manager INP000006022, Research Analyst INH100008513, and a Category III AIF licence. Firm-level scale per the co-branded page: over Rs 620 crore in assets under management and Rs 340 crore under advice. Its investing style across the shelf is distinctive and relevant to the Shariah products: under-the-radar, manufacturing-oriented companies, with minimal banking and IT exposure by design. That style choice matters because it means the ethical products are not a reluctant compliance exercise; low-banking, real-asset businesses are what the house buys anyway, and such businesses naturally fit Shariah screens.
The Green Ethical Fund (PMS)
The flagship Shariah product is a discretionary PMS at the SEBI-mandated Rs 50 lakh minimum, with inception 27 June 2024 per third-party PMS databases. The pricing is the headline: a printed 0% fixed fees, pay only for performance option, rare anywhere in Indian PMS and unique in the Shariah niche. The average portfolio market cap runs around Rs 12,000 crore per the co-branded page, which is small and midcap territory, and rebalancing happens in coordination with Islamicly's live compliance data: when a holding goes non-compliant, it exits at rebalance. Custody is segregated with a SEBI-mandated custodian in the client's name, and NRI and FPI onboarding is supported through NRE/NRO custodian accounts.
The honest caveats: the mandate is young (mid-2024), so there is no meaningful track record to evaluate; the small and midcap manufacturing concentration will not suit conservative money; and Green Portfolio is a mixed house whose other strategies are conventional. Compare Geojit's Ethical Portfolio at the same Rs 50 lakh gate: TASIS-certified with the certification verifiable on the certifier's ledger, an established brokerage house, but no performance-only pricing and no administered purification. The two PMS options are genuinely different products wearing the same category label.
The Green Ethical Portfolio (smallcase)
The retail product is a flexi-cap smallcase of 15 to 20 Shariah-compliant stocks under the firm's Research Analyst registration, executed through your own broker, held in your own demat account. Compliance runs on Islamicly's database with quarterly rebalancing, prompt removal of non-compliant names, and dividend purification notifications sent to subscribers, which no other Indian smallcase provider we verified administers. Costs: a flat subscription fee regardless of investment size (the amount is app-gated, a transparency gap we flag), and a minimum that moves with constituent prices; an Islamicly co-published playbook printed Rs 53,069 in December 2025. The firm's homepage ticker showed the portfolio at +28.00% at our crawl, with no printed period attached to the figure, which is exactly the kind of number you should ignore until it comes with dates.
The Islamicly arrangement: what it is and is not
Both products are marketed as Shariah Certified and Robust Compliance Monitoring by Islamicly. What that means in practice: Islamicly's screening database, which operates under a named three-scholar board chaired by Dr. Mohamed A. Elgari, provides continuous surveillance, and the collaboration is documented across both firms' properties. What it does not mean: no individual scholars are named on Green Portfolio's pages as certifying these specific portfolios, and certification-by-screening-platform is a different animal from a classical Shariah certificate issued by a body like TASIS. It is a live, continuous model versus an annual-certificate model, and reasonable investors weight those differently. We classify it honestly: third-party monitored, named board at the platform level, no named scholars at the product level.
Who each product suits
The PMS suits HNIs comfortable with concentrated small and midcap manufacturing exposure who want their fee bill tied to results, and who value administered purification at PMS scale. The smallcase suits retail investors who want a professionally rebalanced halal basket in their own demat account below PMS money, with purification arithmetic done for them. Neither suits investors whose first filter is named-scholar or TASIS-verifiable certification: for that, Geojit at PMS scale, Vivekam at retail scale, or Zamzam Capital's scholar-signed smallcases are the alternatives. Before subscribing to either product, get the current subscription fee and minimum from the app, and get the PMS fee schedule in writing including the performance-fee structure, because performance-only pricing has terms that matter. Verified 2026-08-06.
PMS or smallcase: choosing your Green Portfolio door
The two products share the Islamicly compliance layer and the manufacturing-tilted house style, and differ in everything operational. The PMS (Rs 50 lakh) is discretionary: Green Portfolio executes, a custodian holds, you receive reporting, and the zero-fixed-fee option ties costs to results. The smallcase (roughly Rs 53,000 at the December 2025 print) is advisory-shaped: you execute rebalance updates in your own broker account, you hold directly, and you pay a flat subscription regardless of size. The decision factors that actually separate them: capital, obviously; temperament (the smallcase's returns depend partly on your execution discipline, the PMS removes that variable); and fee arithmetic (flat subscriptions favour large smallcase portfolios, performance fees favour investors who would rather pay only when it works). An investor with PMS-scale money who wants the Islamicly monitoring but not discretionary management can simply run the smallcase at scale; the flat fee gets cheaper in percentage terms as the portfolio grows.
Frequently asked questions
Who actually certifies these products? Islamicly provides screening and continuous compliance monitoring under its platform board (chaired by Dr. Mohamed A. Elgari); no scholar is named as certifying these specific portfolios, which is the honest distinction between this model and TASIS-style classical certification. Is the +28.00% homepage figure real? It carried no printed period at our crawl, so we discount it entirely and suggest you do the same; ask for dated, audited performance and compare PMS numbers on the APMI disclosure framework. What happens to my money if Green Portfolio shuts? PMS assets sit with a SEBI-mandated custodian in your name; smallcase stocks sit in your own demat. Manager failure is a service interruption, not an asset loss. How does the NRI onboarding work? The PMS page documents NRI and FPI onboarding via NRE/NRO custodian accounts, the only product in our India cluster with printed NRI mechanics; details and current terms directly from the firm, in writing, as our NRI guide advises. What should I confirm before subscribing to the smallcase? The live minimum and the subscription fee in the app, the current rebalance cadence, and how purification notifications arrive; all three are app-gated or undocumented in crawlable text, and all three are one support query away. Verified 2026-08-06.
How to evaluate the fee trade-off
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The 0% fixed fee option deserves a closer look than the headline suggests. A pure profit-share model means the manager earns nothing in a flat or falling year, which aligns incentives but also concentrates the manager's earnings in bull markets. Ask for the exact profit-share percentage, the hurdle rate above which it applies, and whether there is a high-water mark so you do not pay twice for the same gains. These are standard PMS questions and any SEBI-registered manager should answer them in writing.
On the Shariah side, remember that the smallcase and the PMS are different products with different compliance mechanics. The smallcase leans on Islamicly's screening and sends purification alerts. The PMS is managed directly. Ask which screening methodology governs the PMS, how often holdings are re-screened, and who signs off. If the answers are vague, the certified mutual funds remain the safer default for compliance-first investors. Verified August 2026.