{"id":31617,"date":"2020-04-29T15:01:02","date_gmt":"2020-04-29T09:31:02","guid":{"rendered":"https:\/\/enterslice.com\/learning\/?p=31617"},"modified":"2020-04-29T15:01:31","modified_gmt":"2020-04-29T09:31:31","slug":"sebi-rules-on-portfolio-management-system-and-impact-on-stakeholders","status":"publish","type":"post","link":"https:\/\/enterslice.com\/learning\/sebi-rules-on-portfolio-management-system-and-impact-on-stakeholders\/","title":{"rendered":"SEBI Rules on Portfolio Management System and Impact on Stakeholders"},"content":{"rendered":"<h2 class=\"wp-block-heading\">Overview of Portfolio Management System<\/h2>\n\n\n\n<p class=\"has-drop-cap\">When an\nindividual investor or company has a sufficient amount of investment, the\nindividual or company would consider investing it in some areas. The motive\nbehind the investment is to maximize profits and the rate of return on the\ninvestment. The individual investor would want to get the maximum benefits from\nthe investment. <strong>The sum of the\ninvestment would be invested in a portfolio comprising of shares, securities,\nbonds, and mutual funds. Therefore a portfolio is considered as a combination\nor cluster of different tools related to investment.<\/strong> This portfolio would\ncomprise of shares, securities, mutual funds, and bonds which provide a\ndifferent rate of returns on investment.<\/p>\n\n\n\n<p><strong>A portfolio is a combination of the above securities,\nwhich provide a maximum rate of return on the investment. An individual would\nwant to consider investing in the portfolio for securing the maximum about of\nreturn.<\/strong>&nbsp; The\nportfolio of securities would depend on the amount of income that is earned by\nthe individual investor. It would also depend on the amount of risk that is\ntaken in the <a class=\"glossaryLink\"  aria-describedby=\"tt\"  data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Market&lt;\/div&gt;&lt;div class=glossaryItemBody&gt;A market is a structured environment, either physical or virtual, where buyers and sellers convene to trade goods and services. This trading hub operates based on the principles of supply and(...)&lt;\/div&gt;\"  href=\"https:\/\/enterslice.com\/learning\/terms\/market\/\"  data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]'>market<\/a>, the market size, and other factors.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Portfolio Management System- SEBI Portfolio Management System<\/h2>\n\n\n\n<p><strong>A portfolio management system is a process and procedure for making investment decisions for a particular investment in a portfolio of securities.<\/strong>&nbsp; The<strong><a href=\"https:\/\/enterslice.com\/learning\/portfolio-management-services\/\"> portfolio management system<\/a><\/strong> is done by portfolio and asset managers. This system has been considered as the management of assets by a portfolio manager. Managing assets would comprise of the following:<\/p>\n\n\n\n<ol><li>Having an initial <strong>contract or\nagreement with the investor and the portfolio manager<\/strong>;<\/li><li>The <strong>terms of the agreement<\/strong>\nbetween the investor and portfolio manager;<\/li><li>Any form of <strong>fee arrangement\nthat is present between the investor and the manager<\/strong>;<\/li><li>Assets that are <strong>allocated to\nindividuals<\/strong> that become a part of the portfolio;<\/li><li><strong>Calculating and assessing\nthe amount of risk<\/strong> that the assets pose for the\ninvestor;<\/li><li>Ensuring that there is <strong>sufficient\ncompliance and monitoring<\/strong>; and<\/li><li>Ensuring that portfolio managers protect sensitive data of investors.<\/li><\/ol>\n\n\n\n<p>The above\nprocess would apply to a system of portfolio management. Portfolio management\ncan be understood as the process of managing individuals&rsquo; investments in\nsecurities. <strong>The securities would\ncomprise of mutual funds, shares, stocks, bonds, and debentures. The type of\ninvestment would be taken into consideration for portfolio management.<\/strong> When\naccessing the amount of returns that would be expected from a proper system of\nportfolio management, the following factors are followed:<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">SWOT Analysis (Strengths, Weaknesses, Opportunities and Threats)<\/h2>\n\n\n\n<ul><li><strong>Strengths-<\/strong> One of the main objectives of <strong>active portfolio management is to identify and access the advantages of a particular portfolio<\/strong>. Apart from this, the <strong><a href=\"https:\/\/enterslice.com\/learning\/portfolio-managers\/\">portfolio manager<\/a><\/strong> would consider the available income of the investors. This is regarded as one of the preliminary stages of portfolio management.&nbsp; <br><\/li><li><strong>Weaknesses-<\/strong> The manager also considers <strong>the weakness of a particular portfolio.<\/strong> <strong>A prudent manager would not suggest a weak portfolio.<\/strong> Therefore determining the strengths and weaknesses of a specific portfolio is one of the main responsibilities of a portfolio manager.<br><\/li><li><strong>Opportunities-<\/strong> In this part of portfolio management, the portfolio manager would consider the type of opportunities available to the investor.&nbsp; <strong>If a particular portfolio has the potential opportunity to secure more amount of investment, then the manager would recommend the investor to consider that portfolio.<\/strong><\/li><\/ul>\n\n\n\n<ul><li><strong>Threats-<\/strong> With a new form of\nopportunity, there would also be risks present with the portfolio. <strong>Every portfolio manager must explain the\nrisks and threats which pose a danger to the investor. Usually, when it comes\nto advertising and promotions, portfolio management companies would demonstrate\nthe potential impact of the investor.<\/strong> <strong>For\nexample, a portfolio management company that is dealing in the business of\nmutual funds has to explain the amount of risks that are present in the\ninvestment opportunity to the investor. If the mutual fund company is promoting\nadvertisements, then there would be a disclaimer effectually stating that\nmarket risks are present when an investor considers the opportunity of\ninvesting in mutual funds.<\/strong> <\/li><\/ul>\n\n\n\n<p>One of the main threats of the portfolio\nis market-related risks. Market activities are always volatile and depend on\nvarious factors.&nbsp; These factors can,\ndirectly and indirectly, affect the market in multiple ways. Therefore a\nportfolio manager has to keep the threats in mind before explaining the\ninvestment opportunity to an investor.<\/p>\n\n\n\n<p>The <strong>Securities Exchange Board of India (SEBI)\nis the regulatory body for managing portfolio management systems in India.<\/strong>\nSEBI portfolio management system has established a framework ever since it was\nintroduced in 1992. <strong>SEBI portfolio\nmanagement system regulations have come out intending to manage portfolio\nmanagers and ensure that they act in the best interests of the investors. The\nfirst portfolio management regulations were brought out in 1993. This is\nconsidered as the SEBI (Portfolio Managers) Regulations, 1993.<\/strong> &nbsp;These regulations were <strong>related to registration, management, and governance of portfolio managers\nacross the country<\/strong>. Due to various mismanagements and corporate governance\nfrauds in the past, these regulations have been amended from time to time to\ncome in line with the SEBI Portfolio Management system adopted by companies\nrecently.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Karvy Securities Mismanagement<\/h2>\n\n\n\n<p><strong>Mismanagement of funds was present in Karvy Securities\nLimited. The portfolio management company, without the consent of the\ninvestors, took shares from their Demat accounts.<\/strong>\nThese shares were transferred to the Demat account, which was used by Karvy. <strong>After this, the shares were pledged with\nthe bank for money.<\/strong> This money was transferred to another subsidiary of\nKarvy. In light of the above reasons, transparency is a requirement when it\ncomes to Portfolio Management Systems. <\/p>\n\n\n\n<p><strong>SEBI portfolio management system ensures that this\nframework is obtained by having an efficient method of corporate governance in\nplace.<\/strong>&nbsp; Due\nto such mismanagement of funds, there was a requirement to bring out stringent\nregulations related to the SEBI Portfolio Management System. <strong>The SEBI portfolio management system is\nused by firms that are registered as portfolio managers. These companies have\nto comply with the laws related to the SEBI portfolio management system<\/strong>.\nSEBI portfolio management system ensures that the interest of investors is\nmaintained.<strong><\/strong><\/p>\n\n\n\n<p>A portfolio can\nbe managed according to the requirements of the investor. Therefore the\nportfolio management company has to be compliant with the SEBI portfolio\nmanagement regulations. <strong>The SEBI\nPortfolio Management Regulations define the meaning of a portfolio manager as a\ncorporate body who has some form of agreement with the investor and provides\nconsulting services either directly or indirectly. Consulting services here\nalso involves management of the portfolio. <\/strong><\/p>\n\n\n\n<p><strong><em>The various types of portfolio management under the SEBI portfolio management system are:<\/em><\/strong><\/p>\n\n\n\n<ul><li><strong>Discretionary Portfolio Management-<\/strong>\nThe investors here consider the advice from professional portfolio managers.\nInvestors having no information regarding the management of securities would\nopt for this form of portfolio management. <strong>The\nPortfolio manager would maintain the portfolio of funds according to the\nrequirements of the client<\/strong>.<\/li><\/ul>\n\n\n\n<ul><li><strong>Non Discretionary Portfolio Management-<\/strong> There is <strong>no control or discretion<\/strong> by the portfolio manager in managing this form of Portfolio Management System. <strong>The manager would manage the funds <\/strong><a href=\"https:\/\/enterslice.com\/learning\/portfolio-manager-registration-requirements\/\"><strong>according to the requirements<\/strong><\/a><strong> of the investors.<\/strong><\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Objectives of SEBI Portfolio Management System<\/h2>\n\n\n\n<ul><li><strong>Investment would be catered according to the needs of the client<\/strong>&ndash; The client can opt for discretionary portfolio management or\nnon-discretionary portfolio management. <strong>Therefore\nthe investor is the decision-maker behind handling investments in an effective\nway to maximize profits.<\/strong><\/li><li><strong>Gateway to investment options-<\/strong>\nThrough an effective system of portfolio management, the investor would get an\nopportunity to choose from various portfolio management options. <strong>The investor can access the strengths,\nweaknesses, opportunities, and threats through this system<\/strong>. Through this\nsystem, an informed decision can be made by the investor. <\/li><\/ul>\n\n\n\n<ul><li><strong>Experience and Skill-<\/strong> Portfolio <strong>Managers would be qualified in handling\nrisks and making decisions.<\/strong> Therefore by considering the process of\nportfolio management, the portfolio would be handled by experienced\nprofessionals, thus reducing the risk.<\/li><\/ul>\n\n\n\n<ul><li><strong>Liquidity-<\/strong> One of the main aims of\nportfolio management is to improve the amount of return from the investment. By\ninvesting in a portfolio of different securities, the investor would get the\noption to obtain liquidity from various sources of funds. <strong>Consider taking an example of an investor who engages a portfolio\nmanager to invest a certain amount in a portfolio comprising of shares,\nsecurities, real estate, and bonds. Depending on the market performance, the\nportfolio would provide continuous liquidity to the investor from different\nsources.<\/strong><\/li><\/ul>\n\n\n\n<ul><li><strong>Reduction of Tax-<\/strong> Certain investors\ncan reduce the amount of tax through active portfolio management.&nbsp; <\/li><\/ul>\n\n\n\n<p>Therefore <strong><a href=\"https:\/\/www.sebi.gov.in\/\">SEBI<\/a><\/strong> Portfolio Management System portrays the above objectives of managing a portfolio.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">SEBI Portfolio Management System- Guidelines for Portfolio Managers<\/h2>\n\n\n\n<p><strong>To establish governance and transparency, SEBI has\nbrought out specific guidelines related to the management of portfolio by\nportfolio managers<\/strong>. These guidelines have taken\nconsiderations of the past activities of mismanagement of funds by portfolio\nmanagers. The guidelines specify the following:<\/p>\n\n\n\n<ul><li>The guidelines are issued based\non the <strong>Securities and Exchange Board of\nIndia (Portfolio Managers) Regulations, 2020 (&lsquo;2020 Regulations&rsquo;).<\/strong><\/li><li>Specifications regarding the\neligibility to act as a portfolio manager can only be through the board.<\/li><li>There are <strong>specific eligibility criteria as per Schedule II of the&nbsp; Securities and Exchange Board of India (Intermediaries)\nRegulations, 2008<\/strong><\/li><li>To be registered as a <strong>portfolio manager the manager should have a\nnet worth of Rs. 5 Crore<\/strong> and this amount must be present from three years\nof commencement of the business of portfolio management.<\/li><li><strong>SEBI Portfolio Management System has been brought out based on the\n2020 regulations<\/strong> related to portfolio management.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Payment of Fees (SEBI Portfolio Management System)<\/h2>\n\n\n\n<ul><li><strong>Regulation 22(11) of the 2020 regulations<\/strong> <strong>do not require a fee to be paid to the portfolio manager.<\/strong> This fee should not be charged either directly or indirectly from the client.<\/li><li>Brokerage fees which would be charged to the client. This would be considered as expenses.<\/li><li>Other fees such as <strong>operating fees apart from the service fee should not be more than 0.50% per annum for the Investor\/ Client Assets under Management (AUM)<\/strong><\/li><li>If the portfolio of the investor or client is redeemed in full or par, then the following exit load would be charged:<ul><li>1<sup>st<\/sup> year &ndash; up to 3% is charged as exit load;<\/li><li>2<sup>nd<\/sup> year &ndash; up to 2% is charged as exit load;<\/li><li>3<sup>rd<\/sup> year- up to 1% is charged as exit load; and<\/li><li>4<sup>th<\/sup> year- No form of exit load is charged on the redemption for the 4<sup>th<\/sup> year. <\/li><\/ul><\/li><li><strong>Brokering Charges should be capped to a maximum of 20%<\/strong> as per the value related to the associate<\/li><\/ul>\n\n\n\n<div class=\"read\"><p><b>Read, Also:<\/b> <mark><a href=\"https:\/\/enterslice.com\/learning\/portfolio-management-and-mutual-fund\/\" target=\"_blank\" rel=\"noopener noreferrer\">Difference Between Portfolio Management and Mutual Fund<\/a><\/mark>.<\/p><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Requirements for Direct onboarding (SEBI Portfolio Management System)<\/h2>\n\n\n\n<ul><li>The portfolio manager <strong>would provide consulting services through\ndirect onboarding.<\/strong><\/li><li>All the information on\ndisclosure documents have to be published in the website regarding the direct\nprocess of onboarding.<\/li><li>No charges should be added when\nonboarding.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Marketing\/ Promotion for Investment Approach (SEBI Portfolio Management System)<\/h3>\n\n\n\n<ul><li>All particulars related to\ninvestment must be the same <strong>across\nwebsites, regulatory documents, client documents, disclosure documents, and\nmarketing materials.<\/strong><\/li><li>Descriptive information on the\ninvestment approach related to the portfolio management company should contain\nthe following:<ul><li>Objectives\/ Goals related to\nInvestment;<\/li><\/ul><ul><li>Types of securities that are\npresent in the portfolio- whether the securities debt listed or equity listed\nor convertible instruments;<\/li><\/ul><ul><li><a class=\"glossaryLink\"  aria-describedby=\"tt\"  data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Basis&lt;\/div&gt;&lt;div class=glossaryItemBody&gt;In finance, the &amp;quot;basis&amp;quot; is a term with several applications, including representing the difference between the spot price and the future contract price of an asset, which is vital in investment(...)&lt;\/div&gt;\"  href=\"https:\/\/enterslice.com\/learning\/terms\/basis\/\"  data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]'>Basis<\/a> of selection of the\nsecurities;<\/li><\/ul><ul><li>Portfolios which are offered\nacross different types of investments;<\/li><\/ul><ul><li>Market risks associated with\nthe investments; and<\/li><\/ul><ul><li>Tenure or period of the\ninvestment.<\/li><\/ul><\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Corporate governance reporting (SEBI Portfolio Management System)<\/h2>\n\n\n\n<ul><li>In compliance with proper\nstandards of <strong>corporate governance and\nreporting, portfolio managers\/portfolio companies have to report to the SEBI\none a year or twice a year<\/strong>.<\/li><li>Portfolio managers to be\ncompliance with Corporate Governance reporting have to submit the following:<\/li><li>Certificate from <strong>Qualified Chartered Accountant &ndash; the net\nworth of the portfolio manager as of 31 March every year based on accounts\nwhich are audited within six months from the end of the financial year.<\/strong><\/li><li><strong>Compliance Certificate regarding the SEBI Portfolio Management\nSystem and SEBI Portfolio Management Regulations.<\/strong>\nThis has to be signed by the principal officer within 60 days of each financial\nyear. Any form of actions related to correction have to be brought out in this\nreport<\/li><li>Every portfolio manager has to <strong>submit a monthly report regarding the\nportfolio management activity<\/strong>. This must be submitted on the <strong>online SEBI Intermediaries within seven\nworking days before the end of every month.<\/strong><\/li><li>Apart from the above, <strong>a report has to be furnished by the\nPortfolio Managers every quarter.<\/strong><\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Performance of Managers (SEBI portfolio Management system)<\/h2>\n\n\n\n<p>According to\nRegulation 22(4) e, the performance reports of portfolio managers have to have\nthe following:<\/p>\n\n\n\n<ul><li><strong>Performance<\/strong> <strong>is based on the actual cash holdings and the liquid funds<\/strong>. For\nunderstanding the performance of a portfolio manager, all the above has to be\nconsidered.<\/li><li>All fees and expenses have to\nbe reported.<\/li><li>If there is <strong>any alteration in the investment approach,\nwhich would directly or indirectly affect the portfolio of the client. This\nchange must also be brought out in the marketing material.<\/strong><\/li><li>Performance report which is <strong>submitted to SEBI must be the same which is\nmentioned in the marketing material and the website of the portfolio manager.<\/strong><\/li><li>The <strong>aggregate performance should be the same as the total performance<\/strong>\nof the portfolio manager.<\/li><li>A <strong>disclaimer has to be provided that SEBI does not verify the marketing\ninformation<\/strong>.<\/li><\/ul>\n\n\n\n<p>The above\nrequirements have to be <strong>complied with\nand reported to SEBI within 60 days at the end of each financial year.<\/strong><\/p>\n\n\n\n<p><strong>Director or Partners of the portfolio manager has to\nverify and certify the report.<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Material Adverse Change (Disclosure Documents) (Regulation 22(7))<\/h2>\n\n\n\n<p>If there is any\nform of change in the structure of the portfolio manager or material change,\nthen this must be reported to SEBI. The following would be considered to apply\nas a material Change:<\/p>\n\n\n\n<ul><li>Change of Portfolio;<\/li><li>Change in Directors;<\/li><li>Services Includes; and<\/li><li>Change in Fees.<\/li><\/ul>\n\n\n\n<p>The above\nchanges are material changes according to SEBI Portfolio Management System.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Monitoring Distributors- SEBI Portfolio Management System Regulation 23(10)<\/h2>\n\n\n\n<ul><li>Services of <strong>famous distributors have to be used. The\nvalid distributors should have a valid AMFI (Association of Mutual Funds in\nIndia) Number.<\/strong><\/li><li>The expenses such as <strong>fees and commission must be paid to the\ndistributors on a trial basis.<\/strong><\/li><li><strong>Any fee or expense<\/strong> that is paid to the <strong>distributor must be informed to the client\/\ninvestor.<\/strong><\/li><li><strong>Ensure that distributors are compliant with the code of conduct.<\/strong><\/li><li><strong>Self-certification has to be provided by distributors at the end of\n15 days<\/strong>.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Impact of the SEBI Guidelines on Portfolio Managers<\/h3>\n\n\n\n<p>These guidelines\nwere brought out to increase the amount of corporate governance norms and\nreporting standards. <strong>The new rules of\nthe SEBI portfolio management system ensure there is transparency between the\ninvestors and the managers. <\/strong>Portfolio managers are not allowed to charge\nfees to the clients, but the only amount that can be charged to clients are the\noperating expenses. In the wake of the new guidelines and rules, the managers\nwould not be affected as most of the investors who invest in portfolio are high\nnet individuals. <strong>Though these rules and\nguidelines would impact the profitability of the portfolio manager, still the\nmotive behind bringing out the law was to improve transparency in the portfolio\nmanagement system. Through the SEBI Portfolio Management System an effective\nframework can be maintained.<\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Conclusion for SEBI Portfolio Management System<\/h3>\n\n\n\n<p><strong>Portfolio management is a process in which companies\nmanage a pool of investments. This pool of investments is called a portfolio.\nThe portfolio would normally comprise of securities such as shares, bonds,\ndebentures and other securities<\/strong>. To effectively\nmanage a portfolio for an investor, a manager has to use the <strong>SWOT analysis.<\/strong> Through the above an investment\ncan be matched to the correct portfolio. <strong>SEBI\nportfolio management system has a set framework of guidelines which portfolio\nmanagers across India follow. The SEBI portfolio management system ensures that\nthere is a proper framework for corporate governance established in portfolio\nmanagers firms.<\/strong> This is due to the mismanagement of funds by Karya\nSecurities.&nbsp; <strong>By using the SEBI portfolio management system, the standards of\nreporting and governance have improved.<\/strong><\/p>\n\n\n\n<div class=\"read\"><p><b>See Our Recommendation:<\/b> <mark><a href=\"https:\/\/enterslice.com\/learning\/changes-in-portfolio-management-system-norms\/\" target=\"_blank\" rel=\"noopener noreferrer\">SEBI Proposed Significant Changes to Portfolio Management System Regulations<\/a><\/mark>.<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Overview of Portfolio Management System When an individual investor or company has a sufficient amount of investment, the individual or company would consider investing it in some areas. The motive behind the investment is to maximize profits and the rate of return on the investment. The individual investor would want to get the maximum benefits [&hellip;]<\/p>\n","protected":false},"author":37,"featured_media":31620,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[1329,1599],"tags":[2965],"acf":{"service_id":"227"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v14.6.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>SEBI Rules on Portfolio Management System and its Impact on Stakeholders<\/title>\n<meta name=\"description\" content=\"SEBI portfolio management system regulations have come out intending to manage portfolio managers and ensure that they act in the best to the investors.\" \/>\n<meta name=\"robots\" content=\"index, follow\" \/>\n<meta name=\"googlebot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta name=\"bingbot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterslice.com\/learning\/sebi-rules-on-portfolio-management-system-and-impact-on-stakeholders\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SEBI Rules on Portfolio Management System and its Impact on Stakeholders\" \/>\n<meta property=\"og:description\" content=\"SEBI portfolio management system regulations have come out intending to manage portfolio managers and ensure that they act in the best to the investors.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterslice.com\/learning\/sebi-rules-on-portfolio-management-system-and-impact-on-stakeholders\/\" \/>\n<meta property=\"og:site_name\" content=\"Enterslice\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/enterslice\" \/>\n<meta property=\"article:published_time\" content=\"2020-04-29T09:31:02+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-29T09:31:31+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2020\/04\/SEBI-Rules-on-Portfolio-Management-System-and-its-Impact-on-Stakeholders.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"670\" \/>\n\t<meta property=\"og:image:height\" content=\"352\" \/>\n<meta name=\"twitter:card\" content=\"summary\" \/>\n<meta name=\"twitter:creator\" content=\"@enterslice\" \/>\n<meta name=\"twitter:site\" content=\"@enterslice\" \/>\n<!-- \/ Yoast SEO plugin. -->","authorName":"Varun Hariharan","authorImageUrl":"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2020\/03\/Image.png","authorDescription":"Varun Hariharan has completed the Legal Practice Course from BPP Law School, Manchester. He has a Masters in Commercial and Corporate Law from the Queen Mary University of London and LLB Honours from Bangor University, UK.  He specialises in law related to corporate, artificial intelligence and technology law.","postViews":553,"readingTime":9,"nextPost":{"id":31633,"slug":"chinese-fdi-in-india"},"prevPost":{"id":31590,"slug":"innovation-in-insurance-regulatory-sandbox-for-insurance-products"},"featuredMediaUrl":"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2020\/04\/SEBI-Rules-on-Portfolio-Management-System-and-its-Impact-on-Stakeholders.jpg","postTerms":"Finance Business","_links":{"self":[{"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/posts\/31617"}],"collection":[{"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/users\/37"}],"replies":[{"embeddable":true,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/comments?post=31617"}],"version-history":[{"count":0,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/posts\/31617\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/media\/31620"}],"wp:attachment":[{"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/media?parent=31617"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/categories?post=31617"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/tags?post=31617"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}