The Securities and Exchange Board of India (Sebi) on Thursday asked portfolio managers at wealth management companies to freeze the portfolios of client accounts who had not co-operated for opening separate client accounts after at least three notices. The market regulator said the portfolio managers should return the securities of the funds to such clients.

According to the circular, fresh purchases on behalf of such clients cannot be made. However, selling of securities from such frozen portfolios may be undertaken and transfer of securities from such portfolios to respective clients’ accounts may also be effected.

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