Zee News June 24, 2009 Portfolio Managers May Keep All Client Funds In One Bank Account

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Welcoming the clarification, SMC Capital equity head Jagannadham Thunuguntla said, "This will help the portfolio managers to smoothen their operations on day-to-day basis."

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Zee News June 24, 2009 Portfolio Managers May Keep All Client Funds In One Bank Account

  1. 1. Portfolio managers may keep all client funds in one bank a/c Mumbai: In a move that will provide some relief to portfolio managers, market regulator SEBI allowed them to keep the funds of all clients in a single bank account. "...it is hereby clarified that portfolio managers may keep the funds of all clients in a bank account maintained by the portfolio manager," the market regulator said in a circular. Portfolio managers are the ones who take care of the investments of their clients in different securities. The SEBI's circular came as a clarification to its present regulations that states that portfolio investors have to segregate each client's funds and portfolio of securities and keep them separately from his own funds and securities. It means that SEBI's regulations would now not bind portfolio managers to keep segregated bank account for each client funds. However, portfolio managers will have to keep the clients' funds separate from their own funds. Welcoming the clarification, SMC Capital equity head Jagannadham Thunuguntla said, "This will help the portfolio managers to smoothen their operations on day-to-day basis."

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