84. (1) An application for the grant of certificate of registration as Investment Trust shall be made, by the sponsor on behalf of the trust to the Authority in the format specified by the recognised stock exchange(s) or the Authority, and shall be accompanied by a non-refundable fee as may be specified by the Authority. (2) The Authority may, in order to protect the interests of investors, appoint any person to take charge of records, documents of the Investment Trust and for this purpos... ... ...

Mumbai, Sep 11 (PTI) BRICS finance ministers and central bank governors called for greater representation of emerging-market and developing economies in the IMF and World Bank, and criticised unilateral tariffs and trade measures, as the expanded bloc sought to strengthen financial cooperation amid rising geopolitical and economic fragmentation. In a joint statement issued after meeting here, the ministers and central bank governors backed greater use of local currencies for trade and investm... ... ...

83. (1) For the purpose of this Part of Chapter VI: (a) "eligible infrastructure project" means an infrastructure project which, prior to the date of its acquisition by, or transfer to, the InvIT, satisfies the following conditions, (i) For PPP projects,- (a) the Infrastructure Project which is completed and revenue generating project; (b) the Infrastructure Project which has achieved commercial operations date (COD) and does not have the track record of r... ... ...

PART B: INVESTMENT TRUST 82. (1) Any person from IFSC or India or a foreign jurisdiction, desirous to operate an Investment Trust in the IFSCs shall obtain registration with the Authority. (2) An Investment Trust is permitted to raise funds through: (a) Public issue with units listed on a recognised stock exchange ; (b) Private placement with units listed on a recognised stock exchange ; or (c) Private placement whose units are not proposed to be listed on an... ... ...

81. (1) A FME may also provide services to multi-family office under a portfolio management agreement as detailed in this Chapter. (2) The Authority may specify additional conditions, additional permissible investment, etc., for FMEs providing services to multi-family office under a portfolio management agreement. =============... ... ...

80. A FME as part of its portfolio management services shall enter into an agreement with prospective clients for providing advisory services, provided: (a) it complies with the Regulation 43 to 50 of the IFSCA (Capital Market Intermediaries) Regulations, 2021. (b) it complies with the code of conduct under the IFSCA (Capital Market Intermediaries) Regulations, 2021; and (c) Advisory services are for a portfolio not less than USD 75,000 in value. =============... ... ...

Portfolio management services require agreed client fees without any direct or indirect guarantee or assurance of returns. Discretionary portfolio management must be independently tailored to each client's needs and must not have the character of a retail fund, while non-discretionary management must follow client directions. The FME must ensure compliant distribution, report performance uniformly across required disclosures and communications, conduct annual audits of managed portfolio accounts, and provide the audit certificate to each client.

Portfolio management must follow the client agreement, and derivatives investments require express client consent. Client transactions must generally involve actual delivery or transfer of securities, except derivatives. Client funds and securities must remain segregated from the FME's assets. Aggregated transactions require pro rata allocation at the weighted average price without open allocation positions. Omnibus accounts require prior consent and separate earmarking of client securities. Portfolio managers, except advisory-only providers, must appoint a custodian.

An FME must observe a minimum investment threshold for portfolio management clients, subject to an exemption for accredited investors. Client funds may be held through specified FME, client, or regulated broker-dealer accounts, subject to operational authority, compliance controls, and disclosure of account and transaction details when directed. Client securities must generally be segregated, with omnibus structures permitted only with prior client consent and separate earmarking. The FME must accurately record client account movements, act in a fiduciary capacity, avoid benefiting from client assets, and not borrow on a client's behalf.

Portfolio management client reporting requires the FME to furnish periodic reports in accordance with the client agreement. Reports must include the portfolio's composition and value, transactions undertaken during the reporting period, beneficial interest received, management expenses, and risks relating to securities recommended for investment or disinvestment by the portfolio manager. Each report may be provided online through access restricted to the relevant client.

75. . (1) A FME shall enter into a written agreement with the portfolio management client that clearly defines the inter se relationship and sets out their mutual rights, liabilities and obligations relating to management of portfolio including details pertaining to investment objectives, risk factors, terms of fees, period of the contract, etc. (2) Notwithstanding anything contained in the agreement between the FME and the client, the funds or securities can be withdrawn by the client bef... ... ...

74. (1) The FME shall provide a disclosure document to the client, prior to entering into a portfolio management agreement with the client. (2) The FME shall ensure that a copy of disclosure document is available on its website. (3) The disclosure document referred to in sub-regulation (1) shall inter-alia contain details pertaining to the services offered, risk factors, client representation, financial performance, performance of portfolio manager, auditor observations, nature of expe... ... ...

CHAPTER VI OTHER FUND MANAGEMENT ACTIVITIES PART A: PORTFOLIO MANAGEMENT SERVICES 73. (1) A Registered FME may offer Portfolio Management Services to its clients in accordance with these regulations. (2) A FME in its capacity as a portfolio manager may have the following categories as clients: (a) a person resident outside India; (b) a non-resident Indian; (c) a non-individual resident in India who is eligible under FEMA to invest funds offshore, to the... ... ...

CHAPTER V ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) 72. (1) A FME managing AUM above USD 3 billion as at the close of a financial year or any other threshold of AUM as may be specified by the Authority, shall: (a) establish policy on governance around material sustainability-related risks and opportunities; (b) disclose in its annual report how the FME identifies, assesses and manages material sustainability-related risks; (c) establish and disclose in its annua... ... ...

71. (1) The offer document for ETFs shall clearly include all disclosures which are material for investors to make an informed decision regarding investing in such ETFs. (2) The disclosures in the offer document shall inter-alia include investment objective, the targeted investors, investment style or strategy, investment methodology, proposed fees and expenses, risk management practices, KMPs of the FME and other relevant details of the FME and the ETF. (3) Any material deviation or a... ... ...

70. Investors other than market makers may also directly approach the FME for redemption of ETFs, and no exit load shall be charged if: (a) Traded price (based on closing price) of the ETF units is at a discount of more than five per cent. (5%) of NAV for continuous thirty (30) trading days; or (b) No quotes are available on the recognised stock exchange for five (5) consecutive trading days; or (c) Total bid size on the recognised stock exchange is less than highe... ... ...

69. (1) A FME shall compute the NAV of each ETF on a daily basis and publish the same on its website and inform the same to the recognised stock exchange where it is listed for disclosure on its website. (2) The procedure and methodology for calculating the NAV should be fully documented, and such documentation should be regularly verified and amended, if required. =============... ... ...

68. (1) A FME shall appoint a market maker who shall be responsible for ensuring liquidity in the trading of ETF by way of providing two-way quotes. (2) shall be permitted to create units and seek redemptions directly from the FME. (3) Recognised Stock Exchange(s) may provide a simplified framework for authorisation of intermediaries registered with the Authority as market makers. (4) Recognised Stock Exchange(s) shall also provide detailed rules for market makers viz. maximum spre... ... ...

67. (1) Actively managed ETFs are such ETFs in which the FME has discretion over the composition of portfolio, in accordance with the stated investment objectives and policies. (2) An actively managed ETF shall disclose in its offer document and in all advertising material that it is an actively managed ETF, and shall disclose how it will meet the stated investment objectives including, where applicable, its intention to outperform an index. (3) Draft offer document for shall be filed... ... ...

66. (1) In case of a , at least ninety per cent. (90%) of the AUM should be invested in Silver or bullion instruments such as Bullion Depository Receipts with underlying Silver and Exchange Traded Commodity Derivatives (ETCD) with silver as the underlying: Provided that the exposure to ETCDs having silver as the underlying shall not exceed ten per cent. (10%) of AUM of the scheme: Provided further the limit of ten per cent. (10%) shall not be applicable to s where the intention is to t... ... ...