Circular No. IMD/DOF I/PMS/Cir-5/ 2009, dated 31-7-2009

1. SEBI vide Circular No. SEBI/RPM CIRCULAR NO. 2 (2002-2003) dated January 14, 2003 specified the Additional Information required for registration / renewal of registration as Portfolio Managers.

2. Pursuant to amendment of SEBI (Portfolio Managers) Regulations 1993 vide notification dated 11 August, 2008, the above mentioned circular is amended as follows:

i.. Point No. 8 of Additional Information shall be replaced with the following:

“8. Details of the proposed services.

Please furnish information regarding services you propose to launch under Portfolio Management. Forward a copy of the draft agreement with the client.”

ii. In Point No. 11 of Additional Information, table on networth statement shall be replaced with following table:

The statement of networth of ……….. based on audited / unaudited accounts as on ………….

Amount

Paid up equity capital
Add: Free reserves (excluding reserves created out of revaluation)
Less: Accumulated losses
Less: Deferred expenditure not written off (including miscellaneous expenses not written off)
Less: Minimum Capital Adequacy/networth requirement for any other activity undertaken under other SEBI Regulations.
Networth

3. This circular is issued in exercise of powers conferred by sub-section (1) of section 11 and section 11A 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. This circular is available on SEBI website at www.sebi.gov. in under the category “Legal Framework”.

SCHEDULE I – FORMS

FORM A

SECURITIES AND EXCHANGE BOARD OF INDIA (PORTFOLIO MANAGERS) REGULATIONS 1993

APPLICATION FOR GRANT OF CERTIFICATE / RENEWAL OF CERTIFICATE

Name of Applicant: ____________ _________ _________ _________ ___

Name of Person to Contact: ____________ _________ _

Designation: ____________ _________

Telephone No: ____________ _________

INSTRUCTIONS: –

1. Applicants must submit a completed application form together with appropriate supporting documents to the board.

2. It is important that this application form should be filled in accordance with the regulations.

3. Application for registration will be considered provided it is complete in all respects.

4. Answers must be typed/ printed.

5. Information which needs to be supplied in more details may be given on separate sheets which should be attached to the application form.

6. All signatures must be original.

PART: I GENERAL INFORMATION

1. PARTICULARS OF THE APPLICANT

1.1 Name of the Applicant:

1.2 Address – Principal place of business/registered office:

Pin code: ____________ _________ _ Telephone No: ____________ ____

Telex No: ____________ _________ _ Fax No: ____________ _________

1.3 Address for Correspondence:

Pin code: ____________ _________ _ Telephone No: ____________ ____

Telex No: ____________ _________ _ Fax No: ____________ _________ _

Address of Branch Offices (in India & Abroad):

1.4 Application to Board for any other intermediary activity: ____________

2. ORGANISATION STRUCTURE:

(Organisation chart separately showing functional responsibilities of Portfolio Management activities to be enclosed)

2.1 Objectives: – In brief.

(Memorandum and Articles of Association to be enclosed)

2.2 Date and Place of Incorporation/ Establishment:

Day Month Year Place

2.3 Status of the Applicant: (e.g. limited company -private/public, unlimited company, partnership, others. If listed, names of the stock exchanges and latest share price: to be given.)

2.4 Organisation Chart: General Organisation & specific Activity.

(i.e., Applied for registration) also state the functional responsibility.

2.5 Particulars of all Directors and key management personnel: –

[Name; Qualification; Experience; (General and specific Intermediaries activity) Ownership details; (Date of Appointment) Other directorship; (Name & Date of Appointment) ;

Previous positions held.]

2.6 Number of employees

(General and for specific Intermediaries activity)

2.7 Name and activities of associate companies/ concerns

Name of company/ firm Address/ phone numbers Type of activity handled Ownership details Nature/ Quantum of financial dealing Nature of interest of promoter/ director Nature of interest of Applicant Company

2.8 List of major shareholders (holding 5% or more voting shares)

Name; Share holding pattern i.e., no of share to its % to total capital)

3.0 DETAILS OF INFRASTRUCTURAL FACILITIES

3.1 Office Space

3.2 Office Equipment

3.3 Furniture & Fixtures

3.4 Communication Facilities

3.5 Data Processing Capacity

(a) In-house:

(b) Others:

3.6 COMPUTER FACILITY:

(a) Hardware configuration

(b) Software Environment

4..0 BUSINESS PLAN (FOR THREE YEARS)

(a) History, Major events and present activities

(b) Proposed business plan & means of achieving the same.

(c) Projected Profitability (Next three years)

(Physical targets, Modus operendi to achieve targets, Resultant Income)

5.0 FINANCIAL INFORMATION

5.1 Capital Structure (Rs. in lakhs)

Year prior to the preceding year of current year Preceding year Current year
(a) Paid-up capital
(b) Free reserves (excluding evaluation reserves)
(c) Total (a) + (b)

5.2 Deployment of Resources (Rs. in lakhs)

Year prior to the preceding year of current year Preceding year Current year
(a) Fixed Assets
(b) Plant & Machinery and office equipment
(c) Investments (Details should be given separately)
(d) Others

5.3 Major Sources of Income: (Rs. in lakhs)

Year prior to the preceding year of current year Preceding year Current year

* Fees charged as % of issue

5.4 Net Profit (Rs. in lakhs)

Year prior to the preceding year of current year Preceding year Current year

5.5 Name and Address of the Principal Bankers

5.6 Name and Address of the Auditors

6. OTHER INFORMATION

6.1 Details of all settled and pending disputes:

Nature of dispute Name of the party Pending/settled

6.2 Indictment of involvement in any economic offences in the last three years.

6.3 Indicate Dealing/ trading with any Intermediary who has defaulted with or suspended by any stock exchange authorities or any other authorities.

6.4 Any other information considered relevant to the nature of services rendered by the company.

6.5 Names of two references from bankers (For applicants other than financial institutions & banking companies)

PART II SPECIFIC INFORMATION

7.0 BUSINESS INFORMATION

7.1 Indicate Type of Activity carried on/ proposed to be carried on.

7..2 Indicate the facilities for making decision on portfolio Investment.

7..3 Enclose a copy of list of approved share brokers, involved for Portfolio Management activities and state whether any of them were suspended/had defaulted with any Stock Exchange authority.

7.4 Describe Accounting system followed/to be followed for Portfolio Management Services.

7.5 Indicate various research & database facilities provided.

8.0 EXPERIENCE

8..1 Experience in Portfolio management activities. Indicate period also.

8..2 Experience in other financial services rendered:- (Period, Area and Date of Commencement of Activity).

8.3 Business handled during the last year:

(a) PORTFOLIO MANAGEMENT

(DISCRETIONARY NATURE) For Resident/Non- Resident Individual Client Corporate Client:
1. Types of services offered
2. No of portfolio clients
3. Total amount of funds managed
4. Average size of portfolio
5. Average return to the client
(NON-DISCRETIONARY NATURE) For Resident/Non- Resident Individual Client Corporate Client:
1. Types of services offered
2. No of portfolio clients
3. Total amount of funds managed
4. Average size of portfolio
5. Average return to the client

(b) Only Portfolio Advisory Services

(Indicate for both Resident/Non- resident clients)

(c) List of Clients (Corporate clients only)

Name Amount of portfolio fund managed Services Rendered

DECLARATION

This declaration must be signed by two directors

I/We hereby apply for REGISTRATION. I/We warrant that I/We have truthfully and fully answered the questions above and provided all the information which might reasonably be considered relevant for the purposes of my/our registration.

For and On behalf of

———— ——— ——— ——— ——— ——— ——— ——— ——— ——— ——— —-

(Name of Applicant)

———— ——— ——— ——— ———

Director

———— ——— ——— ——— ———

Name in Block Letters

PLACE

Date

———— ——— ——— ——— ———

Director

———— ——— ——— ——— ———

Name in Block Letters

PLACE

Date

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