Investment managers of an AIF (various funding fund) can present funding administration companies to the offshore fund solely by getting registered as portfolio managers, based on markets regulator Sebi.
Providing a casual steerage on this regard to Ace Lansdowne Investments Services LLP, which manages Sebi-registered AIF — Ace Lansdowne India Investment Fund– Sebi indicated that its views is likely to be totally different for various circumstances.
It had sought readability whether or not the applicant, which is already performing because the funding supervisor of an AIF, can present funding administration companies to the offshore fund and whether or not the applicant is required to acquire registration as a portfolio supervisor.
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The applicant was aspiring to handle an offshore fund, which can be domiciled in Ireland and the offshore fund would make investments primarily within the permissible listed securities of Indian firms via recognised inventory exchanges in India.
After trying into submissions, Sebi stated, “an investment manager of Sebi-registered AIF can provide investment management services to the offshore fund in Ireland only by obtaining the certificate of registration as a portfolio manager under the PMS Regulations to act as an eligible fund manager”.
It additional clarified that the supervisor of an AIF is just not exempted from acquiring registrations beneath the PMS (portfolio administration service) guidelines to supply funding administration companies to the offshore fund in Ireland.
“Unlike the Sebi (Investment Advisors) Regulations 2013, the PMS Regulations do not provide for any specific exemptions from registration to any entity and therefore the applicant will have to adhere to the provisions of the PMS Regulations,” the regulator stated in a casual steerage made public on Monday.
Source: www.financialexpress.com”