Legal Vehicle for a Hedge fund in India

#1
What is the equivalent of hedge fund in India ?

By Hedge fund I mean a trading/investing company in stocks which can accept money from people(mostly HNIs) and distribute profits after deduction of fees. I understand that this is different from mutual fund. Also The fund has to be managed like a PORTFOLIO and hence please avoid advises on trading in multiple clients accounts.

Currently I feel SEBI-PMS(portfolio management services) or RBI-NBFC are possibly the options. what are these AMCs ?

Can some body please shed some light on these issues.:eek: