TMI BlogContract with clients and disclosuresX X X X Extracts X X X X X X X X Extracts X X X X ..... he agreement between the portfolio managers and the large value accredited investors. ] 7 [ (1A) The portfolio manager may make investments in the securities of its related parties or its associates only after obtaining the prior consent of the client in such manner as may be specified by the Board from time to time: Provided that the requirement for obtaining consent shall not apply to such portfolio managers as may be specified by the Board. ] (2) The agreement between the portfolio manager and the client shall, inter alia, include the following :- (a) the investment objectives and the services to be provided; (b) period of the contract and provision of early termination, if any; (c) investment approach, areas of inv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nager, the terms of co-investment in an investee company by a co-investor, shall not be more favourable than the terms of investment of the Alternative Investment Fund: Provided further that in case of the Co-investment Portfolio Manager, the terms of exit from the Co-investment in an investee company including the timing of exit shall be identical to the terms applicable to that of exit of the Alternative Investment Fund: Provided further that in case of the Co-investment Portfolio Manager, the early withdrawal of funds by the co-investors with respect to Co-investment in investee companies shall be allowed to the extent that the Alternative Investment Fund has also made an exit from respective investment in such investee companies. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nager: 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: 4 [ Provided further that the performance of the Co-investment Portfolio Manager shall be calculated in the manner as agreed between the Co-investment Portfolio Manager and the client: ] 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 i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that no up-front fees shall be charged by the portfolio manager directly or in-directly to the clients. (12) The portfolio manager shall disclose the range of fees charged under various heads in the disclosure document. ************* NOTES:- 1. Substituted vide Notification No. SEBI/LAD-NRO/GN/2021/31 dated 03-08-2021 before it was read as . 2. Inserted vide Notification No. SEBI/LAD-NRO/GN/2021/31 dated 03-08-2021 3. Inserted vide Notification No. SEBI/LAD-NRO/GN/2021/58 dated 09-11-2021 w.e.f. 09-12-2021 4. Inserted vide Notification No. SEBI/LAD-NRO/GN/2021/58 dated 09-11-2021 w.e.f. 09-12-2021 5. Substituted vide Notification No. SEBI/LAD-NRO/GN/2021/58 dated 09-11-2021 w.e.f. 09-1 ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
