Inclusion Criteria:  Males or females, between 18 and 75 years of age, both inclusive at screening.  Subjects on Ursodeoxycholic acid (UDCA) for at least 12 months at a therapeutic dose (at least 13 mg/kg per day) and a stable dose for 6 months prior to Screening Visit and having ALP ≥ 1.67 x ULN.  OR Subjects who are unable to tolerate UDCA and did not receive UDCA for at least 3 months prior to the date of screening and having ALP ≥ 1.67 x ULN.  History of confirmed PBC diagnosis, based on American Association for the Study of Liver Disease [AASLD] and European Association for Study of the Liver [EASL] Practice Guidelines, as demonstrated by the presence of at least ≥ 2 of the following 3 diagnostic factors:  History of elevated ALP levels for at least 6 months prior to screening The subjects should have positive anti-mitochondrial antibodies (AMA) titer OR if AMA is negative or in low titer (< 1:80), then the subjects should have PBC specific antibodies (anti-GP210 and/or anti-SP100 and/or antibodies against the major M2 components [PDC-E2, 2-oxo-glutaric acid dehydrogenase complex]) Liver biopsy consistent with PBC ALP ≥ 1.67 x ULN at both Visits 1 and 2 and with < 30% variance between the levels from Visit 1 to Visit 2 Total bilirubin < 2 x ULN at screening (Visit 1) Must provide written informed consent and agree to comply with the trial protocol  Exclusion Criteria:  Consumption of 2 standard alcohol drinks per day if male and 1 standard alcohol drink per day if female for at least 3 consecutive months (12 consecutive weeks) within 5 year before screening (Note: 1 unit = 12 ounces of beer, 4 ounces of wine or 1 ounce of spirits/hard liquor).  History or presence of other concomitant liver diseases at screening:  Chronic hepatitis B or C virus (HBV, HCV) infection. (Note: However, If the subject has been treated for the HCV infection and has been cured for a duration of more than 2 years from screening, such subjects can be enrolled in the study) Primary sclerosing cholangitis (PSC). Alcoholic liver disease.  Autoimmune hepatitis (AIH) indicative of PBC with overlap syndrome.  Note: The Paris criteria are commonly used to define the presence of PBC with features of AIH and have been endorsed by EASL and AASLD. According to these criteria, a diagnosis can be made in a patient with PBC as follows:  At least two of the following:  I. ALP > 2 x ULN or GGT > 5 x ULN. II. AMA > 1:40. III. Florid bile duct lesion on histology. AND  At least two of the following three features:  I. ALT > 5 x ULN. II. Immunoglobulin G serum levels > 2 x ULN or smooth muscle autoantibody positive.  III. Moderate to severe interface hepatitis on histology.  Hemochromatosis. Non-alcoholic steatohepatitis (NASH) on historical biopsy. Cirrhosis with complications, including history or presence of: spontaneous bacterial peritonitis, hepatocellular carcinoma, encephalopathy, known large esophageal varices or history of variceal bleeding and active or history of hepatorenal syndrome at screening. Clinically silent compensated cirrhosis (at screening), defined as (a) nodular liver contour by abdominal imaging with at least one sign of liver dysfunction (> ULN INR or < LLN serum albumin); or (b) prolonged INR (> ULN) and diminished albumin (< LLN); or (c) platelet count <140x109/L with INR > ULN or serum albumin < LLN. Medical conditions that may cause non-hepatic increases in ALP (e.g., Paget's disease) or which may diminish life expectancy to < 2 years, including known cancers. Use of thiazolidinediones or fibrates (within 12 weeks prior to screening). Use of obeticholic acid (OCA), azathioprine, cyclosporine, methotrexate, mycophenolate, pentoxifylline, budesonide and other systemic corticosteroids (Note: Prednisone dose should not be more than 10 mg per day); potentially hepatotoxic drugs (including α-methyl-dopa, sodium valproic acid, isoniazid, or nitrofurantoin) (within 12 weeks prior to screening). Use of drugs that are known CYP2C8 inhibitors/substrate within 4 weeks prior to screening (refer to Appendix 7 for List of Known CYP2C8 Inhibitors/Substrate). History of bowel surgery (gastrointestinal [bariatric] surgery in the preceding 1 year or undergoing evaluation for gastrointestinal surgery (bariatric surgery for obesity, extensive small-bowel resection) or orthotopic liver transplant (OLT) or listed for OLT. Type 1 diabetes mellitus.  Unstable cardiovascular disease, including:  Unstable angina, (i.e., new or worsening symptoms of coronary heart disease in the 12 weeks before screening and throughout the Screening Period), acute coronary syndrome in the 24 weeks before screening and throughout the Screening Period, acute myocardial infarction in the 12 weeks before screening and throughout the Screening Period or heart failure of New York Heart Association class (III - IV) or worsening congestive heart failure, or coronary artery intervention, in the 24 weeks before screening and throughout the Screening Period. History/current unstable cardiac dysrhythmias. Uncontrolled hypertension at screening. Stroke or transient ischemic attack in the 24 weeks before screening. History of intracranial hemorrhage, arteriovenous malformation, bleeding disorder, coagulation disorders, or screening blood tests that, in the opinion of the Investigator, indicate altered coagulability (e.g., PT, INR, aPTT) at screening.  An uncontrolled thyroid disorder  Uncontrolled hyperthyroidism: defined as any history of hyperthyroidism that has either not been treated with either radioactive iodine and/or surgery or that has been treated with radioactive iodine and/or surgery, but has required ongoing continuous or intermittent use of thyroid hormone synthesis inhibitors (i.e., methimazole or propylthiouracil) in the 24 weeks before screening. Uncontrolled hypothyroidism: defined as initiation of thyroid hormone replacement therapy or dose adjustment of replacement therapy in the 12 weeks before screening. History of myopathies or evidence of active muscle disease demonstrated by CPK ≥ 5 x ULN at screening. Subjects whose ALT, AST, or ALP exceeds by more than 50% on Visit 2 reading compared to Visit 1. Note: If the ALT, AST, or ALP values on Visit 2 exceed by more than 50% from Visit 1, then a third value will be measured (within 1- 2 weeks) to assess for the trend. If the third value shows continued increase ≥ 10%, then subject is considered ineligible for randomization.  Any of the following laboratory values at screening:  Platelets < 100 × 109/L Albumin < 3.2 g/dL eGFR < 60 mL/min/1.73 m2 ALP > 10 x ULN ALT or AST > 250 U/L Participation in another interventional clinical study and receipt of any other investigational medication (within 12 weeks prior to randomization up to end of study). History of malignancy in the past 5 years and/or active neoplasm with the exception of resolved superficial non-melanoma skin cancer. Contraindications to Saroglitazar Magnesium or has any conditions affecting the ability to evaluate the effects of Saroglitazar Magnesium. Known allergy, sensitivity, or intolerance to the study drug, comparator, or formulation ingredients.  Pregnancy-related exclusions, including:  Pregnant/lactating female (including positive pregnancy test at screening). Fertile women and men, UNLESS using effective contraceptive methods (such as an intra-uterine device or other mechanical contraception method with condom or diaphragm and spermicide) throughout the study. For male subjects, contraception measures (condom and spermicide) must be taken during the study, either by the male participant or his female partner. (Note: Enrolled females otherwise must be surgically sterilized for at least 24 weeks before screening or postmenopausal, defined as 52 weeks with no menses without an alternative medical cause or following sexual abstinence.) History or other evidence of severe illness or any other conditions that would make the subject, in the opinion of the Investigator, unsuitable for the study (such as poorly controlled psychiatric disease, HIV, coronary artery disease, or active gastrointestinal conditions that might interfere with drug absorption).