Govt notifies first overhaul of the portfolio management services regulations in two decades
Updated : January 21, 2020 05:56 PM IST
Existing portfolio managers have to meet the enhanced requirement within 36 months, Sebi said.
Sebi said, individuals who have passed the NISM Mutual Fund exams or who have an ARN number for mutual funds should be allowed to distribute a PMS until separate norms are formulated for certification of PMS distributors.
PMS emerged as an alternative to mutual funds to high net-worth investors who were willing to take some extra risk for higher returns without being subject to the various investment restrictions on mutual funds imposed by the market regulator.