Portfolio Management Services for Accredited Investors
Summary
This circular clarifies that the term 'accredited investor' in PMS Regulations carries the same meaning as defined under SEBI AIF Regulations. It exempts large value accredited investors from the exit load provisions specified in a previous 2020 circular, allowing such terms to be bilaterally negotiated. The document is issued under Section 11(1) of the SEBI Act and Regulation 43 of the PMS Regulations.
Text
It is hereby clarified that “accredited investor” shall have the same meaning as assigned to it under clause (ab) of sub-regulation (1) of regulation 2 of the SEBI (Alternative Investment Funds) Regulations, 2012.
in case of large value accredited investors, the quantum and manner of exit load applicable to the client of the Portfolio Manager shall be governed through bilaterally negotiated contractual terms and the provisions of para 3 (iv) of the Circular shall not be applicable.
Source: SecMarx — Portfolio Management Services for Accredited Investors. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.