Minimum investment limit in PMS fund was doubled

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(Commerce Rep) Mumbai, Ta. 20 November 2019, Thursday

The Securities and Exchange Board of India (SEBI) has decided to increase the minimum investment limit in portfolio management services (PMS) from double to Rs 1 lakh now. In addition to this, Sebi has also announced raising the net worth requirement of portfolio managers to Rs 5 crore from Rs. Current portfolio managers will have 6 months to meet this net worth requirement.

Addressing a press conference here today, Sebi Chairman Ajay Tyagi said that the decision to double the investment limit in PMS was Rs 2 lakh. Explaining this, of course, the current investment in PMS will be allowed to continue till the end of the PMS agreement.

Sebi chairman further said that non-disciplinary advisory portfolio managers will not be allowed to invest more than 5% of their asset under management (AUM) in unlisted securities. With the exception of these, the off-market will now control the transfer of their accounts from the customer to the customer.

The SEBI must also appoint a custodian by all portfolio managers (except advisory services providers). SEBI today has to declare its banks or other financial institutions for the companies listed with it within 5 hours of the 7th day from the date of the prepayment advance prepayment of default of principal loan or interest payment.

In addition, as per March 1, the Capital Markets Directorate will have to include Business Responsibility Reporting (BRR) as part of their Annual Reports-Annual Report on the basis of market capitalization every financial year. That was needed for the top 5 companies so far.

Among other important decisions that Sebi has taken with it today, it has reduced the duration of the Wright issue to 3 days. Right now, T plus 5 to 3 days for the Right Issue is available to complete the process. Which has now been reduced to T plus 3 days. "This period will be further reduced in the coming days," Sebi Chairman Tyagi said. In addition, Sebi has announced the entry of rights entitlements trading days and dematerialized rights entitlements on the stock market.

Shareholders holding shares in physical form will now have to provide details of the demat account to the company for depositing the rights entitlements. Asba facility is mandatory for all investors applying for the Right Issue. Meanwhile, the SEBI chairman asked about the technology shortcomings that are frequently occurring on the NSE stock market and said that such defects should not be made infrequently, for which the NSE would seek clarification.


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