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Corporate Laws Central Ministry of Finance Securities and Exchange Board of India Act, 1992

Audit of firm-level performance data of Portfolio Managers

02-Aug-2023 | SEBI/HO/IMD/IMD-PoD-1/P/CIR/2023/133

SEBI has issued a circular regarding the Audit of firm-level performance data of Portfolio Managers on an annual basis and submitted the confirmation of compliance within sixty days of the end of each financial year. By virtue of this circular, the Portfolio Managers are required to consider the following terms: 1. Standard Terms of Reference by the Association of Portfolio Managers in India (APMI) a) APMI, in consultation with SEBI, shall specify standardized Terms of Reference for the aforesaid audit of firm-level performance data. b) The standard Terms of Reference (ToR) shall inter-alia include a requirement for Portfolio Managers to consider clients? portfolios under all services for the purpose of audit of firm-level performance data. c) The standard ToR specified by APMI shall be applicable with effect from 1st October 2023 and shall be mandatorily followed by all Portfolio Managers for the purpose of the annual audit of firm-level performance data. 2. Submission of reports: a) Submit the confirmation of compliance with the requirement of the annual audit of firm-level performance data in line with the standard ToR specified by APMI. b) Submit audit reports on firm-level performance data to SEBI within sixty days from the end of each financial year.

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