Business Daily from THE HINDU group of publications
Friday, Sep 11, 2009
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Business Daily from THE HINDU group of publications Friday, Sep 11, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Markets
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Regulatory Bodies & Rulings Our Bureau Mumbai, Sept. 10 SEBI has allowed registered portfolio managers to undertake new clients provided the portfolios of existing non-compliant clients are frozen. Earlier SEBI had restricted those portfolio managers from undertaking new clients who had not complied with Regulation 16(8) of SEBI’s Portfolio Managers Regulations even after the expiry of the extended deadline of May 10, 2009. “Soliciting new business from even those clients who were compliant with the SEBI regulation was not possible. Top ups were not being accepted which has now been allowed,” Mr P. Phani Sekhar, Fund Manager-PMS for Angel Broking, said. SEBI also directed the portfolio managers to discontinue the services to those clients who are not willing to open separate client accounts, after serving at least three-month notice, and return the securities/funds to the clients. “Fresh purchases on behalf of such clients (non-compliant) shall not be made, a SEBI circular issued on Thursday said adding “selling of securities, however, from such frozen portfolios may be undertaken.” “Transfer of securities from such frozen portfolios to respective client’s account may also be effected,” SEBI said. According to the SEBI regulation, portfolio managers have to maintain separate client accounts, as against the earlier practice of having a pool account for securities, by February 27, 2009. Following representation from portfolio managers SEBI had extended the deadline to May 10, 2009. More Stories on : Regulatory Bodies & Rulings | Asset Management Companies
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