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Publishing of Investor Charter and disclosure of Investor Complaints by Portfolio Managers on their websites - SEBI - SEBI/HO/IMD/IMD-II_DOF7/P/CIR/2021/681

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..... websites, the data pertaining to all complaints including SCORES complaints received by them in the format mentioned in Annexure-B. The information shall be made available by 07th of the succeeding month. 4. Further, the Portfolio Managers are advised to display link/option on their websites and mobile apps so as to enable their clients to lodge complaint with them directly. Additionally, link to SCORES website/ link to download mobile app (SEBI SCORES) may also be provided by the Portfolio Managers on their website. 5. The provisions of this circular shall come into effect from January 01, 2022. 6. This circular is issued in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 read with Regulation 43 of the SEBI (Portfolio Managers) Regulations, 2020, to protect the interests of investors in securities market and to promote the development of, and to regulate the securities market. 7. The circular is available on SEBI website at www.sebi.gov.in under the categories “Info for - Portfolio Managers” and "Legal framework > Circulars". Yours faithfully, Dipanjan Mitra Deputy General Manager Investment Manageme .....

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Publishing of Investor Charter and disclosure of Investor Complaints by Portfolio Managers on their websites - SEBI

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..... administrative activities on the client’s portfolio. The PMS provider shall act in a fiduciary capacity towards its Client and shall maintain arm’s length relationship with its other activities. The PMS provider shall provide advisory services in accordance with guidelines and/or directives issued by the regulatory authorities and/or the Client from time to time in this regard. iii. Client On-boarding a. Ensuring compliance with KYC and AML guidelines. b. franking & signing the Power of Attorney to make investment decisions on behalf of the investor. c. opening demat account and funding of the same from the investor’s verified bank account and/or transfer of securities from verified demat account of the investor and d. Mapping the said demat account with Custodian. iv. Ongoing activities a. To provide periodic statements to investors as provided under the PMS Regulations 2020 and other SEBI notifications and circulars (“PMS Regulations”) and b. Providing each client an audited account statement on an annual basis which includes all the details as required under the PMS Regulations. v. Fees and Expenses Charging and disclosure of appropriate fees &a .....

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Publishing of Investor Charter and disclosure of Investor Complaints by Portfolio Managers on their websites - SEBI

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..... to SEBI Disclosure of latest networth should be done in the disclosure document whenever there are any material changes. 9 Intimation of type of PMS account - discretionary. At the time of client signing the agreement; this information should be a part of the account opening form. 10 Intimation of type of PMS account - non discretionary. At the time of client signing the agreement; this information should be a part of the account opening form. 11 Intimation to client what discretionary account entails and powers that can be exercised by portfolio manager. At the time of client signing the agreement; this information should be a part of the account opening form. 12 Intimation to client what non- discretionary account entails and powers that can be exercised by portfolio manager At the time of client signing the agreement; this information should be a part of the account opening form. 13 Copy of executed PMS agreement sent to client. Within 3 days of client request. 14 Frequency of disclosures of available eligible funds. All details regarding client portfolios should be shared quarterly (point 26). 15 Issuance of funds and securities balance statements held by client. This data sho .....

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Publishing of Investor Charter and disclosure of Investor Complaints by Portfolio Managers on their websites - SEBI

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..... to investor about details of bank accounts where client funds are kept. Within 3 days of PMS and demat account opening 30 Redressal of investor grievances. Within 30 days, subject to all the information required to redress the complaint is provided by the complainant to the portfolio manager Notes: 1 The number of days in the above timelines indicate clear working days D. Details of grievance redressal mechanism and how to access it 1. It is mandatory for every PMS provider to register itself on SEBI SCORES (SEBI Complaint Redress System). SCORES is a centralised online complaint resolution system through which the complainant can take up his grievance against the PMS provider and subsequently view its status. (https://scores.gov.in/scores/Welcome.html ) 2. The details such as the name, address and telephone number of the investor relations officer of the PMS provider who attends to the investor queries and complaint should be provided in the PMS Disclosure document. 3. The grievance redressal and dispute mechanism should be mentioned in the Disclosure Document. 4. Investors can approach SEBI for redressal of their complaints. On receipt of complaints, SEBI takes up the matter wit .....

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Publishing of Investor Charter and disclosure of Investor Complaints by Portfolio Managers on their websites - SEBI

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