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Sebi details operating guidelines for PMS in IFSC
Mumbai: The Securities together with Exchange Board of Asia (Sebi) on Wednesday in depth operating guidelines for profile management services at the foreign financial services centre (IFSC), together with said the applicants have to have a minimum net worth of at the very least $7,50,000.
The markets regulator also given that the minimum amount of resources to be accepted by profile managers operating in IFSC should be $70,000.
Sebi said such guidelines usually are put in place while using representations received from different stakeholders.
It said that any kind of Sebi-registered intermediary, other than trading as well as clearing members, or its international associates in collaboration with such Sebi-registered intermediary may provide profile management services in IFSC, by setting up a branch in IFSC.
Such an thing should ensure that exclusive time is allocated for supplying portfolio management services through the branch in IFSC, as well as the parent entity will be necessary to ring fence its home-based functions, legally, financially, operationally and technologically, from its operations at IFSC.
The limiter also said that the principal police officer and employee having problem solving authority related to fund administration and who are resident outdoor India may have certification via any other organization or organization or association or exchange which is recognized or certified by a financial market limiter in that foreign legal system. However, certification from NISM is mandatory if they package in Indian securities marketplaces.