SEBI Board To Consider PMS Rule Overhaul, Settlement Reforms And Wider Accredited Investor Framework This Week
New Delhi, Sep 23: India’s market regulator Securities and Exchange Board of India (SEBI) is expected to take up about a dozen proposals at its board meeting this week, including a comprehensive revamp of Portfolio Management Services (PMS) rules, a review of settlement norms and measures to widen the accredited investor framework. Other proposals under review include a common advertising code…
India's market regulator, the Securities and Exchange Board of India (SEBI), is set to discuss a range of proposals at its board meeting this week, including major changes to Portfolio Management Services (PMS) rules, settlement reforms, and the expansion of the accredited investor framework. The PMS overhaul aims to broaden investment choices and simplify compliance for managers.
The proposal seeks to allow PMS managers to invest in foreign securities, like overseas equities, debt, and REITs, with explicit client consent. SEBI is also exploring the possibility of permitting FPIs to invest in non-agricultural commodity derivatives physically deliverable, requiring settlement three days before the delivery period.
The settlement framework review will tie the base settlement amount to the minimum penalty under securities laws. A fast-track settlement route is proposed for cases involving amounts up to Rs 10 lakh, with the application deadline extended from 60 to 90 days. The Common Advertising Code proposal aims to establish unified norms for various intermediaries, including stock brokers, mutual funds, portfolio managers, and research analysts.
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