How to Withdraw from a Partnership in India
Starting a new business with a partner is exciting, isn’t it? But, as seen at times, things do not always quite go as expected. Any of the partners, voluntaril ...
Portfolio Manager Registration with IFSCA
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- Availability of Name for PMS.
- Identification of office space in Gift City.
- Obtaining NOC from Gift SEZ and IFSC Authorities.
- Apply for company / LLP Incorporation for PMS.
- Obtain Certificate of Incorporation.
- Application to the development commissioner of SEZ.
- Obtain Letter of Approval from SEZ Authorities for PMS.
- Obtain SEBI Approval for PMS.
Regulations
All IFSC Portfolio Managers (IFSC PMs) must adhere to the PMS regulations outlined in the SEBI (IFSC) Guidelines, 2015.
Structuring
PMS in the IFSC can be operated by SEBI-registered intermediaries or international associates, subject to prior approval from SEBI. If established as a subsidiary, the subsidiary must meet the specified net worth requirements. In cases where the subsidiary does not meet these standards, the parent company's net worth will be considered.
Net Worth Requirements
A minimum net worth of USD 750,000 is mandatory for IFSC PMs. If operating as a branch, the parent company must fulfill the required net worth criteria.
Certification Requirements
Non-resident principal officers and decision-making employees must obtain certification from organizations recognized by the financial markets. For the Indian securities market, NISM (National Institute of Securities Markets) certification is essential.
Regulators in Foreign Jurisdictions
Principal officers and decision-making personnel based outside India must possess certification from an organization, institution, association, or stock exchange recognized or authorized by a financial market regulator in that foreign jurisdiction.
Manpower Requirements
Dedicated manpower specifically for providing portfolio management services must be allocated by an IFSC PM from an IFSC branch.
Ring-Fencing Requirements
The parent corporation must legally, financially, operationally, and technologically separate its domestic operations from its IFSC branch operations. Additionally, the parent company bears the responsibility of ensuring the compliance of the branch - PM entity in the IFSC with applicable laws.
Qualification Requirements for Personnel Based Outside India
Principal officers and decision-making personnel based outside India must hold certification from a recognized financial market regulator or authorized organization, institution, association, or stock exchange in the foreign jurisdiction.
Segregation of Funds
PMs operating in the IFSC must maintain client funds in a separate account in the IFSC Banking Unit (IBU) as permitted by RBI.
Registration Fees
An application fee of USD 1,500 and a one-time registration fee of USD 15,000 are applicable for new registrations. Following registration, a fee of USD 10,000 must be paid every five years.
- Get expert guidance on the applicable regulatory framework and assisting in the interpretation of IFSCA regulations.
- Conducting audits and reviews to ensure compliance with IFSCA requirements.
- Get expert advise on risk management practices and internal controls.
- Preparation and submission of regulatory filings and reports.
- Representation of PMs before IFSCA and other regulatory bodies.
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COO at VSERV Infosystems & Founder VSERV Academy
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Abhishek M R
Managing Director AMR FINANCE PVT LTD
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Ajay Kumar
Founder & CEO - Eagabriz Shipping Pvt Ltd
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