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Markets regulator Sebi on Tuesday barred Kalapi Shah, responsible for conducting business of Teji Mandi Analytics Private Ltd (TMAPL), from the securities market for five years, for flouting portfolio management services rules. Teji Mandi, a registered authorized person of Anugrah Stock and Broking Private Ltd (ASBPL) with NSE, aided ASBPL in carrying out the portfolio management services (PMS) activities in violation of the norms. In its order, Sebi said that Kalapi Shah, the husband of Riddhi Kalapi Shah, along with Anil Gopal Gandhi, was instrumental in managing the affairs of TMAPL. In other words, Riddhi was only a 'namesake director' and was 'filling-in' for her husband. Further, Sebi noted that the affidavit dated August 19, 2020 submitted to it also reaffirmed his responsibility for conducting the business of TMAPL. Besides, the regulator noted that while performing the role of a director on behalf of his wife, Kalapi Shah even signed the board resolutions, sent e-mail ...
Markets regulator Sebi on Thursday decided to promote collective oversight of PMS distributors by making registration with the Association of Portfolio Managers in India (APMI) mandatory for them. The move is aimed at promoting ease of doing business initiatives for portfolio managers. The new directive would come into effect from January 1, 2025, and APMI would issue the criteria for registration of distributors by July 1, this year, Sebi said in a circular. "In order to facilitate collective oversight of PMS (Portfolio Manager Services) distributors at the industry level, it has been decided that any person or entity involved in the distribution of portfolio management services shall obtain registration with APMI," Sebi said. Portfolio Managers have been asked to ensure that any person or entity engaged in the distribution of its services has obtained registration with APMI, in accordance with the criteria laid down by APMI. This is in line with the practice already being follow
Markets regulator Sebi on Thursday proposed promoting collective oversight of PMS distributors by making registration with the Association of Portfolio Managers in India (APMI) mandatory for them and facilitating ease of digital onboarding process for portfolio managers' clients. The proposals are aimed at promoting ease of doing business initiatives for portfolio managers. This came after the Finance Minister in the Budget announcements for the financial year 2023-24 made an announcement to simplify, ease, and reduce the cost of compliance for participants in the financial sector through a consultative approach. In its consultation paper, the regulator proposed making registration with APMI mandatory for PMS (Portfolio Manager Services) distributors. The recommendation is in line with the practice already being followed in the mutual fund industry, wherein, mutual funds distributors are required to register with the Association of Mutual Funds in India (AMFI) and obtain an ARN (AM
Capital markets regulator Sebi on Monday cautioned investors against unauthorised money mobilisation by entities claiming to provide portfolio management services. Further, the regulator noted that these entities have been luring the public, with a promise of high returns, through pamphlets and social media platforms. It was observed that in such schemes, the entities have been mobilising money in relatively smaller amounts and promising assured returns, Sebi said in a statement. The advisory comes after the Securities and Exchange Board of India (Sebi) noted that some entities are collecting money from the public claiming to provide portfolio management services. Some of the entities have names similar to that of Sebi-registered intermediaries, misleading the public, as though the fund raising is genuine and done by entities registered with the regulator. Sebi, therefore, cautioned "investors not to fall prey to such unauthorised money collection" and advised them to deal only wit