Portfolio Managers - Amendment to Additional Information for registration / renewal applications
Summary
This circular amends the additional information required for Portfolio Manager registration or renewal applications pursuant to the 2008 amendment of the SEBI (Portfolio Managers) Regulations 1993. It replaces Point No. 8 regarding proposed services and Point No. 11 concerning the networth statement table with updated specifications. The directive is issued under Section 11 and 11A of the SEBI Act, 1992, to protect investor interests.
Text
Point No. 8 of Additional Information shall be replaced with: 'Details of the proposed services. Please furnish information regarding services you propose to launch under Portfolio Management. Forward a copy of the draft agreement with the client.'
In Point No. 11 of Additional Information, table on networth statement shall be replaced with following table: The statement of networth of ……….. based on audited / unaudited accounts as on …………. Amount Paid up equity capital Add: Free reserves (excluding reserves created out of revaluation) Less: Accumulated losses Less: Deferred expenditure not written off (including miscellaneous expenses not written off) Less: Minimum Capital Adequacy / networth requirement for any other activity undertaken under other SEBI Regulations. Networth
Source: SecMarx — Portfolio Managers - Amendment to Additional Information for registration / renewal applications. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.