On 20-3-2023, the Securities and Exchange Board of India (‘SEBI’) notified Master circular for Portfolio Managers (‘PMs’). The provisions came into force on 20-3-2023.
Key Points:
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Applicability of certain provisions:
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The provisions relating to “Written down policies by Portfolio Managers” and “Fair and equitable treatment of all clients” will come into force on 1-4-2023.
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The following provisions relating to “Offsite Inspection data reporting to SEBI” will come into force from the quarter ending September 2023:
❏ Provision where the PMs are supposed to submit the data for all its clients on quarterly basis within 10 days from the end of quarter.
❏ Provision where PMs are reporting for the first time, the data for all their clients from 1-4-2020 to 30-9-2023 will have to be submitted.
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This Master Circular contains all the circulars relating to the subject topic till 30-11-2022.
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Purpose: to enable stockholders to have access to all applicable requirements at one place.
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Annexure – Z of this Master Circular contains a list of 32 rescinded circulars. with the issuance of this Master Circular.
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In spite of the rescission:
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Anything done/ action taken/ purported to have been done/ taken under the rescinded circulars prior to such rescission, will be deemed to have been done/ taken under the corresponding provisions of this Master Circular.
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Any application made to SEBI under the rescinded circulars, prior to such rescission, and pending before it will be deemed to have been made under the corresponding provisions of this Master Circular.
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The previous operation of the rescinded circulars will remain unaffected as if the rescinded circulars have never been rescinded.
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