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Guidelines for Portfolio Managers

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..... 0 dated October 05, 2010 on Regulation of Fees and Charges, the following is mandated: (i) As provided in Regulation 22 (11) of the PMS Regulations, no upfront fees shall be charged by the Portfolio Managers, either directly or indirectly, to the clients. (ii) Brokerage at actuals shall be charged to clients as expense. (iii) Operating expenses excluding brokerage, over and above the fees charged for Portfolio Management Service, shall not exceed 0.50% per annum of the client s average daily Assets under Management (AUM). (iv) In case client portfolio is redeemed in part or full, the exit load charged shall be as under: a) In the first year of investment, maximum of 3% of the amount redeemed. b) In the second year of investment, maximum of .....

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..... of investment approach provided by Portfolio Managers shall, inter-alia, include: (i) investment objective (ii) description of types of securities e.g. equity or debt, listed or unlisted, convertible instruments, etc. (iii) basis of selection of such types of securities as part of the investment approach (iv) allocation of portfolio across types of securities (v) appropriate benchmark to compare performance and basis for choice of benchmark (vi) indicative tenure or investment horizon (vii) risks associated with the investment approach (viii) other salient features, if any. D. Periodic reporting by Portfolio Managers 9. In partial modification to Circular IMD/PMS/CIR/1/21727/03 dated November 18, 2003 on Improvement in Corporate Governance .....

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..... culation of performance. (ii) Report performance data net of all fees and all expenses (including taxes). (iii) Clearly disclose any change in investment approach that may impact the performance of client portfolio, in the marketing material. (iv) Ensure that performance reported in all marketing material and website of the Portfolio Manager is the same as that reported to SEBI. (v) Ensure that the aggregate performance of the Portfolio Manager (firm-level performance) reported in any document shall be same as the combined performance of all the portfolios managed by the Portfolio Manager. (vi) Provide a disclaimer in all marketing material that the performance related information provided therein is not verified by SEBI. 14. The firm-level .....

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..... in Annexure C. (v) Have mechanism to independently verify the compliance of its distributors with the Code of Conduct. (vi) Ensure that, within 15 days from the end of every financial year, a self-certification is also received from distributors with regard to compliance with Code of conduct. H. Applicability 17. The provisions of this Circular shall be applicable with effect from May 01, 2020. 18. 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 the provisions of 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 securit .....

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