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Securities and Exchange Board of India CIRCULAR No.SEBI/HO/IMD/IMD-I DOF1/P/CIR/2021/693 Dated:December 21, 2021 To, All Portfolio Managers Dear Sir / Madam, Subject: Portfolio Management Services for Accredited Investors 1. The amendment to SEBI (Portfolio Managers) Regulations, 2020 (PMS Regulations) notified on August 03, 2021 (available at link), read with the Circular dated August 26, 2021inter-aliaintroduced the concept/framework of accredited investor and large val
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FAQ :
The circular clarifies the framework for Portfolio Management Services (PMS) for accredited investors.
These concepts were introduced through amendments to the SEBI (Portfolio Managers) Regulations, 2020, notified on August 3, 2021.
For large value accredited investors, the quantum and manner of exit load will be governed by bilaterally negotiated contractual terms.
No, the provisions of para 3(iv) of the SEBI Circular dated February 13, 2020, regarding exit loads, are not applicable to large value accredited investors.
The circular is available on the SEBI website (sebi.gov.in) under the categories 'Info for - Portfolio Managers' and 'Legal framework - Circulars'.
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Source : https://www.sebi.gov.in/legal/circulars/dec-2021/portfolio-management-services-for-accredited-investors_54828.html