Securities and Exchange Board of India, an Indian capital market Regulator amended Portfolio Managers Regulation under the Securities and Exchange Board of India (Portfolio Managers) (Amendment) Regulations, 2012.
Followings are major changes in existing Portfolio Manager Regulation under present amendment:
Increased Minimum Amount for Portfolio Scheme
SEBI has increased minimum amount for any portfolio management scheme under the Securities and Exchange Board of India (Portfolio Managers) Regulation, 1993 from five (5) Lacs to twenty five (25) Lacs.
Provided that the minimum investment amount per client shall be applicable for new clients and fresh investments by existing clients.
Provided further that existing investments of clients, as on date of notification of Securities and Exchange Board of India (Portfolio Managers) (Amendment) Regulations, 2012, may continue as such till maturity of the investment.
New Norms of Portfolio Manager Scheme for Unlisted Securities
Present amendment has expanded regulation of portfolio management scheme to include listed and unlisted securities.
Provided further that the portfolio manager shall segregate each client’s holding in unlisted securities in separate accounts in respect of investment by new clients and fresh investments by existing clients.
Provided further that existing investments in unlisted securities of clients, as on date of notification of Securities and Exchange Board of India (Portfolio Managers) (Amendment) Regulations, 2012 may continue as such till maturity of investment.
Change in Disclosure Document
Amend Regulation inserted under the heading “MODEL DISCLOSURE DOCUMENT FOR
PORTFOLIO MANAGEMENT”, in item III after clause 13(ii), for the words “Name and signature of all the Directors of Portfolio Manager” the words “Name and signature of at least two Directors of Portfolio Manger” shall be substituted.
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