On 10th January 2023, the Securities and Exchange Board of India (SEBI) issued a Circular in regard to the Change in Control of Portfolio Managers providing Co-Investment Services. This particular circular was issued in reference to Circular No. SEBI\/HO\/IMD-1\/ DOF1\/P\/CIR\/2022\/77 issued on 02nd June 2022, which specified the procedure for seeking prior approval in case of a change in control of the Portfolio Manager.<\/p>\n\n\n\n
The Circular henceforth stands partially modified in para 2 (iv) of the said Circular, which is to be read as under –
“Pursuant to the grant of prior approval by SEBI, in order to enable existing investors\/ clients to take a well-informed decision regarding their continuance or otherwise with the changed management, the portfolio manager shall inform its existing investors\/ clients about the proposed change prior to effecting the same and give the option to exit without any exit load, within a period of not less than 30 calendar days, from the date of such communication. However, for the clients under coinvestment portfolio management services, the Portfolio Manager shall ensure compliance with the second proviso of Regulation 22 (2) of PMS Regulations.”<\/p>\n","protected":false},"excerpt":{"rendered":"
On 10th January 2023, the Securities and Exchange Board of India (SEBI) issued a Circular in regard to the Change in Control of Portfolio Managers providing Co-Investment Services. This particular circular was issued in reference to Circular No. SEBI\/HO\/IMD-1\/ DOF1\/P\/CIR\/2022\/77 issued on 02nd June 2022, which specified the procedure for seeking prior approval in case […]<\/p>\n","protected":false},"author":61,"featured_media":62150,"parent":15144,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"download-newsletter.php","meta":[],"acf":[],"yoast_head":"\n