Listen to this articleSEBI said that individuals will have to obtain the Association of Portfolio Managers India (APMI) Registration Number (APRN) after clearing the NISM test to distribute PMS products.
SEBI said, “in order to facilitate collective oversight of PMS distributors at the industry level, it has been decided that any person or entity involved in the distribution of portfolio management services shall obtain registration with APMI.
In this context, SEBI advised APMI to issue necessary guidelines by July 1.
However, the circular will come into effect from Jan 1, 2025.
This indicates that MFDs can continue to distribute PMS till December 31, 2024 without obtaining the license.
Listen to this article
SEBI said that individuals will have to obtain the Association of Portfolio Managers India (APMI) Registration Number (APRN) after clearing the NISM test to distribute PMS products.
SEBI said, “in order to facilitate collective oversight of PMS distributors at the industry level, it has been decided that any person or entity involved in the distribution of portfolio management services shall obtain registration with APMI. Portfolio Managers shall ensure that any person or entity engaged in the distribution of its services has obtained registration with APMI,in accordance with the criteria laid down by APMI.”
Also, distributors selling PMS will have to abide by the code of conduct issued by APMI.
In this context, SEBI advised APMI to issue necessary guidelines by July 1.
However, the circular will come into effect from Jan 1, 2025. This indicates that MFDs can continue to distribute PMS till December 31, 2024 without obtaining the license.
