1 / 2

SEBI Circular: Portfolio Managers'Control Change

SEBI issues a circular announcing a change in control for portfolio managers providing co-investment services. Stay informed about the regulatory updates shaping the landscape of investment management.

enter8
Download Presentation

SEBI Circular: Portfolio Managers'Control Change

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. SEBI Issues Circular for Change in Control of Portfolio Managers Providing Co-Investment Services

  2. On 10th January 2023, the Securities and Exchange Board of India (SEBI) issued a Circular in regard to the Change in Control of Portfolio Managers providing Co-Investment Services. This particular circular was issued in reference to Circular No. SEBI/HO/IMD-1/ DOF1/P/CIR/2022/77 issued on 02nd June 2022, which specified the procedure for seeking prior approval in case of a change in control of the Portfolio Manager. The Circular henceforth stands partially modified in para 2 (iv) of the said Circular, which is to be read as under - "Pursuant to the grant of prior approval by SEBI, in order to enable existing investors/ clients to take a well-informed decision regarding their continuance or otherwise with the changed management, the portfolio manager shall inform its existing investors/ clients about the proposed change prior to effecting the same and give the option to exit without any exit load, within a period of not less than 30 calendar days, from the date of such communication. However, for the clients under co- investment portfolio management services, the Portfolio Manager shall ensure compliance with the second proviso of Regulation 22 (2) of PMS Regulations." All the other requirements, terms and conditions specified in the Circular are to remain unchanged. The Circular is issued through the exercise of powers as conferred under Section 11 (1) of the SEBI Act, 1992, to be read with the provisions of Regulation 43 of the SEBI (Portfolio Managers) Regulations, 2020, which protects the interest of the investors in securities and to promote the development of, and to regulate the securities market. Sushree Dash Legal Researcher Official Notification Attached here

More Related