Appointment of custodian required for portfolio managers, with exemptions for small managers and advisers under amended regulations. Amendments redefine 'principal officer' as an employee designated by the portfolio manager and set eligibility by either a professional qualification in finance, law, accountancy or business management, or at least ten years' related securities-market experience. A new rule mandates that every portfolio manager appoint a custodian for securities managed or administered by it, with exemptions for managers below a prescribed assets-under-management threshold and for those performing purely advisory functions. The amendments come into force on publication in the Official Gazette.
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Provisions expressly mentioned in the judgment/order text.
Appointment of custodian required for portfolio managers, with exemptions for small managers and advisers under amended regulations.
Amendments redefine "principal officer" as an employee designated by the portfolio manager and set eligibility by either a professional qualification in finance, law, accountancy or business management, or at least ten years' related securities-market experience. A new rule mandates that every portfolio manager appoint a custodian for securities managed or administered by it, with exemptions for managers below a prescribed assets-under-management threshold and for those performing purely advisory functions. The amendments come into force on publication in the Official Gazette.
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