Your World of Legal Intelligence
 India | 1-800-335-6202

SEBI Circular No: IMD/PMS/2/2009/11/05 (11-May-09) Compliance with Regulation 16(8) of SEBI (Portfolio Managers) Regulations, 1993

Document Cited in Related
Vincent

All Registered Portfolio Managers
Dear Sirs,

Compliance with Regulation 16(8) of SEBI (Portfolio Managers) Regulations, 1993

In consideration of the requests received from portfolio managers, SEBI, vide Circular No. IMD/CIR No.1/155740/2009 dated: February 27, 2009 had extended the deadline and permitted portfolio managers to comply with the requirements of sub-regulation(8) of regulation 16 of the SEBI (Portfolio Managers) Regulations, 1993 by May 10, 2009. Portfolio managers were also advised to furnish a compliance report to SEBI within a week of expiry of the above deadline. It was also stated in the aforesaid circular that any non compliance after the extended period i.e. after May 10, 2009 may attract penal action under the provisions of the SEBI Act, 1992 and the regulations framed there under.

In continuation of the above, it has been decided that those portfolio managers, who have not complied with the said requirement of sub-regulation (8) of regulation 16 of the SEBI (Portfolio Managers) Regulations, 2008 by the said deadline of May 10, 2009, shall immediately stop undertaking new clients for portfolio management services till the time they become fully compliant with the said requirements. Such portfolio managers shall submit a monthly progress report in regard to status of compliance.

Post the deadline of May 10, 2009, portfolio managers are also...

To continue reading

Request your trial

VLEX uses login cookies to provide you with a better browsing experience. If you click on 'Accept' or continue browsing this site we consider that you accept our cookie policy. ACCEPT