Publishing of Investor Charter and disclosure of Investor Complaints by Portfolio Managers on their websites

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....etc. at one single place for ease of reference.   All registered Portfolio Managers are advised to bring to the notice of their clients the Investor Charter by prominently displaying on their websites. 3.  Additionally, in order to enhance transparency in the Investor Grievance Redressal Mechanism, all Portfolio Managers on a monthly basis shall disclose on their websites, the data pertaining to all complaints including SCORES complaints received by them in the format mentioned in Annexure-B. The information shall be made available by 07th of the succeeding month. 4.  Further, the Portfolio Managers are advised to display link/option on their websites and mobile apps so as to enable their clients to lodge complaint with them directly. Additionally, link to SCORES website/ link to download mobile app (SEBI SCORES) may also be provided by the Portfolio Managers on their website. 5.  The provisions of this circular shall come into effect from January 01, 2022. 6.  This circular is issued in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 read with Regulation 43 of the SEBI (Portfolio Man....

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....r's investment objectives. Under the Non-Discretionary Portfolio Management service, investment decisions taken at the discretion of the Investor. ii.  Investment Advisory Services: - Under these services, the Client is advised on buy/sell decision within the overall profile without any back-office responsibility for trade execution, custody of securities or accounting functions. The PMS provider shall be solely acting as an Advisor to the Client and shall not be responsible for the investment/divestment of securities and/or administrative activities on the client's portfolio. The PMS provider shall act in a fiduciary capacity towards its Client and shall maintain arm's length relationship with its other activities. The PMS provider shall provide advisory services in accordance with guidelines and/or directives issued by the regulatory authorities and/or the Client from time to time in this regard. iii.  Client On-boarding a.  Ensuring compliance with KYC and AML guidelines. b.  franking & signing the Power of Attorney to make investment decisions on behalf of the investor. c.  opening demat account and funding of the sam....

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....f nominee in PMS account and demat account. 10 days from receipt of requisite nominee modification form, subject to review of the documents for accuracy and completeness by portfolio manager and allied third party service providers as may be applicable. 6 Uploading of PMS account in KRA and CKYC database. 10  days  from  date  of  account  opening (Portfolio Manager may rely on the custodian for updating the same).   7 Whether portfolio manager is registered with SEBI, then SEBI registration number. At the time of client signing the agreement; this information should be a part of the account opening form and disclosure document. 8 Disclosure about latest networth of portfolio manager and total AUM. Disclosure of portfolio manager's total AUM - monthly to SEBI Disclosure of latest networth should be done in the disclosure document whenever there are any material changes. 9 Intimation  of  type  of  PMS account - discretionary. At the time of client signing the agreement; this information should be a part of the account opening form. 10....

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....lio investments. Indicative tenure should be disclosed at the time of client signing the agreement; this information should be a part of the account opening form. 24 Intimation clearly providing restrictions imposed by the investor on portfolio manager. Negative list of securities should be taken from the client at the time of client signing the agreement; this information should be a part of the account opening form. 25 Intimation regarding settling of client funds and securities. Settlement of funds and securities is done by the Custodian. The details of clients' funds and securities should be sent to the clients in the prescribed format not later than on a quarterly basis. 26 Frequency  of  intimation  of transactions  undertaken  in portfolio account. Not later than on a quarterly basis or upon clients' request. 27 Intimation regarding conflict of interest in any transaction. The portfolio manager should provide details of related party transactions and conflict of interest in the Disclosure Document which should be available on website of portfolio manager at all times. ....

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....the risks entailed by the said investment in PMS. 5.  Accurate and sincere answers given to the questions asked in the 'Risk Questionnaire' shall help the PMS provider properly assess the risk profile of the investor. 6.  Thorough study of the quarterly statements sent by the PMS provider to the investor intimating him about the portfolio's absolute and relative performance, its constituents and its risk profile. 7.  Ensure providing complete details of negative list of securities as part of freeze instructions at the time of entering into PMS agreement and every time thereafter for changes, if any, in a timely manner. 8.  To update the PMS provider in case of any change in the KYC documents and personal details and to provide the updated KYC along with the required proof.   Annexure- B Complaint Data to be displayed by Portfolio Managers Format for investor complaints data to be disclosed by Portfolio Managers on their website on monthly basis: Data for the month ending -    Sr. No. Received from Pending at  the end  of last month Received ....