sebi:WTM/SR/IMD/36/02/2015
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Facts / Headnote
Application for renewal of Certificate of Registration as a Portfolio Manager submitted by Sahara AMC rejected; Certificate of Registration (SEBI Registration Number: PM/INP000001868) to stand cancelled after thirty days from receipt of the Order.
Provisions invoked
- s. 19
- s. 27
- s. 24(1)
Regulations
- Reg. 6
- Reg. 3
- Reg. 9
- Reg. 10
- Reg. 10(1)
- Reg. 6A
- Reg. 6(1)(f)
Parties
- Sahara AMC (PAN: AAACF1696A)
Holding
SEBI rejected Sahara AMC's application for renewal of its Certificate of Registration as a Portfolio Manager, holding that Sahara AMC is not a 'fit and proper person' under the Portfolio Managers Regulations. The Certificate of Registration was ordered to be cancelled after thirty days, with Sahara AMC barred from taking new clients in the interim and required to transfer its business or allow clients to withdraw securities and funds without additional cost.
Full text
Page 2 of 12 6. Pursuant to receipt of reply and in conformity with the requirements of Regulation 10(1) of the Portfolio Managers Regulations, an opportunity for personal hearing was granted to Sahara AMC, on December 4, 2014. In its replies/written submissions and during the aforesaid hearing, Sahara AMC inter alia made the following submissions –
Page 3 of 12 8.2 Before proceeding further, it is pertinent to refer to the relevant provisions of the Portfolio Managers Regulations, which read as under:
Page 4 of 12 (2) The refusal to grant registration shall be communicated by the Board within thirty days of such refusal to the applicant stating therein the grounds on which the application has been rejected. (3) Any applicant may, being aggrieved by the decision of the Board under sub-regulation (1), apply within a period of thirty days from the date of receipt of such intimation, to the Board for reconsideration of its decision. (4) The Board shall reconsider an application made under sub – regulation (3) and communicate its decision as soon as possible in writing to the applicant.
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Source: SecMarx — sebi:WTM/SR/IMD/36/02/2015. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.