Eligible fund manager framework established: registration, segregation, disclosure and AML obligations for portfolio managers. The amendment creates a distinct regulatory Chapter II-A for portfolio managers acting for eligible fund managers and eligible investment funds (as defined in the Income-tax Act), prescribes entry procedures for existing and new registrants, sets out operational obligations including segregation of funds, custodian and bank requirements, quarterly reporting and AML compliance, and grants specified exemptions from certain provisions of the principal regulations while inserting Schedule VI with required declarations.
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Provisions expressly mentioned in the judgment/order text.
Eligible fund manager framework established: registration, segregation, disclosure and AML obligations for portfolio managers.
The amendment creates a distinct regulatory Chapter II-A for portfolio managers acting for eligible fund managers and eligible investment funds (as defined in the Income-tax Act), prescribes entry procedures for existing and new registrants, sets out operational obligations including segregation of funds, custodian and bank requirements, quarterly reporting and AML compliance, and grants specified exemptions from certain provisions of the principal regulations while inserting Schedule VI with required declarations.
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