https://www.taxtmi.com/circulars?id=63465 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. en-us Thu, 13 Feb 2020 00:00:00 +0530 Tue, 03 Feb 2026 14:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=63465 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. Circulars SEBI Thu, 13 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/circulars?id=63465