Sebi puts expense cap on PMS providers, lays down performance standards

Sebi has issued guidelines for portfolio management services (PMS) providers, stating how investors should be charged. It has also added performance reporting standards to be adhered to.   The regulator said operating expenses (excluding brokerage), over and above the fees charged to clients, shall not exceed 0.5 per cent per annum of the client’s average daily assets under management. Further, it capped the exit load that a PMS provider can charge when clients redeem their investments. During the first year, a maximum of 3 per cent of the redeemed investment .....

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