**Summary:**
This circular, reference number SEBI/HO/IMD/DPoD/P/CIR/2025/39, issued by the Securities and Exchange Board of India (SEBI) on March 28, 2025, addresses the extension of timelines for Portfolio Managers to submit offsite inspection data. The circular amends clauses 5.4.3 and 5.4.4 of the Master Circular for Portfolio Managers dated June 07, 2024.
Specifically, the submission deadline for quarterly data, as per specified formats for all clients, is extended from 10 to 15 calendar days from the end of the quarter. This includes day-wise data for Client Folio AUM and Client Holding Master table headings. The requirement for data submission applies to all clients from April 01, 2023, onwards.
This modification is based on industry feedback and aims to facilitate ease of doing business. The circular is issued under Section 11(1) of the Securities and Exchange Board of India Act, 1992, read with Regulation 33 and 43 of SEBI Portfolio Managers Regulations, 2020, to protect investor interests and regulate the securities market. The provisions of this circular are effective immediately.
For further information, contact Peter Mardi, Deputy General Manager, at 912226449233 or peterm@sebi.gov.in. The circular is available under Legal Circulars on the SEBI website.
Key Entities Referenced
Securities and Exchange Board of India: Regulatory body issuing the circular and empowered by the Securities and Exchange Board of India Act, 1992.
Portfolio Managers: The entities to whom the circular is addressed and who are regulated by SEBI.
Association of Portfolio Managers in India: Industry association representing Portfolio Managers, also referred to as APMI.
Master Circular for Portfolio Managers: A pre-existing circular, dated June 07, 2024, that this circular modifies.
SEBI Portfolio Managers Regulations, 2020: Regulations under which the circular is issued.
Section 111 of the Securities and Exchange Board of India Act, 1992: The section of the act that confers powers to SEBI.
Offsite inspection data: Data that Portfolio Managers are required to submit.
Peter Mardi: Deputy General Manager at SEBI, who signed the circular.
CIRCULAR
SEBI/HO/IMD/IMD-PoD-1/P/CIR/2025/39 March 28, 2025
To
All Portfolio Managers
Association of Portfolio Managers in India (APMI)
Madam/ Sir,
Sub: Extension of timelines for submission of offsite inspection data
1. Clause 5.4.3 of the Master Circular for Portfolio Managers dated June 07, 2024
inter alia specifies that Portfolio Managers shall submit data as per the specified
formats for all its clients on quarterly basis within 10 calendar days.
2. Based on the feedback received from the industry and to facilitate ease of doing
business, it has been decided to extend the timelines for submission of offsite
inspection data. In addition, it has also been decided that the requirement of
submission of offsite inspection data shall be applicable from April 01, 2023
onwards.
3. Accordingly, Clauses 5.4.3 and 5.4.4. of Master Circular for Portfolio Managers
dated June 07, 2024 stand modified as under:
5.4.3. Portfolio Managers shall submit data as per the specified formats for all its
clients on quarterly basis within 15 calendar days from end of the quarter.
Day-wise data shall be furnished for table headings: “Client Folio AUM” and
“Client Holding Master”.
5.4.4. Portfolio Managers shall submit data for all their clients from April 01, 2023
onwards.
4. The provisions of this circular shall come into force with immediate effect.
5. This circular is issued in exercise of the powers conferred under Section 11(1) of
the Securities and Exchange Board of India Act, 1992 read with Regulation 33 and
43 of SEBI (Portfolio Managers) Regulations, 2020, to protect the interest of
Page 1 of 2investors in securities and to promote the development of, and to regulate the
securities market.
6. This circular is available at under the link “Legal ->Circulars”.
Yours faithfully,
Peter Mardi
Deputy General Manager
+91-22-26449233
peterm@sebi.gov.in
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