COVID-19: SEBI relaxes Compliance on Portfolio Managers

The Securities Exchange Board of India ( SEBI ) has allowed the Relaxation in compliance with requirements pertaining to Portfolio Managers.

In light of the recent market events due to the CoVID-19 pandemic, a need has been felt to relax the timeline for compliance with certain requirements for Portfolio Managers.

The SEBI decided to extend the timelines for the following, by two months:

• Monthly reporting to SEBI by Portfolio Managers for the periods ending March 31, 2020, and April 30, 2020.
• Applicability of SEBI Circular SEBI/HO/IMD/DF1/CIR/P/2020/26 dated February 13, 2020, on ‘Guidelines for Portfolio Managers’.

The Circular is issued in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 and shall come into force with immediate effect.