Portfolio manager fee restrictions ban upfront fees, cap operating expenses, and limit exit loads over investment years. SEBI mandates that Portfolio Managers cannot charge upfront fees, must charge brokerage at actuals, and cap operating expenses (excluding brokerage) at 0.50% per annum of a client's average daily AUM; exit loads are tiered with no load after three years. Managers must offer direct client on boarding without intermediary charges, standardise and disclose investment approaches across documents, submit monthly reports to SEBI and quarterly reports to clients, provide annual audited firm level performance and compliance certifications, and ensure distributors meet qualification, payment, disclosure and conduct requirements.
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Provisions expressly mentioned in the judgment/order text.
Portfolio manager fee restrictions ban upfront fees, cap operating expenses, and limit exit loads over investment years.
SEBI mandates that Portfolio Managers cannot charge upfront fees, must charge brokerage at actuals, and cap operating expenses (excluding brokerage) at 0.50% per annum of a client's average daily AUM; exit loads are tiered with no load after three years. Managers must offer direct client on boarding without intermediary charges, standardise and disclose investment approaches across documents, submit monthly reports to SEBI and quarterly reports to clients, provide annual audited firm level performance and compliance certifications, and ensure distributors meet qualification, payment, disclosure and conduct requirements.
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