The Securities and Exchange Board of India (SEBI) on March 20, 2023, issued a notification regarding Master Circular for Portfolio Managers.
anything done or any action taken or purported to have been done or taken under the rescinded circulars, including registrations or approvals granted, fees collected, registration suspended or canceled, any inspection or investigation or inquiry or adjudication commenced or show cause notice issued prior to such rescission, shall be deemed to have been done or taken under the corresponding provisions of this Master Circular.
Any application made to SEBI under the rescinded circulars, prior to such rescission, and pending before it shall be deemed to have been made under the corresponding provisions of this Master Circular.
The previous operation of the rescinded circulars or anything duly done or suffered thereunder, any right, privilege, obligation, or liability acquired, accrued, or incurred under the rescinded circulars, any penalty, incurred in respect of any violation committed against the rescinded circulars, or any investigation, legal proceeding or remedy in respect of any such right, privilege, obligation, liability, penalty as aforesaid, shall remain unaffected as if the rescinded circulars have never been rescinded.
The provisions mentioned in paragraphs 2.6 & 2.7 of this Master Circular shall be applicable with effect from April 01, 2023.
The provisions mentioned in paragraphs 5.4.3 & 5.4.4 of this Master Circular shall come into effect from the quarter ending September 2023.
The master circular is linked to the document attached.
[Notification No. SEBI/HO/IMD/IMD-POD-1/P/CIR/2023/38]
