A High Net Worth Individual (HNI) is an investor with significant investable assets, typically defined in the context of Indian capital markets as an individual applying for more than ₹2 lakh worth of shares in an IPO — qualifying for the Non-Institutional Investor (NII) category. More broadly, wealth management firms in India classify HNIs as individuals with investable assets of ₹5 crore or above, while Ultra HNIs are those with investable assets exceeding ₹25 crore. HNIs have access to a broader range of investment products than retail investors — including Portfolio Management Services (PMS), Alternative Investment Funds (AIFs), pre-IPO placements, structured products, and unlisted equity. SEBI regulates the advisory and investment products marketed to HNIs differently from retail investor products, given the higher risk tolerance and financial sophistication expected of this investor category.
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