Sameeksha Capital

About Sameeksha Capital Private Limited

Sameeksha Capital Private Limited is an investment-management company based in Ahmedabad, Gujarat. The company was incorporated on 16 February 2015, originally under the name Sameeksha Portfolio Advisors Private Limited, with the objective of providing investment management, portfolio management and advisory services. It subsequently became the entity operating Sameeksha Capital's domestic investment-management activities.

The firm's roots are closely associated with Bhavin Shah, an institutional-equity research professional who has held senior positions across global and Indian equity research businesses. His experience includes leadership roles at JPMorgan and Credit Suisse, followed by the establishment of Equirus Securities. Sameeksha Capital was built around an institutional-style research and investment framework, with a focus on understanding businesses rather than relying solely on market movements or short-term signals.

At the domestic level, Sameeksha Capital Private Limited operates as a SEBI-registered Portfolio Manager and also serves as the Investment Manager of a SEBI-registered Category III AIF. Separately, Sameeksha Investment Managers LLP serves as the Investment Manager for an IFSC-registered Category III AIF. This distinction is important when assessing Sameeksha Capital's domestic PMS and AIF activities alongside its GIFT City platform.

The firm's investment platform is primarily research-led, combining fundamental equity analysis with structured processes and technology. Its approach places considerable importance on business economics, management quality, competitive positioning, cash flows, capital allocation and the price paid for an investment.

Sameeksha Capital at a Glance: AUM, Founder and Regulatory Registrations

As of 31 July 2026, PMS industry data reports ₹1,458.90 crore of AUM and 663 clients for Sameeksha Capital Private Limited's PMS platform. The regulatory details above are based on the firm's published disclosures.

Sameeksha Capital's PMS, AIF and GIFT City Investment Management Capabilities

Sameeksha Capital operates across multiple investment-management structures rather than through a single investment product.

Portfolio Management Services

The domestic PMS business is operated by Sameeksha Capital Private Limited, which holds SEBI Portfolio Manager registration INP000004995. Its PMS platform provides professionally managed portfolios for investors seeking a separately managed approach to Indian market investments. The company's public PMS offering includes its equity-oriented investment approach. Investors researching the broader structure can also refer to ALTPORT's overview of portfolio management services.

Domestic Category III AIF

Sameeksha Capital Private Limited is also the Investment Manager of Sameeksha Capital Investment Fund, a SEBI-registered Category III AIF bearing registration number IN/AIF3/18-19/0640. Category III AIF structures provide an alternative regulatory framework to PMS and can employ a wider investment mandate, subject to the applicable AIF regulations. For investors comparing structures, ALTPORT's guide to Category III alternative investment funds provides additional context.

GIFT City and IFSC

Sameeksha's international investment-management capability is structured separately through Sameeksha Investment Managers LLP. The entity is identified as the Investment Manager of an IFSC-registered Category III AIF, IFSC/AIF3/2023-24/0072. This provides a GIFT City/IFSC route for investment structures alongside the company's domestic PMS and AIF activities. Investors exploring the broader ecosystem can review ALTPORT's GIFT City funds.

The distinction between these structures is important: PMS, a domestic Category III AIF and an IFSC Category III AIF are separate regulatory vehicles and should not be treated as interchangeable.

Sameeksha Capital's Investment Philosophy and Research Process

Research is central to Sameeksha Capital's investment framework. The firm's published material indicates a preference for businesses where growth potential is supported by identifiable competitive advantages, capable management and sound capital allocation rather than depending primarily on valuation expansion.

The research process looks beyond headline earnings. Analysts assess the underlying business model, addressable market, competitive position and the ability of management teams to execute. Corporate governance and management quality form part of the evaluation, alongside financial strength and the durability of a company's competitive position.

Cash generation is another important consideration. The framework examines revenue and earnings growth together with cash flow and return on invested capital (ROIC). This helps distinguish businesses that can grow while creating economic value from those where reported growth requires disproportionate capital. Capital allocation decisions are also assessed because management's treatment of retained cash can materially influence long-term shareholder outcomes.

Valuation is treated as a separate discipline rather than an automatic justification for owning a high-growth company. Sameeksha's published research notes caution against relying purely on multiple expansion and places emphasis on considering what investors are paying relative to the underlying business economics.

Technology is used to support this research process rather than replace fundamental judgement. The firm has described itself as a technology-enabled, cloud-based investment organisation and has developed in-house systems to support its portfolio-building processes and reduce operational errors.

Taken together, the approach can be characterised as research-driven and process-oriented: identify businesses with attractive long-term characteristics, test the investment thesis against financial and qualitative evidence, assess valuation and risks, and then make portfolio decisions within the relevant mandate.

Sameeksha Capital Investment Team

Bhavin Shah, Founder and Chief Investment Officer, is the central investment leader at Sameeksha Capital. His professional background is rooted in institutional equity research, with more than two decades of experience across global, Asian and Indian equity markets. He served as Managing Director and Global Head of Technology Research at JPMorgan and earlier as Director and Head of Asia Pacific Technology Research at Credit Suisse. He subsequently founded Equirus Securities before establishing Sameeksha Capital.

His research background is notable for its technology and equity-market focus. Before moving into investment management, Shah also worked as an engineer on microprocessor design and jointly holds two US patents. He studied economics and finance at the University of Chicago Booth School of Business.

At Sameeksha Capital, his role extends beyond individual security selection. As Founder and CIO, he shapes the firm's investment framework, research culture and portfolio-management process. PMS industry data also identifies Bhavin Shah as the portfolio manager associated with Sameeksha Capital's principal PMS approach.

For a dedicated profile, investors can refer to Bhavin Shah once the fund-manager page is live.

Sameeksha Capital SEBI Registrations and Investment Management Entities

Sameeksha Capital's regulatory structure involves more than one legal entity, so the registrations should be read separately.

Sameeksha Capital Private Limited is the domestic investment-management company and holds SEBI Portfolio Manager registration INP000004995. The company's disclosure document identifies it as a private limited company incorporated on 16 February 2015 and states that it also acts as Investment Manager to a Category III AIF registered as IN/AIF3/18-19/0640.

The second entity is Sameeksha Investment Managers LLP, which serves as Investment Manager to an IFSC-registered Category III AIF carrying registration number IFSC/AIF3/2023-24/0072. This entity should not be presented as the same legal entity as Sameeksha Capital Private Limited.

The distinction matters for investors researching Sameeksha Capital SEBI registration, because a PMS registration applies to the Portfolio Manager, while AIF registrations identify the respective investment vehicles and their regulatory jurisdiction. The domestic Category III AIF and IFSC Category III AIF therefore represent separate structures from the PMS mandate.

Sameeksha Capital AUM, Client Base and Operating Track Record

As of 31 July 2026, PMSBazaar reports ₹1,458.90 crore in AUM and 663 clients for Sameeksha Capital Private Limited's PMS business. It lists one PMS investment approach and identifies the India Equity Fund under the multi-cap and flexi-cap category.

These figures should be read as PMS-level data for the domestic Portfolio Manager and should not automatically be interpreted as the combined AUM of Sameeksha Capital's PMS, domestic AIF and IFSC activities. The company has operated its PMS platform for several years, with its principal equity approach dating to 2016 according to industry data.

Explore the funds below:

• Sameeksha India Equity Fund PMS
• Sameeksha India Diversified Investment Strategy
• Sameeksha Capital Investment Fund
• Sameeksha India Flexicap Equity Fund

For investors comparing investment structures, PMS vs AIF vs mutual funds provides a broader comparison.