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TMI BlogParticipation of Portfolio Managers in Commodity Derivatives Market in IndiaX X X X Extracts X X X X X X X X Extracts X X X X ..... ed September 27, 2016 Portfolio Managers are now permitted to participate in Exchange Traded Commodity Derivatives on behalf of their clients. 2. It would be mandatory for Portfolio Managers to appoint SEBI registered Custodian before dealing in Exchange traded Commodity Derivatives. Further, a copy of the Gazette Notification No. SEBI/LAD-NRO/GN/2019/17 dated May 10, 2019 on Amendments to SEBI (Portfolio Managers) Regulations, 1993 is enclosed. 3. The participation of Portfolio Managers in the exchange traded commodity derivatives would be subject to the following: 3.1. Portfolio Managers may participate in Exchange Traded Commodity Derivatives on behalf of their clients and such participation shall be in compliance with all the rules, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... shall not onboard Foreign Portfolio Investors until such time as they are permitted to participate in Exchange Traded Commodity Derivatives market. 3.6. Portfolio Managers shall also provide periodic reports to the clients as per Regulation 21 of SEBI (Portfolio Managers) Regulations, 1993 regarding their exposure in Exchange Traded Commodity Derivatives. 3.7. Portfolio Managers shall report the exposure in Exchange Traded Commodity Derivatives under the heading of 'Commodity Derivatives' in the monthly reports submitted to SEBI. 4. The provisions of this circular shall come into effect from the date of the circular. 5. This circular is issued in exercise of the powers conferred under Section 11(1) of the Securities and Exchange Board ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ation in the Official Gazette. 3. In the Securities and Exchange Board of India (Portfolio Managers) Regulations, 1993, - I. in regulation 2, - i. for clause (af), the following clauses shall be substituted, namely,- "(af) "custodian" means a person who has been granted a certificate of registration to carry on the business of custodian under the Securities and Exchange Board of India (Custodian) Regulations, 1996; (ag) "discretionary portfolio manager" means a portfolio manager who exercises or may exercise, under a contract relating to portfolio management, any degree of discretion as to the investments or management of the portfolio of securities or the funds of the client, as the case may be;" ii. after clause (b) and before c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... security" and before the word and symbol ", number", the words "and goods" shall be inserted; b. after the word "in the portfolio" and before the word and symbol ", cash", the words and symbol ", units of goods, value of goods" shall be inserted; [ADVT.-III/4/Exty./42/19] AJAY TYAGI, Chairman Footnote: 1. The Securities and Exchange Board of India (Portfolio Managers) Regulations, 1993 were issued under S.O. No. SEBI/LE/93/III dated January 7, 1993 published in the Gazette of India, Part II, Section 3(ii) dated January 7, 1993. 2. The Securities and Exchange Board of India (Portfolio Managers) Regulations, 1993 were subsequently amended on,- (1) November 28, 1993 by, SEBI (Portfolio Managers) (Amendment) Regulations, 1993 published ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... anagers) (Amendment) Regulations, 2006 vide S.O. No. 997 (E). (13) September 7, 2006 by SEBI (Portfolio Managers) (Second Amendment) Regulations, 2006 vide S.O. No. 1450 (E). (14) November 30, 2006 by SEBI (Portfolio Managers) (Third Amendment) Regulations, 2006 vide S.O. No. 2053 (E). (15) May 26, 2008 by the Securities and Exchange Board of India (Intermediaries) Regulations, 2008 vide Notification No. LAD/NRO/GN/2008/11/126538. (16) August 11, 2008 by SEBI (Portfolio Managers) (Amendment) Regulations, 2008 vide Notification No. LAD-NRO/GN/2008/19/134764. (17) February 10, 2012 by SEBI (Portfolio Managers) (Amendment) Regulations, 2012 vide Notification No. LAD-NRO/GN/2011-12/37/3689. (18) January 02, 2017 by SEBI (Portfolio Manager ..... X X X X Extracts X X X X X X X X Extracts X X X X
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