MANU/SIPM/0022/2020

Ministry : Securities and Exchange Board of India

Department/Board : Investment Management Department

Circular No. : SEBI/HO/IMD/DF1/CIR/P/2020/169

Date : 09.09.2020

All Portfolio Managers

Operating Guidelines for Portfolio Managers in International Financial Services Centre

1. SEBI has issued SEBI (International Financial Services Centres) Guidelines, 2015 (hereinafter referred to as 'IFSC Guidelines') on March 27, 2015 for facilitating and regulating financial services relating to securities market in an IFSC set up under section 18(1) of Special Economic Zones Act, 2005. The IFSC Guidelines and related Circulars issued by SEBI from time to time provide for a broad framework for operation of various intermediaries (including Portfolio Managers) therein, as defined in Clause 2(1)(g) of the IFSC Guidelines. Further, in terms of Clause 3(1) of the IFSC Guidelines, SEBI can issue guidelines for any entity desirous of undertaking any other financial services relating to securities market.

2. Based on the representations received from various stakeholders, it has been decided to put in place 'Operating Guidelines for Portfolio Managers in IFSC'. The same is annexed herewith.

3. This circular is issued in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.

4. The circular is available on SEBI website. under the categories "Info for - Portfolio Managers" and "Legal framework - Circulars".

Sd/-

Naveen Sharma
General Manager
Investment Management Department

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Annexure