Beyond the three ethical mutual funds and one ETF, India's halal investing depth lives in a small cluster of SEBI-registered advisers and portfolio managers. The IFN Annual Guide 2026 notes that scores of portfolio management services now offer or explore Shariah-conscious strategies; our own verification sweep on 2026-08-06, which crawled every candidate's site and cross-checked certifier records and SEBI registrations, found five firms with live, verifiable Shariah offerings, and a longer list that failed verification. This guide maps the real landscape: who offers what, at what minimum, certified by whom.
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The verification bar, and why it matters here
India has no Shariah regulator, so we applied a two-part bar: live Shariah claims on the provider's own site, plus verifiable SEBI registration. The gold standard is the two-way loop, where the provider names its certifier and the certifier's own website lists the provider. Exactly two firms in India complete that loop: Geojit and Vivekam, both confirmed on TASIS's certified-clients ledger for 2025. Everything below is ranked with that hierarchy in mind.
The PMS tier: Rs 50 lakh minimum
SEBI sets the portfolio management floor at Rs 50 lakh, which makes PMS an HNI product by law. Two Shariah options exist. Geojit Financial Services' Ethical Portfolio (SEBI Portfolio Manager INP000003203) launched 31 January 2022, curated in association with TASIS, whose certified-clients page lists it for 2025. It is an open-ended multicap growth mandate benchmarked to BSE 500 TRI, with two-layer screening: TASIS's Shariah universe plus Geojit's quantitative and governance checks. The caveats: Geojit is a conventional brokerage (shareholders include BNP Paribas and Kerala's KSIDC), so this is a certified island in a mixed house, and the page's performance tables render client-side, so no returns were verifiable in our crawl.
Green Portfolio's Green Ethical Fund (SEBI PMS INP000006022) is the performance-hungry alternative: a manufacturing-tilted, small and midcap mandate with minimal banking and IT exposure by design, inception 27 June 2024, marketed with a printed 0% fixed fee, pay-only-for-performance option that is rare in Indian PMS. Shariah compliance is monitored continuously by Islamicly under a co-branded arrangement, with administered dividend purification notifications. The trade-offs: certification rests on a screening platform rather than a named scholar bench, the mandate is young, and the style is concentrated. Geojit for TASIS certification and an established house; Green Portfolio for pricing and administered purification.
The advisory tier: Rs 50,000 to Rs 3 lakh
SenSage Financial Services (Hyderabad, SEBI RIA INA200000027, valid to perpetuity) describes itself as India's first investment adviser dedicated 100% to Shariah-compliant products, and its shelf is genuinely halal-only: the multicap Shariah Compounder and large-cap i25 at Rs 3 lakh minimums, and the Power of 3 ETFs strategy at Rs 1 lakh. Screening thresholds are printed (debt at or below 33%, impermissible income at or below 5%, cash and interest-bearing securities at or below 33%, receivables at or below 45%). The honest gap: the Shariah board its pages reference is unnamed anywhere in crawlable text, no external certifier is engaged, and purification is left to the investor. Firm-level purity, verification-level thinness.
Vivekam Financial Services (Hyderabad, SEBI RIA INA200000316, PMS INP000009481, established 2010) attacks the price point: Shariah Growth takes lumpsums from Rs 50,000, deployed in four tranches, and Shariah SMILES runs SIPs from Rs 5,000 monthly, both restricted to TASIS-approved stocks with the certification verifiable on TASIS's own ledger for 2025. That combination (external certification at retail money) is unique in India. The caveats: a mixed conventional house whose shelf includes derivatives advisory, unprinted fees, and no purification administration.
The smallcase tier: flat-fee model portfolios
Zamzam Capital (Bangalore, SEBI Research Analyst INH000016199) is the governance standout: the only firm in Indian retail halal investing with a fully named, bio-published, list-signing in-house Shariah board (Mufti Asadullah Qasmi, Mufti Mohammad Yahya Qasmi, Shaykh Sahlu Rahman). Its long-term Shariah portfolios are delivered through smallcase with SIP facility, built from a proprietary three-stage screen covering 1,800+ NSE stocks of which 900+ pass. Founder Saif Ahmed's background spans Merrill Lynch, J.P. Morgan and Kuwait Finance House. Caveats: young firm, app-gated pricing, and a swing-trading research line that sits less comfortably with conservative opinion than the buy-and-hold portfolios. Green Portfolio's Ethical smallcase (SEBI RA INH100008513) is the head-to-head rival, covered in our smallcase comparison.
Who failed verification, and why that is worth printing
Our sweep excluded more firms than it included, and the reasons are instructive. AlfAccurate's AAA Shariah PMS appears in third-party PMS databases with a 2019 inception, yet the manager's own site contains zero Shariah mentions; a Shariah plan the manager will not name on its own site fails the live-claim bar. Jama Wealth (now Maxiom) carried historical Shariah advisory marketing but lists no Shariah portfolio on its current shelf. Arthya Wealth is named on TASIS's homepage among firms that launched Shariah products, but its live site contains no Shariah content at all. Tauro Wealth's site is an empty page. Pragmatic Equities, India's Islamic broking pioneer, prints no SEBI registration number anywhere on its live site. The lesson generalises: in an unregulated certification market, absence of live, dated, on-site evidence is disqualifying, no matter what a database or an old article says.
Choosing within the cluster
By deciding factor: for external certification at the lowest entry, Vivekam (Rs 5,000 SIP or Rs 50,000 lumpsum). For named-scholar governance, Zamzam. For a fully halal-dedicated firm, SenSage. For PMS money with TASIS certification, Geojit; with performance-only fees and administered purification, Green Portfolio. Every firm above holds a live SEBI registration we verified, and every certification claim is dated. Whatever you choose, confirm current fees before onboarding (several are unprinted), ask how purification will work (only Green Portfolio administers it at the notification level), and re-check certifications annually on tasis.in, because in India the ledger is the regulator. Verified 2026-08-06.
Questions to ask before onboarding with any of them
The cluster's public pages leave gaps that a serious client should close in writing before money moves. On fees: the exact schedule, including performance-fee mechanics where offered (hurdle rate, high-water mark, crystallisation frequency), because zero-fixed-fee is only meaningful once you know what performance costs. On certification: the certifier's name, the current certificate's date, and whether the engagement renews annually; for TASIS-certified firms, confirm the current-year ledger entry yourself at tasis.in. On purification: who computes the impure income, how it is reported to you, and when; administered notifications (Green Portfolio) versus published criteria (Zamzam) versus investor-side duty (SenSage, Vivekam) are materially different service levels. On exits: notice periods, exit loads and how holdings transfer or liquidate. And on the mixed-house question: what fraction of the firm's revenue is Shariah-linked, which tells you whether the halal desk is the business or a business line. None of these questions is impolite; all of them are the diligence the absence of a Shariah regulator delegates to you.
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Frequently asked questions
Why is PMS gated at Rs 50 lakh? SEBI sets the floor by regulation for all PMS products, halal or otherwise; it is investor-protection sizing, not provider pricing. Is advisory money as safe as fund money? The structures differ: fund units sit with the AMC under trustee oversight, advisory and smallcase stocks sit in your own demat account (arguably the cleanest custody of all), and PMS assets sit with a SEBI-mandated custodian in your name. In all three, the manager's failure does not take your assets with it. Do any of these firms handle zakat? Several publish calculators or guidance (SenSage has a zakat page; the screening apps calculate it), but zakat remains your computation and your payment; no Indian adviser administers it. Which single option for someone with exactly Rs 1 lakh? SenSage's Power of 3 ETFs is the cluster's only strategy at that gate; below it, the fund-and-ETF routes in our beginners guide serve better than stretching for advisory minimums. Verified 2026-08-06.