Reliance PMS

Rajan,
Unless you have a huge amount of money to invest, like a few crores, don't go in for PMS. It is the highest cost option available for investing. It is not transparent, the broker or PMS manager will charge you left and right, and sometimes even annualize the gains to prevent you from getting out early.

Let me suggest you a simple, effective way. Go to a reputable finance website. My favourite is CNBC TV18's moneycontrol.com. You can also try rediff.com, myiris.com, icicidirect.com and in.finance.**********. They list best performing mutual funds. You cannot go wrong in choosing three or four from them.
Step 2. Since you are in the Gulf, it is not practical to fill up forms for each of your investments (though agents may talk you into it.) The best way is to open an account in ICICI Bank (any branch) and simultaneously open an ICICIDirect account. They have the maximum choice of mutual funds. It takes about a couple of weeks. Then even from the Gulf you can buy and sell mutual funds, electronically.

One final warning: Avoid NFOs, though unscrupulous distributors may tell you that NFO is availabe at Rs. 10 so it is cheap. It is not!! As a new investor, you should only invest in time tested mutual funds, as recommended by the above mentioned web sites.

Stop press: From January 4, 2008, if you directly invest into mutual funds (i.e., by avoiding an agent), you save the 2.25% entry load. But for that your application form should not bear an agent's code. You should directly send your application form to the mutual fund company's office. Investing through ICICI Direct will not save you entry load, because they are like a broker or agent. So, in order to save yourself of the entry load, you should bypass all agents and apply to the mutual fund directly. You can download the form from the mutual fund's own website. Don't use the form you download from any other site since it will contain the agent's code. For example if you want to invest in an HDFC mutual fund, you should download the form from HDFC's site only, and then fill up the form, add your cheque and send it off to HDFC AMC in India. Once again, no agents! Once they approve your application you'll get a folio number. Using this number, apply for an internet pin. Using this pin, you can directly buy and sell that company's funds.

happy investing.