Regulation 21 - Reports to be furnished to the client - Securities and Exchange Board of India (Portfolio Managers) Regulations, 1993

21. Reports to be furnished to the client.─ (1) The portfolio manager shall furnish periodically a report to the client, as agreed in the contract, but not exceeding a period of six months 1 [and as and when required by the client] and such report shall contain the following details, namely:- (a) the composition and the value of the portfolio, description of security 5 [ and goods ] , number of securities, value of each security held in the portfolio 6 [ , units of goods, value of goods ] , cash balance and aggregate value of the portfolio as on the date of report; (b) transactions undertaken during the period of report including date of transaction and details of purchases and sales; (c) beneficial interest received during that period in respect of interest, dividend, bonus shares, rights shares and debentures; (d) expenses incurred in managing the portfolio of the client; (e) details of risk foreseen by the portfolio manager and the risk relating to the securities recommended by the portfolio manager for investment or disinvestment. 2 [(1A) The report referred to in sub-regulation (1) may be made available on the website of the portfolio manager with restricted access to each client.] (2) The portfolio manager shall 3 [in terms of the agreement with the client] also furnish to the client documents and information relating only to the management of a portfolio. (3) On termination of the contract, the portfolio manager shall give a detailed statement of accounts to the client and settle the account with the client as agreed in the contract. 4 [(4) The client shall have the right to obtain details of his portfolio from the portfolio managers.] ********* 1 Inserted, ibid. 2 Inserted by the SEBI (Portfolio Managers) (Amendment) Regulations, 2002, w.e.f. 11-10-2002. 3 Inserted, ibid. 4 Substituted by the SEBI (Portfolio Managers) (Amendment) Regulations, 2002, w.e.f. 11-10-2002. Prior to substitution, sub regulation (4) read as under: (4) In the event of any dispute between the portfolio manager and his clients, the client shall have the right to obtain details of his portfolio from the portfolio manager. 5 Inserted vide NOTIFICATION No. SEBI /LAD- NRO /GN/2019/17 dated 10-05-2019 6 Inserted vide NOTIFICATION No. SEBI /LAD- NRO /GN/2019/17 dated 10-05-2019