Operating Guidelines for Portfolio Managers in International Financial Services Centre (IFSC)

Last updated: 11 September 2020

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Quick Summary

The Securities and Exchange Board of India (SEBI) has issued new operating guidelines for Portfolio Managers (PMs) operating within International Financial Services Centres (IFSC). These guidelines, effective from September 9, 2020, aim to regulate and facilitate financial services related to the securities market in IFSCs. They outline requirements for registration, operational compliances, client eligibility, minimum investment amounts, and fee structures for PMs.

Securities and Exchange Board of India CIRCULAR SEBI/HO/IMD/DF1/CIR/P/2020/169 September 09, 2020 All Portfolio Managers Sir / Madam Subject: Operating Guidelines for Portfolio Managers in International Financial Services Centre (IFSC) 1. SEBI has issued SEBI (International

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FAQ :

These guidelines apply to Portfolio Managers setting up or operating in an IFSC. They are subject to the SEBI (Portfolio Managers) Regulations, 2020, and the SEBI (International Financial Services Centres) Guidelines, 2015.

Applicants must have a net worth of at least USD 750,000. For branches, the parent entity must meet this requirement. For subsidiaries, the subsidiary must meet it, or the parent entity's net worth will be considered.

Portfolio Managers operating in IFSC shall not accept funds or securities worth less than USD 70,000 from a client.

The circular is available on the SEBI website (www.sebi.gov.in) under the categories 'Info for – Portfolio Managers' and 'Legal framework – Circulars'.

The fees include a non-refundable application fee of USD 1,500, a registration fee of USD 15,000 for the certificate, and a recurring registration fee of USD 7,500 every three years.