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of <h1>SEBI Sets New Guidelines for Portfolio Managers on Benchmarking, Strategy Categorization, and Performance Reporting Effective April 2023.</h1> The circular issued by SEBI mandates new guidelines for performance benchmarking and reporting by portfolio managers. Portfolio managers must adopt investment strategies categorized as Equity, Debt, Hybrid, or Multi-Asset, and each investment approach (IA) must be tagged to one strategy. APMI will prescribe up to three benchmarks per strategy, and portfolio managers must select one for performance evaluation. Changes in strategy or benchmarks require offering clients an exit option without a load. Standardized valuation norms are to be followed, and performance reporting must include Time-weighted Rate of Return and Extended Internal Rate of Return. These provisions are effective from April 1, 2023.
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