TMI BlogParticipation of Portfolio Managers in Commodity Derivatives Market in IndiaX X X X Extracts X X X X X X X X Extracts X X X X ..... ircular dated June 21, 2017. In furtherance to this objective, and in supersession to Circular SEBI/HO/CDMRD/DMP/P/CIR/2016/100 dated September 27, 2016 Portfolio Managers are now permitted to participate in Exchange Traded Commodity Derivatives on behalf of their clients. 2. It would be mandatory for Portfolio Managers to appoint SEBI registered Custodian before dealing in Exchange traded Commodity Derivatives. Further, a copy of the Gazette Notification No. SEBI/LAD-NRO/GN/2019/17 dated May 10, 2019 on Amendments to SEBI (Portfolio Managers) Regulations, 1993 is enclosed. 3. The participation of Portfolio Managers in the exchange traded commodity derivatives would be subject to the following: 3.1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ting the physical goods shall be with the Portfolio Manager. 3.5. Since Foreign Portfolio Investors are not allowed to participate in the Exchange Traded Commodity Derivatives market, Portfolio Managers shall not onboard Foreign Portfolio Investors until such time as they are permitted to participate in Exchange Traded Commodity Derivatives market. 3.6. Portfolio Managers shall also provide periodic reports to the clients as per Regulation 21 of SEBI (Portfolio Managers) Regulations, 1993 regarding their exposure in Exchange Traded Commodity Derivatives. 3.7. Portfolio Managers shall report the exposure in Exchange Traded Commodity Derivatives under the heading of Commodity Derivatives in the mon ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n exercise of the powers conferred by section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992) , the Board hereby makes the following regulations to further amend the Securities and Exchange Board of India (Portfolio Managers) Regulations, 1993 , namely 1. These Regulations may be called the Securities and Exchange Board of India (Portfolio Managers) (Amendment) Regulations, 2019. 2. They shall come into force on the date of their publication in the Official Gazette. 3. In the Securities and Exchange Board of India (Portfolio Managers) Regulations, 1993 , - I. in regulation 2 , - i. for clause (af), the following clauses shall be substituted, namely,- (af) custodian ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lending means the securities lending as per the Securities Lending Scheme, 1997 specified by the Board; II. in regulation 14, in sub-regulation (1), in clause (b), in sub-clause (xii), after the word securities and before the symbol ; , the words and goods shall be inserted; III. in regulation 16B , after sub-regulation (2), following sub-regulation shall be inserted, namely,- (3) Every Portfolio Manager who deals in commodity derivatives shall appoint a custodian. IV. in regulation 21, in sub-regulation (1), in clause (a), - a. after the word of security and before the word and symbol , number , the words and goods shall be inserted; b. after the word in the portfolio and befo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .O. No. 476(E). (8) September 27, 2002 by SEBI (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002 vide S.O. No. 1045 (E). (9) October 11, 2002 by SEBI (Portfolio Managers) (Amendment) Regulations, 2002 vide S.O. No. 1087 (E) (10) March 10, 2004 by the Securities and Exchange Board of India (Criteria for Fit and Proper Person) Regulations, 2004 vide S.O. No. 398(E). on June 11, 2002 by the Securities and Exchange Board of India (Mutual Funds) (Second Amendment) Regulations, 2002 vide S.O. No. 625 (E). (11) May 27, 2004 by SEBI (Portfolio Managers) (Amendment) Regulations, 2004 vide S.O. No. 654 (E). (12) July 5, 2006 by SEBI (Portfolio Managers) (Amendment) Regulations, 2006 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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