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SECURITIES AND EXCHANGE BOARD OF INDIA (PORTFOLIO MANAGERS) REGULATIONS, 2020 - SEBI/LAD-NRO/CN/2020/03 - SEBI

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..... 2013) as amended from time to time; (c) “certificate” means a certificate of registration issued by the Board; (d) “change of status or constitution” in relation to a portfolio manager─ (i) means any change in its status or constitution of whatsoever nature; and (ii) without prejudice to generality of sub-clause (i), includes– (a) amalgamation, demerger, consolidation or any other kind of corporate restructuring falling within the scope of section 230 of the Companies Act, 2013 (18 of 2013) or the corresponding provision of any other law for the time being in force; and (b) any change in control over the body corporate; (c) “change in control”, in relation to a portfolio manager being a body corporate, shall be construed with reference to : ─ (i) the definition of control in terms of Regulation 2(1)(e) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 as amended from time to time, if its shares are listed on any recognized stock exchange; (ii) in any other case, change in the controlling interest in the body corporate; Explanation. ─ For the purpose of sub-clause (ii) .....

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SECURITIES AND EXCHANGE BOARD OF INDIA (PORTFOLIO MANAGERS) REGULATIONS, 2020 - SEBI/LAD-NRO/CN/2020/03 - SEBI

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..... ger and is responsible for: - (i) the decisions made by the portfolio manager for the management or administration of portfolio of securities or the funds of the client, as the case may be; and (ii) all other operations of the portfolio manager. (6) “securities lending” means securities lending as per the Securities Lending Scheme, 1997 specified by the Board. (2) Words and expressions used and not defined in these regulations but defined in the Act shall have the meanings respectively assigned to them in the Act. CHAPTER II REGISTRATION OF PORTFOLIO MANAGERS Registration as portfolio manager. 3. No person shall act as a portfolio manager unless it has obtained a certificate of registration from the Board under these regulations. Application for grant of certificate. 4. (1) An application by a person for the grant of a certificate shall be made to the Board in Form A of Schedule I and shall be accompanied by a non-refundable application fee, as specified in para (1) of Schedule II. (2) Notwithstanding anything contained in sub-regulation (1), any application made by a person prior to coming into force of these regulations containing such .....

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SECURITIES AND EXCHANGE BOARD OF INDIA (PORTFOLIO MANAGERS) REGULATIONS, 2020 - SEBI/LAD-NRO/CN/2020/03 - SEBI

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..... gement. Provided further that a portfolio manager, who was granted a certificate of registration prior to the commencement of the Securities and Exchange Board of India (Portfolio Managers) Regulations, 2020, shall comply with sub clauses (i) and (ii) of clause (d) of sub-regulation (2) of regulation 7 within thirty-six months from such commencement. (e) In addition to the Principal Officer and Compliance Officer, the applicant has in its employment at least one person with the following qualifications :- i. graduation from a university or an institution recognized by the Central Government or any State Government or a foreign university; and ii. an experience of at least two years in related activities in the securities market including in a portfolio manager, stock broker, investment advisor or as a fund manager: Provided that any employee of the Portfolio Manager who has decision making authority related to fund management shall have the same minimum qualifications and experience as specified for the Principal Officer in clause (d) of sub-regulation (2) of regulation 7: Provided further that a portfolio manager, who was granted a certificate of registration pri .....

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SECURITIES AND EXCHANGE BOARD OF INDIA (PORTFOLIO MANAGERS) REGULATIONS, 2020 - SEBI/LAD-NRO/CN/2020/03 - SEBI

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..... rtaken by it under the relevant regulations. Explanation. ─ For the purposes of this regulation, “net worth” means the aggregate value of paid up equity capital plus free reserves (excluding reserves created out of revaluation) reduced by the aggregate value of accumulated losses and deferred expenditure not written off, including miscellaneous expenses not written off. Procedure for registration. 10. (1) The Board on being satisfied that the applicant fulfils the requirements specified in regulation 7 shall send an intimation to the applicant and on receipt of the payment of registration fees as specified in paragraph (2) of Schedule II grant a certificate in Form B of Schedule I. (2) The portfolio manager who has already been granted a certificate of registration by the Board, prior to the commencement of the Securities and Exchange Board of India (Portfolio Managers) Regulations, 2020 shall be deemed to have been granted a certificate of registration, in terms of sub- regulation (1). Conditions of registration. 11. The certificate of registration granted under regulation 10 shall, inter alia, be subject to the following conditions, namely: - .....

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SECURITIES AND EXCHANGE BOARD OF INDIA (PORTFOLIO MANAGERS) REGULATIONS, 2020 - SEBI/LAD-NRO/CN/2020/03 - SEBI

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..... cease to carry on the activity as a portfolio manager for the period during which the suspension subsists. CHAPTER III ELIGIBLE FUND MANAGERS Applicability. 16. (1) The provisions of this Chapter shall apply to eligible fund managers exclusively, pertaining to their activities as portfolio managers to eligible investment funds. (2) All other provisions of these regulations and the guidelines and circulars issued thereunder, unless the context otherwise requires or is repugnant to the provisions of this chapter, shall apply to eligible fund managers in relation to their activities as portfolio managers to eligible investment funds. Procedure to be followed by an existing Portfolio Manager. 17. An existing portfolio manager may act as a portfolio manager to an eligible investment fund if: (a) it fulfills all the conditions specified in sub section (4) of Section 9A of the Income-tax Act, 1961; and (b) it intimates the Board prior to undertaking such activity and submit declarations as specified in clause (1) of Schedule VI. Procedure to be followed by an applicant for fresh registration. 18. An applicant who is a body corporate who intends to act as .....

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SECURITIES AND EXCHANGE BOARD OF INDIA (PORTFOLIO MANAGERS) REGULATIONS, 2020 - SEBI/LAD-NRO/CN/2020/03 - SEBI

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..... r activities as portfolio managers to eligible investment funds notwithstanding anything contained in these regulations, Schedules thereto or circulars issued thereunder: (i) sub-regulation (1), (2), (3) and (4) of Regulation 22; (ii) sub-regulation (2), (3), (4), (8) and (9) of Regulation 23; (iii) clause (b) of sub-regulation (1) of Regulation 24; (iv) clause (a) of sub-regulation (2) of Regulation 24; (v) sub-regulation (7) of Regulation 24; (vi) sub-regulation (11) of Regulation 24; (vii) Regulation 26; (viii) sub-regulation (3) of Regulation 30; (ix) sub-regulation (1), (2), and (3) of Regulation 31; (x) Form C in Schedule I; and (xi) Schedules IV and V. CHAPTER IV GENERAL OBLIGATIONS AND RESPONSIBILITIES Code of Conduct. 21. Every portfolio manager shall abide by the Code of Conduct as specified in Schedule III. Contract with clients and disclosures. 22. (1) The portfolio manager shall, before taking up an assignment of management of funds and portfolio on behalf of a client, enter into an agreement in writing with such client that clearly defines the inter se relationship and sets out their mutual rights, liabilities and obliga .....

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SECURITIES AND EXCHANGE BOARD OF INDIA (PORTFOLIO MANAGERS) REGULATIONS, 2020 - SEBI/LAD-NRO/CN/2020/03 - SEBI

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..... specific to each investment approach offered by the portfolio manager; (c) complete disclosures of transactions with related parties as per the accounting standards specified by the Institute of Chartered Accountants of India; (d) details of conflicts of interest related to services offered by group companies or associates of the portfolio manager; (e) the performance of the portfolio manager: Provided that the performance of a discretionary portfolio manager shall be calculated using ‘Time Weighted Rate of Return’ for the immediately preceding three years and in such cases performance indicators shall also be disclosed: Provided further that the portfolio manager may be allowed to disclose performance segregated on the basis of investment approach; (f) the audited financial statements of the portfolio manager for the immediately preceding three years. (5) The contents of the Disclosure Document shall be certified by an independent chartered accountant. (6) The portfolio manager shall ensure that a copy of Disclosure Document is available on the website of the portfolio manager at all times and as soon as the registration is granted. (7) The .....

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SECURITIES AND EXCHANGE BOARD OF INDIA (PORTFOLIO MANAGERS) REGULATIONS, 2020 - SEBI/LAD-NRO/CN/2020/03 - SEBI

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..... r shall segregate each client’s holding in securities in separate accounts. (5) The portfolio manager shall keep the funds of all clients in a separate account to be maintained by it in a Scheduled Commercial Bank. Explanation. ─ For the purposes of this sub-regulation, the expression ‘Scheduled Commercial Bank’ means any bank included in the Second Schedule to the Reserve Bank of India Act, 1934 (2 of 1934). (6) The portfolio manager shall transact in securities within the limitation placed by the client himself with regard to dealing in securities under the provisions of the Reserve Bank of India Act, 1934 (2 of 1934). (7) The portfolio manager shall not derive any direct or indirect benefit out of the client's funds or securities. (8) The portfolio manager shall not borrow funds or securities on behalf of the client. (9) The portfolio manager shall not lend securities held on behalf of the clients to a third person except as provided under these regulations. (10) The portfolio manager shall ensure proper and timely handling of complaints from his clients and take appropriate action immediately. (11) The portfolio manager shall .....

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SECURITIES AND EXCHANGE BOARD OF INDIA (PORTFOLIO MANAGERS) REGULATIONS, 2020 - SEBI/LAD-NRO/CN/2020/03 - SEBI

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..... dies. (9) The portfolio manager shall not invest the clients’ funds in the portfolio managed or administered by another portfolio manager. (10) The portfolio manager shall not invest client’s fund based on the advice of any other entity. (11) The portfolio manager shall not while dealing with clients’ funds indulge in speculative transactions i.e, it shall not enter into any transaction for purchase or sale of any security which is periodically or ultimately settled otherwise than by actual delivery or transfer of security except the transactions in derivatives. (12) The portfolio manager shall, ordinarily purchase or sell securities separately for each client. However, in the event of aggregation of purchases or sales for economy of scale, inter se allocation shall be done on a pro rata basis and at weighted average price of the day's transactions. The portfolio manager shall not keep any open position in respect of allocation of sales or purchases effected in a day. (13) The portfolio manager shall not execute off market transfers in client’s account except: (a) for settlement of the clients’ own trades; (b) for providing mar .....

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SECURITIES AND EXCHANGE BOARD OF INDIA (PORTFOLIO MANAGERS) REGULATIONS, 2020 - SEBI/LAD-NRO/CN/2020/03 - SEBI

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..... certificate. 28. Every portfolio manager shall furnish to the Board a net worth certificate issued by a chartered accountant as and when required by the Board. Maintenance of books of accounts, records and other documents. 29. The portfolio manager shall preserve the books of account and other records and documents mentioned under this chapter for a minimum period of five years. Accounts and audit. 30. (1) (a) The portfolio manager shall maintain separate client-wise accounts. (b) The funds received from the clients, investments or disinvestments, all the credits to the account of the client like interest, dividend, bonus, or any other beneficial interest received on the investment and debits for expenses, if any, shall be properly accounted for and details thereof shall be properly reflected in the client's account. (c) The tax deducted at source as required under the provisions of the Income-Tax Act, 1961, (43 of 1961) shall be recorded in the portfolio account. (2) The books of account will be audited yearly by qualified auditor to ensure that the portfolio manager has followed proper accounting methods and procedures and that the portfolio manager ha .....

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SECURITIES AND EXCHANGE BOARD OF INDIA (PORTFOLIO MANAGERS) REGULATIONS, 2020 - SEBI/LAD-NRO/CN/2020/03 - SEBI

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..... on steps taken on Auditor's report. 32. The portfolio manager shall take steps to rectify the deficiencies made out in the auditor’s report within two months from the date of the auditor’s report as specified in sub-regulation (2) of Regulation 30. Disclosures to the Board. 33. The Board may ask portfolio manager to disclose any information as and when required including the following: - (a) particulars regarding the management of a portfolio; (b) any change in the information or particulars previously furnished, which have a bearing on the certificate granted to him; (c) the names of the clients whose portfolio it has managed; (d) particulars relating to the net worth requirement as specified in regulation 9. Appointment of compliance officer. 34. (1) Every portfolio manager shall appoint a compliance officer who shall be responsible for monitoring the compliance of the Act, rules and regulations, notifications, guidelines, instructions etc., issued by the Board or the Central Government and for redressal of investors' grievances: Provided that the role of compliance officer shall not be assigned to the principal officer appointed .....

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SECURITIES AND EXCHANGE BOARD OF INDIA (PORTFOLIO MANAGERS) REGULATIONS, 2020 - SEBI/LAD-NRO/CN/2020/03 - SEBI

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..... remises occupied by such portfolio manager or by any other person, on his behalf and also extend reasonable facility for examining any books, records, documents and computer data in the possession of the portfolio manager or any such other person and also provide copies of documents or other material which in the opinion of the inspecting authority are relevant for the purposes of the inspection. (3) The inspecting authority shall in the course of inspection, be entitled to examine or record statements of any principal officer, director, partner and employee of the portfolio manager. (4) It shall be the duty of every director, partner, officer or employee of the portfolio manager to give to the inspecting authority all assistance in connection with the inspection which the portfolio manager may reasonably be expected to give. Submission of report to the Board. 38. The inspecting authority shall, as soon as possible, submit an inspection report to the Board. Action on inspection or investigation report. 39. The Board or the Chairman shall after consideration of inspection or investigation report take such action as the Board or Chairman may deem fit and appropriate .....

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SECURITIES AND EXCHANGE BOARD OF INDIA (PORTFOLIO MANAGERS) REGULATIONS, 2020 - SEBI/LAD-NRO/CN/2020/03 - SEBI

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..... roceeding or remedy in respect of any such right, privilege, obligation, liability, penalty as aforesaid, shall remain unaffected as if the repealed regulations has never been repealed; (3) After the repeal of Securities and Exchange Board of India (Portfolio Managers) Regulations, 1993, any reference thereto in any other regulations made, guidelines or circulars issued thereunder by the Board shall be deemed to be a reference to the corresponding provisions of these regulations. CHAPTER VII MISCELLANEOUS Power of the Board to issue clarifications. 43. In order to remove any difficulties in respect of the application or interpretation of these regulations, the Board may issue clarifications or guidelines in the form of circulars. SCHEDULE I FORMS FORM A Securities and Exchange Board of India (Portfolio Managers) Regulations, 2020 Application for grant of certificate of registration Name of Applicant:                         ___________________________ Name of Contact Person:           .....

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SECURITIES AND EXCHANGE BOARD OF INDIA (PORTFOLIO MANAGERS) REGULATIONS, 2020 - SEBI/LAD-NRO/CN/2020/03 - SEBI

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..... ncluding address, name of contact person, mobile number of contact person, email of contact person etc: 2.0 ORGANISATION STRUCTURE 2.1 Objectives: In brief. (Memorandum and Articles of Association/ Partnership Deed to be enclosed). (Copy of Board Resolution to be enclosed) 2.2 Date and Place of Incorporation: Day Month    Year    Place ROC Registration No. 2.3 Status of the Applicant: (e.g. Limited Company-Private/Public, LLP etc. If listed, names of the recognized stock exchanges to be given.) 2.4 Organization Chart: [separately showing functional responsibilities (names and designations) of portfolio management activities to be enclosed] 2.5 Particulars of all Directors/ Partners: [Name; Address; Qualification; Date of Appointment; DIN; PAN (Copy of PAN Card); Telephone No.; Mobile; Email] Experience: Entity Name Designation Area of Work Nature of Work Experience (In yrs) (Separate sheet may be attached for information on work experience) Other Directorshi .....

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SECURITIES AND EXCHANGE BOARD OF INDIA (PORTFOLIO MANAGERS) REGULATIONS, 2020 - SEBI/LAD-NRO/CN/2020/03 - SEBI

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.....       Following documents to be provided: 1. Bio-Data detailing the relevant experience as per Reg 7(2)(d) of SEBI Portfolio Managers Regulations, 2020. 2. Copy of Certifications. 3. Certificate stating that the Principal Officer has been appointed and is compliant with the requirements and is not otherwise disqualified under the Regulations. 2.10 Other SEBI Registration Details Registered: Registration No.   Role   Company Name   Stock Exchange   Registration Start   Registration End   Registration Status               Applied: Application No.   Role   Company Name   Stock Exchange   Application Date   Application Status 2.11 Number of employees (Total number of employees and nu .....

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SECURITIES AND EXCHANGE BOARD OF INDIA (PORTFOLIO MANAGERS) REGULATIONS, 2020 - SEBI/LAD-NRO/CN/2020/03 - SEBI

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..... bility (Next three years) (4) (Targets, modus operandi to achieve targets, Resultant Income) 5.0 FINANCIAL INFORMATION 5.1 Capital Structure (Rs. in Crore)   Year prior to the preceding year of current year Preceding year  Current year (a) Paid-up capital       (b) Free reserves (excluding revaluation reserves)       (c) Total (a) + (b)       5.2 Net worth of Applicant (Net worth certificate not older than 3 months from the date of application to be enclosed) 5.3 Deployment of Resources (Rs. in Crore)   Year prior to the preceding year of current year  Preceding year Current year (a) Fixed Assets       (b) Plant and Machinery and office equipment   .....

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SECURITIES AND EXCHANGE BOARD OF INDIA (PORTFOLIO MANAGERS) REGULATIONS, 2020 - SEBI/LAD-NRO/CN/2020/03 - SEBI

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..... llowed by the Portfolio Manager. 7.4 Details of grievance redressal and dispute resolution mechanism to be followed by the Portfolio Manager. 7.5 Provide list of approved share brokers through whom orders shall be placed, involved for Portfolio Management activities and state whether any of them were suspended/had defaulted with any Stock Exchange authority. 7.6 Describe Accounting system followed/to be followed for Portfolio Management Services. 7.7 Indicate various research and database facilities provided. 7.8 Details of activities proposed to be outsourced. 8.0 EXPERIENCE 8.1 Experience in financial services rendered: Details of Activity   Area   Period       9.0 ADDITIONAL INFORMATION 9.1. Copy of Draft Agreement with Client to be provided 9.2 Copy of Draft Disclosure Document to be provided 9.3. Details of Custodian: (Name, Address, SEBI Registration No., Date of Appointment) 9.4. Details of Registration with other Regulatory bodies. (10) DECLARATIONS 10.1 Declaration of compliance with Regulation .....

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SECURITIES AND EXCHANGE BOARD OF INDIA (PORTFOLIO MANAGERS) REGULATIONS, 2020 - SEBI/LAD-NRO/CN/2020/03 - SEBI

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..... p;     Date: FORM B Securities and Exchange Board of India (Portfolio Managers) Regulations, 2020 [Regulation 10] Certificate of Registration I. In exercise of the powers conferred by sub-section (1) of section 12 of the Securities and Exchange Board of India Act, 1992, read with the regulations made thereunder for portfolio managers, the Board hereby grants a certificate of registration to___________________as a portfolio manager subject to the conditions specified in the Act and in the regulations made thereunder. II. Registration Number for the portfolio manager is PM / / III. This certificate of registration shall be valid till it is suspended, cancelled or surrendered in accordance with the Securities and Exchange Board of India (Portfolio Managers) Regulations, 2020. Place: Date:    By Order For and on behalf of Securities and Exchange Board of India Authorized signatory FORM C Securities and Exchange Board of India (Portfolio Managers) Regulations, 2020 [Regulation 22] ____________________________________________________________ (Name of the Portfolio Manager) ________________________________ .....

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SECURITIES AND EXCHANGE BOARD OF INDIA (PORTFOLIO MANAGERS) REGULATIONS, 2020 - SEBI/LAD-NRO/CN/2020/03 - SEBI

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..... located or by way of direct credit in the bank account through NEFT/RTGS/IMPS or any other mode allowed by RBI. 5. The fees specified in paragraphs (1) and (3) above, shall be payable by the portfolio manager by a demand draft in favour of “Securities and Exchange Board of India” payable at Mumbai or at the place where respective regional office is located by way of direct credit in the bank account through NEFT/RTGS/IMPS or any other mode allowed by RBI. SCHEDULE III Securities and Exchange Board of India (Portfolio Managers) Regulations, 2020 [Regulation 21] CODE OF CONDUCT- PORTFOLIO MANAGER 1. A portfolio manager shall, in the conduct of his business, observe high standards of integrity and fairness in all his dealings with his clients and other portfolio managers. 2. The money received by a portfolio manager from a client for an investment purpose should be deployed by the portfolio manager as soon as possible for that purpose and money due and payable to a client should be paid forthwith. 3. A portfolio manager shall render at all times high standards of service, exercise due diligence, ensure proper care and exercise independent profession .....

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SECURITIES AND EXCHANGE BOARD OF INDIA (PORTFOLIO MANAGERS) REGULATIONS, 2020 - SEBI/LAD-NRO/CN/2020/03 - SEBI

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..... in a prompt, efficient and cost effective manner. 11. (1) A portfolio manager shall not be a party to - a. creation of false market in securities; b. price rigging or manipulation of securities; c. passing of price sensitive information to brokers, members of the recognized stock exchanges and any other intermediaries in the capital market or take any other action which is prejudicial to the interest of the investors. (2) No portfolio manager or any of its directors, partners or manager shall either on their own or through their associates or family members or relatives enter into any transaction in securities of companies on the basis of unpublished price sensitive information obtained by them during the course of any professional assignment. 12. (a) A portfolio manager or any of its employees shall not render, directly or indirectly any investment advice about any security in the publicly accessible media, whether real-time or non-realtime, unless a disclosure of his long or short position in the said security has been made, while rendering such advice. (b) In case an employee of the portfolio manager is rendering such advice, he shall also disclose the inte .....

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SECURITIES AND EXCHANGE BOARD OF INDIA (PORTFOLIO MANAGERS) REGULATIONS, 2020 - SEBI/LAD-NRO/CN/2020/03 - SEBI

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..... client unless authorized by him in writing. 5. Risk factors (i) A detailed statement of risks associated with each type of investment including the standard risks associated with each type of investment. 6. Period of agreement- the agreement shall provide the period of the agreement in years, terms of termination and/or provision for renewal in case of a renewable agreement. 7. Conditions under which agreement may be altered, terminated and implications thereof, such as settlement of amounts invested, repayment obligations etc. (i) Voluntary/mandatory termination by the portfolio manager; (ii) Voluntary/mandatory termination by the client; (iii) Suspension by the Board or other regulatory authority. 8. Maintenance of Accounts- Maintenance of accounts separately in the name of the client as are necessary to account for the assets and any additions, income, receipts and disbursements in connection therewith, as provided under SEBI (Portfolio Managers) Regulations, 2020. 9. Change in the quantum of funds to be managed- The conditions under which the client may withdraw cash or securities from the portfolio account or bring in additional cash to be managed as .....

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SECURITIES AND EXCHANGE BOARD OF INDIA (PORTFOLIO MANAGERS) REGULATIONS, 2020 - SEBI/LAD-NRO/CN/2020/03 - SEBI

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..... ions for assignment of the agreement by client. 17. Governing Law- The law/jurisdiction of country/state which governs the agreement to be stated. 18. Settlement of grievances/disputes and provision for arbitration- Provisions to cover protection of act done in good faith or Risks and losses, provisions for redressal of grievances, dispute resolution mechanism, reference for arbitration and the situations under which such rights may arise, may be made. SCHEDULE V DISCLOSURE DOCUMENT [Regulation 22] General instructions 1. This Disclosure Document is to be given to the prospective client along with the account opening form (as per Format I) prior to signing of the agreement. 2. This Disclosure Document is to be filed after grant of certificate of registration before circulating it to any client or whenever any material change including change in the investment approach is effected . In case of material change, the disclosure document shall be filed within 7 working days from the date of the change. 3. This model Disclosure Document enumerates the minimum disclosure requirements to be contained in the disclosure document. The portfolio manager may make any .....

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SECURITIES AND EXCHANGE BOARD OF INDIA (PORTFOLIO MANAGERS) REGULATIONS, 2020 - SEBI/LAD-NRO/CN/2020/03 - SEBI

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..... the Disclosure Document. 3. Description (i) History, Present Business and Background of the portfolio manager. (ii) Promoters of the portfolio manager, directors and their background. (iii) Top 10 Group companies/firms of the portfolio manager on turnover. basis (latest audited financial statements may be used for this purpose) (iv) Details of the services being offered: Discretionary/ Non-discretionary / Advisory. 4. Penalties, pending litigation or proceedings, findings of inspection or investigation for which action may have been taken or initiated by any regulatory authority. (i) All cases of penalties imposed by the Board or the directions issued by the Board under the Act or rules or regulations made thereunder. (ii) The nature of the penalty/direction. (iii) Penalties/fines imposed for any economic offence and/ or for violation of any securities laws. (iv) Any pending material litigation/legal proceedings against the portfolio manager/key personnel with separate disclosure regarding pending criminal cases, if any. (v) Any deficiency in the systems and operations of the portfolio manager observed by the Board or any regulatory agency. (vi) .....

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SECURITIES AND EXCHANGE BOARD OF INDIA (PORTFOLIO MANAGERS) REGULATIONS, 2020 - SEBI/LAD-NRO/CN/2020/03 - SEBI

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.....   (ii) Complete disclosure in respect of transactions with related parties as per the standards specified by the Institute of Chartered Accountants of India. 8. Financial Performance The Financial Performance of the portfolio manager based on audited financial statements and in terms of procedure specified by the Board for assessing the performance. 9. Performance of Portfolio Manager Portfolio Management performance of the portfolio manager for the last three years, and in case of discretionary portfolio manager disclosure of performance indicators calculated using ’Time Weighted Rate of Return’ method in terms of Regulation 22 of the SEBI (Portfolio Managers) Regulations, 2020. 10. Audit Observations Audit observations of the preceding 3 years 11. Nature of expenses (i) Investment management and advisory fees. (ii) Custodian fee. (iii) Registrar and transfer agent fee. (iv) Brokerage and transaction cost. A brief explanation shall be given to assist the investor in understanding the various costs and expenses that an investor may have to bear directly or indirectly. Additionally, appropriate cross-referen .....

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SECURITIES AND EXCHANGE BOARD OF INDIA (PORTFOLIO MANAGERS) REGULATIONS, 2020 - SEBI/LAD-NRO/CN/2020/03 - SEBI

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..... anager (must be signed by two directors or designated partners, as the case may be) We hereby declare that we are a SEBI registered portfolio manager with Registration Number ………… We intend to provide our services to eligible investment funds. In this regard, we declare that: (a) We are compliant with subsection 4(a) of section 9A of Income-tax Act, 1961 (We are not an employee of the eligible investment fund or a connected person of the fund); (b) We are compliant with subsection 4(c) of section 9A of Income-tax Act, 1961 (We are acting in the ordinary course of our business as a portfolio manager); (c) We are compliant with subsection 4(d) of section 9A of Income-tax Act, 1961 (We along with our connected persons shall not be entitled, directly or indirectly, to more than twenty per cent of the profits accruing or arising to the eligible investment fund from the transactions carried out by the fund through us); and (d) We shall comply with any other requirements as may be specified by the Government and/or any regulatory body from time to time. For and on behalf of (Name of Applicant) ___________________    & .....

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SECURITIES AND EXCHANGE BOARD OF INDIA (PORTFOLIO MANAGERS) REGULATIONS, 2020 - SEBI/LAD-NRO/CN/2020/03 - SEBI

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..... p;                                                                         Place: Date:                                                                                                                     Date: 2. Declaration by an applicant who intends to act .....

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SECURITIES AND EXCHANGE BOARD OF INDIA (PORTFOLIO MANAGERS) REGULATIONS, 2020 - SEBI/LAD-NRO/CN/2020/03 - SEBI

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.....                          __________________ Director 1/ Designated Partner 1                                                               Director 2/ Designated Partner 2 ___________________                                                                                                 ________________ .....

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SECURITIES AND EXCHANGE BOARD OF INDIA (PORTFOLIO MANAGERS) REGULATIONS, 2020 - SEBI/LAD-NRO/CN/2020/03 - SEBI

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  1. SECURITIES AND EXCHANGE BOARD OF INDIA (PORTFOLIO MANAGERS) REGULATIONS, 2020
  2. Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015
  3. Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011
  4. Securities and Exchange Board of India (Intermediaries) Regulations, 2008
  5. Securities and Exchange Board of India (Portfolio Managers) Regulations, 1993
  6. SECURITIES CONTRACTS (REGULATION) ACT, 1956
  7. Securities and Exchange Board of India Act, 1992
  8. Companies Act, 2013
  9. Securities Lending Scheme, 1997
  10. Income-tax Act, 1961
  11. Section 9A - Certain activities not to constitute business connection in India
  12. Section 30 - Power to make regulations
  13. Section 230 - Power to compromise or make arrangements with creditors and members
  14. Section 2 - Definitions
  15. Section 2 - Definitions
  16. Section 141 - Eligibility, qualifications and disqualifications of auditors
  17. Section 12 - Registration of stock brokers, sub-brokers, share transfer agents, etc
  18. Section 11 - Functions of Board
  19. SCHEDULE - VI - Declaration for Eligible Fund Managers [Chapter III]
  20. SCHEDULE - V - DISCLOSURE DOCUMENT
  21. SCHEDULE - IV - CONTENTS OF AGREEMENT BETWEEN THE PORTFOLIO MANAGER AND HIS CLIENTS
  22. SCHEDULE - II - FEES
  23. SCHEDULE - I - Application for grant of certificate of registration
  24. Regulation 9 - Net worth Requirement
  25. Regulation 7 - Consideration of application
  26. Regulation 4 - Application for grant of certificate
  27. Regulation 37 - Obligations of Portfolio Manager on inspection
  28. Regulation 35 - Right of inspection by the Board
  29. Regulation 31 - Reports to be furnished to the client
  30. Regulation 30 - Accounts and audit
  31. Regulation 26 - Appointment of custodian
  32. Regulation 24 - Management or administration of clients' portfolio
  33. Regulation 23 - General responsibilities of a Portfolio Manager
  34. Regulation 22 - Contract with clients and disclosures
  35. Regulation 2 - Definitions
  36. Regulation 13 - Procedure where registration is refused
  37. Regulation 10 - Procedure for registration

 

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