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Operating Guidelines for Portfolio Managers in International Financial Services Centre (IFSC) - SEBI - SEBI/HO/IMD/DF1/CIR/P/2020/169

Extract

..... . Further, in terms of Clause 3(1) of the IFSC Guidelines, SEBI can issue guidelines for any entity desirous of undertaking any other financial services relating to securities market. 2. Based on the representations received from various stakeholders, it has been decided to put in place ‘Operating Guidelines for Portfolio Managers in IFSC’. The same is annexed herewith. 3. This circular is issued in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 to protect the interests of investors in securities and to promote the development of, and to regulate the securities market. 4. The circular is available on SEBI website at www.sebi.gov.in under the categories “Info for - P .....

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Operating Guidelines for Portfolio Managers in International Financial Services Centre (IFSC) - SEBI

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..... Any SEBI-registered intermediary (except trading member or clearing member) or its international associates in collaboration with such SEBI-registered intermediary may provide portfolio management services in IFSC, by setting up a branch in IFSC, subject to the prior approval of the Board. Further, it shall ensure that: Exclusive manpower shall be allocated for providing portfolio management services from the branch in IFSC. The branch shall comply with all the provisions (except obtaining Registration) specified in the operating guidelines. The parent entity shall be required to ring fence its domestic operations, legally, financially, operationally and technologically, from its operations at IFSC. ii. Other entities (that is in the form .....

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Operating Guidelines for Portfolio Managers in International Financial Services Centre (IFSC) - SEBI

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..... 00. ii. In case the PM is set up as a branch, the net worth requirement is to be met by the parent entity. iii. In case the PM is set up as a subsidiary, the net worth requirement is to be met by the subsidiary itself. However, if the subsidiary does not meet the criteria, the net worth of the parent entity will be considered. iv. The PM/ parent entity shall fulfil the aforesaid net worth requirement, separately and independently for each activity undertaken by it under the relevant regulations. c. Eligibility of the client to avail portfolio management services PM operating in IFSC shall provide portfolio management services only to those persons referred in Clause 9(3) of the IFSC Guidelines. Further, PMs shall ensure that, when dealing w .....

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Operating Guidelines for Portfolio Managers in International Financial Services Centre (IFSC) - SEBI

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