PMS players had to change plans after restrictions on unlisted securities

Restrictions on unlisted securities to hit new schemes, alternative routes being explored

Multiple portfolio managers have had to look at a change in plans following the announcement of new regulations governing their segment.

Several portfolio management services (PMS) providers are now structuring their investments differently after restrictions on investments in unlisted securities, according to people familiar with the matter. Some players are withdrawing their applications for new schemes, while others are looking to use non-PMS structures, they said.

“There are (a) lot of applications we had filed… which specifically wanted to invest in unlisted securities. Though regulations have not been notified, but we clearly told them to withdraw…,” said one person who