**Summary:**
SEBI Circular SEBI/HO/IMD/DF1/CIR/P/2020/111, issued on June 29, 2020, extends the implementation timeline for SEBI Circular No. SEBI/HO/IMD/DF1/CIR/P/2020/26, dated February 13, 2020, concerning guidelines for Portfolio Managers, by an additional three months. This extension is granted in response to requests from portfolio managers and in consideration of prevailing business and market conditions impacted by the COVID-19 pandemic. As a result, the provisions of the February 13, 2020 circular will now be applicable from October 1, 2020. The circular is issued under Section 11(1) of the Securities and Exchange Board of India Act, 1992 and is effective immediately. The circular is available on the SEBI website (www.sebi.gov.in) under "Legal Circulars" and "Info for Portfolio Managers". Contact Naveen Sharma, General Manager, at 91-22-26449709 or naveens@sebi.gov.in for further information.
Key Entities Referenced
Portfolio Managers: Entities regulated by SEBI, subject to the guidelines and circulars mentioned in the document.
COVID-19 pandemic: The global health crisis cited as a reason for extending the implementation timeline for portfolio manager guidelines.
Securities and Exchange Board of India (SEBI): The regulatory body issuing the circular and responsible for overseeing portfolio managers.
Securities and Exchange Board of India Act, 1992: The legal basis for SEBI's authority to issue the circular.
SEBI Circular No. SEBIHOIMDDF1CIRP202057: A circular issued by SEBI on March 30, 2020, which extended the timeline for applicability of another SEBI circular.
SEBI Circular No. SEBIHOIMDDF1CIRP202026: A circular issued by SEBI on February 13, 2020, containing guidelines for portfolio managers, the compliance timeline for which is being extended.
October 01, 2020: The revised date from which the provisions of SEBI Circular No. SEBIHOIMDDF1CIRP202026 shall be applicable.
Naveen Sharma: General Manager at SEBI, signatory of the circular.
CIRCULAR
SEBI/HO/IMD/DF1/CIR/P/2020/111 June 29, 2020
All Portfolio Managers
Sir / Madam
Subject: ‘Guidelines for Portfolio Managers’ - Extension of implementation timeline
1. In light of market events due to CoVID-19 pandemic, SEBI, vide Circular No.
SEBI/HO/IMD/DF1/CIR/P/2020/57 dated March 30, 2020 extended, inter alia, the
timeline for applicability of SEBI Circular No. SEBI/HO/IMD/DF1/CIR/P/2020/26 dated
February 13, 2020 on ‘Guidelines for Portfolio Managers’.
2. After taking into consideration requests received from portfolio managers and the
prevailing business and market conditions, it has been decided to extend the timeline
for compliance with the requirements of SEBI Circular No.
SEBI/HO/IMD/DF1/CIR/P/2020/26 dated February 13, 2020, by further three months.
Accordingly, the provisions of said SEBI Circular shall be applicable with effect from
October 01, 2020.
3. This 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.
4. This Circular is available on SEBI website at www.sebi.gov.in under the categories
"Legal- Circulars" and “Info for – Portfolio Managers”.
Yours faithfully,
Naveen Sharma
General Manager
Tel no.: +91-22-26449709
Email: naveens@sebi.gov.in
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