The Securities and Exchange Board of India, (SEBI) on June 07, 2024, issued Master Circular for Portfolio Managers.
The following has been stated-
•The Securities and Exchange Board of India (SEBI) has consolidated various circulars pertaining to the regulation of Portfolio Managers into a Master Circular to provide stakeholders with a single comprehensive document. The initial Master Circular was issued on March 20, 2023, encompassing provisions up to November 30, 2022.
•Subsequently, new guidelines and directions were issued, necessitating an update of the Master Circular to include all relevant circulars up to March 31, 2024. This updated Master Circular supersedes the previous one dated March 20, 2023.
•The guidelines and directions contained in specific rescinded circulars, as listed in Annexure Z of the previous Master Circular and Sr. Nos. 33-36 in the Appendix of the updated one, will no longer be in effect. However, existing SEBI directions and guidance specifically for Portfolio Managers will remain in force alongside this Master Circular and any other applicable laws.
•The rescission of the previous circulars does not affect actions taken under them, such as registrations, approvals, or penalties. Any ongoing applications, investigations, or legal proceedings initiated under the rescinded circulars will continue as if they were under the updated Master Circular.
•Entities regulated under this Master Circular must ensure compliance and submit necessary reports on a periodic or continuous basis as required.
[Notification No. SEBI/HO/IMD/IMD-POD-1/P/CIR/2024/80]
