In the Securities and Exchange Board of India (Portfolio Managers) Regulations, 1993: -
(i) in regulation 6, in sub regulation (2), in clause (d), for the words 'experience as portfolio manager or stock broker or investment manager' the words 'experience in related activities in portfolio management or stock broking or investment management' shall be substituted;
(ii) in regulation 7, -
(a) for the words "fifty lacs rupees" occurring at the end, the words "two crore rupees" shall be substituted;
Yes, the Networth should be Two Crore Rupees & for the existing Portfolio Managers should raise the Networth to 1 Crore in 1st 6 months & should have total Networth of 2 Crores by the end of 12 months from the date of Regulations (11th August 2008). The Capital Adequacy requirement has to be complied in addition to the Networth.
(iii) in regulation 16, for sub - regulation (8), the following shall be
inserted namely:-
" (8) The portfolio manager shall not hold the listed securities, belonging to the portfolio account, in its own name on behalf of its clients either by virtue of contract with clients or otherwise:
Provided that any portfolio manager holding the listed securities belonging to the portfolio account in its own name on behalf of its clients on the date of commencement of the Securities and Exchange Board of India (Portfolio Managers) (Amendment) Regulations, 2008 shall segregate each clients' listed securities and keep them separately within six months from such commencement:
Provided further that the Board may in the interest of investors or for the development of securities market, on an application made in this behalf by a portfolio manager with respect to any specific investment existing on the date of commencement of the Securities and Exchange Board of India (Portfolio Managers) (Amendment) Regulations, 2008, relax the strict enforcement of this regulation."
Find full detail in http://www.sebi.gov.in/acts/pmamendreg.pdf
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