Milind Karmarkar
A chartered accountant who joined Dalal & Broacha more than thirty years ago, built its institutional research desk, and has been the named fund manager of its Long Term Growth PMS since inception in August 2007 — a nineteen-year record, and the longest single-manager tenure most Indian PMS investors will encounter. He is named on a second approach too, and on the firm's Category III AIF.
Is Milind worth your time?
Longevity is the story here, and it is unusually well documented. APMI names Milind Karmarkar as fund manager of Dalal & Broacha's Long Term Growth approach, which started on 24 August 2007 — five months after the firm took its portfolio-manager licence — and of a second approach, Aggressive Long Term Capital Appreciation, running since November 2012. Together they are the substantial majority of a broking house's PMS book. He is a chartered accountant who was the firm's Head of Research and then Head of Equity before taking charge of fund management. Two qualifiers: the concentration of a nineteen-year record in one person is itself the main risk, and the biography circulated on third-party platforms is visibly out of date.
Investors who want the one thing Indian PMS almost never offers — a genuinely long, continuously attributed record from a single named manager, verifiable on the regulator's own register rather than taken on trust. It suits a multi-year horizon, a tolerance for a concentrated consumption-led book of around twenty-five stocks, and someone who understands they are buying a person more than a platform. The corollary is unavoidable: nineteen years of record sits with one individual inside a broking house, and that concentration is the central risk rather than a footnote to it.
- Nineteen years of record rests on one named manager, with no publicly named successor or co-manager on APMI.
- The PMS sits inside a broking house whose primary business is broking, and whose PMS Principal Officer is a different person.
- The circulated biography is stale — it still says twelve years managing a strategy APMI dates to 2007.
- Sources disagree on whether Nawaz Sarfaraz co-manages the strategy alongside him.
About Milind Karmarkar
Milind Karmarkar is a chartered accountant and the fund manager of the Portfolio Management Services division at Dalal & Broacha Stock Broking Private Limited, a Mumbai broking house founded in 1961 and registered with SEBI as a portfolio manager under INP000001975 since March 2007. In the firm's own words he joined more than thirty years ago and played a key role in setting up its research team.
He was Head of Research of the firm's institutional research desk and subsequently Head of Equity before moving into fund management. APMI records him as the named fund manager of both of the firm's investment approaches — Long Term Growth, running since August 2007, and Aggressive Long Term Capital Appreciation, running since November 2012 — and he is also named on the firm's Category III alternative investment fund.
Career
- Aug 2007 – present
Fund Manager, PMS division, Dalal & Broacha Stock Broking Private Limited
Named fund manager of Long Term Growth from its inception on 24 August 2007, and of Aggressive Long Term Capital Appreciation from November 2012. APMI confirms both roles as of 31 July 2026.
- c. 2002 – 2007
Head of Equity, Dalal & Broacha
The step between running research and running money, immediately preceding his move into fund management.
- c. 1997 – 2002
Head of Research, Dalal & Broacha institutional research desk
He is credited by the firm with a key role in setting up the organisation's research team, which the house still runs today.
- over 30 years ago
Joins Dalal & Broacha
The firm's own team page dates his arrival to more than three decades ago. Exact start dates for each internal role are not disclosed by the firm.
- qualification
Chartered Accountant
The professional grounding behind the research career; the firm identifies him as a chartered accountant by profession.
Six principles
The India consumption thesis, held literally
The stated objective is to own companies and sectors positioned to benefit most from the demographic dividend and rising per capita income. A nineteen-year record is the evidence that the horizon is meant as stated.
Good businesses, decent management, reasonable prices
The firm's own summary of the discipline. All three conditions are constraints, and the third is the one most managers quietly relax.
Grow faster than nominal GDP
Portfolio companies are expected to compound topline ahead of nominal GDP over a five to ten year window — a concrete test rather than a general preference for growth.
Low leverage and strong governance as filters
Both are named as screening criteria in their own right, applied before the investment case rather than after it.
Concentration at around twenty-five names
The book is deliberately narrow. That is where the returns and the drawdowns both come from, and it means individual position outcomes matter more than they would in a diversified fund.
Research built in-house
He set up the firm's institutional research desk and ran it before running money. The stock selection is fed by a team he built rather than bought in.
The call that shows the method working
Nineteen years, one name, on the regulator's register
The Association of Portfolio Managers in India records Milind Karmarkar as the fund manager of Dalal & Broacha's Long Term Growth approach as of 31 July 2026, with an inception date of 24 August 2007 and a recorded age of nineteen years. The same register names him on a second approach, Aggressive Long Term Capital Appreciation, running since November 2012. The firm's portfolio-manager licence, INP000001975, dates from 16 March 2007 — five months before the first strategy launched. In an industry where long records are routinely borrowed from a firm rather than earned by a person, this one belongs to the manager.
The same register draws the limit. It names him alone on both approaches. There is no co-manager on the record and no named successor, and the great majority of the firm's PMS book sits under those two mandates. A nineteen-year record concentrated in one individual is an asset and a single point of failure at the same time, and the honest way to read it is as both.
- 1961Dalal & Broacha is founded as a broking house; it now serves around 20,000 clients
- over 30 years agoKarmarkar joins the firm as a chartered accountant and helps set up its research team
- c. 1997 – 2002Head of Research of the institutional research desk
- c. 2002 – 2007Head of Equity, immediately before moving into fund management
- 16 Mar 2007The firm takes its SEBI portfolio-manager registration, INP000001975
- 24 Aug 2007Long Term Growth inception — the start of the nineteen-year record, per APMI
- 12 Nov 2012Aggressive Long Term Capital Appreciation inception, also under his name
- 12 Sep 2025Current PMS disclosure document filed under the 2020 regulations, naming Nailesh P. Dalal as Principal Officer
- 31 Jul 2026APMI records him as named fund manager of both approaches
How the strategies have performed
Trailing returns, net of fees, annualised beyond one year. Shown only when sourced and dated; missing figures are unavailable, never zero.
| Strategy | 1Y | 3Y | 5Y | Since inception |
|---|---|---|---|---|
| Dalal & Broacha - Long Term Growth | +3.41% | +16.51% | +13.43% | +13.41% |
| D&B - India Opportunities Multicap Fund | +5.37% | +15.9% | +12.7% | +14.12% |
Your return will not be the headline number. This is the spread of Milind's 2 tracked strategies' 3-year CAGR. Which strategy you hold, and when you invested, both move your outcome. Strategy-level dispersion, not a record of individual client accounts.
Figures are historical, unaudited and third-party reported, as of 2026-06-30. Past performance is not indicative of future returns.
What to press Milind on
Bring these to the call.
What happens when he stops?
Nineteen years of record and the bulk of the PMS book sit with one named individual. Ask directly about succession planning, who is being groomed, and what investors are told and offered if he steps back.
Who is actually named today?
APMI names only Karmarkar; PMS AIF World names Nawaz Sarfaraz as co-manager. Ask for the current disclosure document and confirm the named managers on each approach and on the AIF in writing.
Which experience figure is current?
Published profiles still say twelve years managing the PMS against a strategy APMI dates to 2007. Ask the firm for his exact start date in the fund-management seat and treat third-party numbers as unverified.
How does PMS sit inside a broker?
The firm's primary business is broking, and the PMS Principal Officer is a different person from the fund manager. Ask how trades are routed, what brokerage the PMS pays and to whom, and how conflicts are managed.
Why do the two approaches show different charges?
APMI records 2% on Long Term Growth and nil on Aggressive Long Term Capital Appreciation. Ask what the actual fixed fee, performance fee, hurdle, high-water mark and exit load are for the approach on your form.
What does twenty-five stocks look like now?
Ask for current holdings, position sizes and sector weights. A consumption-led book over nineteen years will have some very large legacy positions — find out how big the top holdings have become.
PMS or AIF, and why?
The same manager runs a Category III AIF with a one-year lock-in and monthly liquidity thereafter. Ask how the AIF and PMS holdings differ, and which vehicle you are being steered toward and why.
How they compare
Comparable managers on the platform, by asset class and category · live fund figures.
| Manager | 1Y | 3Y | AUM | Nyra |
|---|---|---|---|---|
| Rajeev Bajaj Systamatix - Dynamic Investment · PMS | +18.2% | +23.6% | ₹158.52 Cr | 8.4 |
| Madanagopal Ramu Sundaram Alternate - VOYAGER · PMS | +28% | +23.1% | ₹0 Cr | 8.3 |
| PAWAN KUMAR Shade - Value Fund · PMS | +14.9% | +23.7% | ₹0 Cr | 8.2 |
| Sameer Shah ValueQuest - Growth · PMS | +18.7% | +19.4% | ₹2,019.95 Cr | 8.2 |
Milind Karmarkar · FAQ
What does Milind Karmarkar manage?
How long is the track record really?
What is his investment approach?
Is he the Principal Officer of the PMS?
Does anyone co-manage with him?
What is the minimum investment, and what are the fees?
Considering Milind's strategy?
We'll pull the current Disclosure Document, the actual fee schedule, and a portfolio-overlap check against what you already own.
PMS Sahi Hai is a distributor (APMI Reg. APRN08358), not a SEBI-registered Investment Adviser. APMI registration does not constitute an endorsement. We are paid by the product manufacturer; this does not change the price you pay. PMS & AIF investments are subject to market risks; past performance is not indicative of future returns. This is not investment advice. PMS Sahi Hai is an independent marketplace and is not affiliated with Milind Karmarkar.