SEBI mandates collective oversight for PMS distributors via APMI; registration criteria set by July 2024, effective Jan 2025.

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....SEBI has issued a circular regarding the collective oversight of distributors for Portfolio Management Services (PMS) through the Association of Portfolio Managers in India (APMI). The circular mandates that portfolio managers ensure distributors comply with SEBI regulations and the Code of Conduct. A working group reviewed the regulatory framework, leading to a public consultation. As per the circular, distributors must register with APMI, with criteria to be set by APMI. Effective from January 01, 2025, APMI will release registration criteria by July 01, 2024. The circular is issued u/s 11(1) of the SEBI Act, 1992 and Regulation 43 of SEBI (Portfolio Managers) Regulations, 2020, to safeguard investor interests and regulate the securities market.....