• Open Account

Investor Charter

Vision

To follow the highest standards of ethics and compliances while facilitating trading by clients in securities in a fair and transparent manner, so as to contribute in creation of wealth for investors.

Mission

i) To provide high quality and dependable service through innovation, capacity enhancement, and use of technology.

ii) To establish and maintain a relationship of trust and ethics with the investors.

iii) To observe highest standard of compliances and transparency.

iv) To always keep 'protection of investors' interest' as the goal while providing service.

v) To ensure confidentiality of information shared by investors unless such information is required to be provided in furtherance of discharging legal obligations or investors have provided specific consent to share such information.

  • Execution of trades on behalf of investors
  • Issuance of Contract Notes
  • Issuance of intimations regarding margin due payments
  • Facilitate execution of early pay-in obligation instructions
  • Settlement of client’s funds
  • Intimation of securities held in Client Unpaid Securities Account (CUSA) Account
  • Issuance of retention statement of funds
  • Risk management systems to mitigate operational and market risk
  • Facilitate client profile changes in the system as instructed by the client
  • Information sharing with the client w.r.t. exchange circulars
  • Redressal of Investor’s grievances
  • Ask for and receive information from a firm about the work history and background of the person handling your account, as well as information about the firm itself (including website providing mandatory information).
  • Receive complete information about the risks, obligations, and costs of any investment before investing.
  • Receive a copy of all completed account forms and rights & obligation document.
  • Receive a copy of ‘Most Important Terms & Conditions’ (MITC).
  • Receive account statements that are accurate and understandable.
  • Understand the terms and conditions of transactions you undertake.
  • Access your funds in a prescribed manner and receive information about any restrictions or limitations on access.
  • Receive complete information about maintenance or service charges, transaction or redemption fees, and penalties in form of tariff sheet.
  • Discuss your grievances with compliance officer / compliance team / dedicated grievance redressal team of the firm and receive prompt attention to and fair consideration of your concerns.
  • Close your zero balance accounts online with minimal documentation.
  • Get the copies of all policies (including Most Important Terms and Conditions) of the broker related to dealings of your account.
  • Not be discriminated against in terms of services offered to equivalent clients.
  • Get only those advertisement materials from the broker which adhere to Code of Advertisement norms in place.
  • In case of broker defaults, be compensated from the Exchange Investor Protection Fund as per the norms in place.
  • Trade in derivatives after submission of relevant financial documents to the broker subject to brokers’ adequate due diligence.
  • Get warnings on the trading systems while placing orders in securities where surveillance measures are in place.
  • Get access to products and services in a suitable manner even if differently abled.
  • Get access to educational materials of the MIIs and brokers.
  • Get access to all the exchanges of a particular segment you wish to deal with unless opted out specifically as per Broker norms.
  • Deal with one or more stockbrokers of your choice without any compulsion of minimum business.
  • Have access to the escalation matrix for communication with the broker.
  • Not be bound by any clause prescribed by the Brokers which are contravening the Regulatory provisions.

Various activities of Stock Brokers with timelines

1
KYC entered into KRA System and CKYCR
3 working days of account opening
2
Client Onboarding
Immediate, but not later than one week
3
Order execution
Immediate on receipt of order, but not later than the same day
4
Allocation of Unique Client Code
Before trading
5
Copy of duly completed Client Registration Documents to clients
7 days from the date of upload of Unique Client Code to the Exchange by the trading member
6
Issuance of contract notes
24 hours of execution of trades
7
Collection of upfront margin from client
Before initiation of trade
8
Issuance of intimations regarding other margin due payments
At the end of the T day
9
Settlement of client funds
30 days / 90 days for running account settlement (RAS) as per the preference of client. If consent not given for RAS – within 24 hours of pay-out
10
‘Statement of Accounts’ for Funds, Securities and Commodities
Weekly basis (Within four trading days of following week)
11
Issuance of retention statement of funds/commodities
5 days from the date of settlement
12
Issuance of Annual Global Statement
30 days from the end of the financial year
13
Investor grievances redressal
21 calendar days from the receipt of the complaint

Dos and Don'ts for Investors

1
Read all documents and conditions being agreed before signing the account opening form
Do not deal with unregistered stock broker.
2
Receive a copy of KYC, copy of account opening documents and Unique Client Code
Do not forget to strike off blanks in your account opening and KYC
3
Read the product / operational framework / timelines related to various Trading and Clearing & Settlement processes
Do not submit an incomplete account opening and KYC form
4
Receive all information about brokerage, fees and other charges levied
Do not forget to inform any change in information linked to trading account and obtain confirmation of updation in the system
5
Register your mobile number and email ID in your trading, demat and bank accounts to get regular alerts on your transactions
Do not transfer funds, for the purposes of trading to anyone other than a stock broker. No payment should be made in name of employee of stock broker
6
If executed, receive a copy of Demat Debit and Pledge Instruction (DDPI) However, DDPI is not a mandatory requirement as per SEBI / Stock Exchanges. Before granting DDPI, carefully examine the scope and implications of powers being granted
Do not ignore any emails / SMSs received with regards to trades done, from the Stock Exchange and raise a concern, if discrepancy is observed
7
Receive contract notes for trades executed, showing transaction price, brokerage, GST and STT/CTT etc. as applicable, separately, within 24 hours of execution of trades
Do not opt for digital contracts, if not familiar with computers
8
Receive funds and securities/ commodities on time, as prescribed by SEBI or exchange from time to time
Do not share trading password
9
Verify details of trades, contract notes and statement of account and approach relevant authority for any discrepancies. Verify trade details on the Exchange websites from the trade verification facility provided by the Exchanges
Do not fall prey to fixed / guaranteed returns schemes
10
Receive statement of accounts periodically. If opted for running account settlement, account has to be settled by the stock broker as per the option given by the client (Monthly or Quarterly)
Do not fall prey to fraudsters sending emails and SMSs luring to trade in stocks / securities promising huge profits
11
In case of any grievances, approach stock broker or Stock Exchange or SEBI for getting the same resolved within prescribed timelines
Do not follow herd mentality for investments. Seek expert and professional advice for your investments
12
Retain documents for trading activity as it helps in resolving disputes, if they arise

Additionally, Investors may refer to Dos and Don'ts issued by MIIs on their respective websites from time to time.

Grievance Redressal Mechanism

The process of investor grievance redressal is as follows:

1
Investor complaint/Grievances
Investor can lodge complaint/grievance against stock broker in the following ways:

Mode of filing the complaint with stock broker

Investor can approach the Stock Broker at the designated Investor Grievance e-mail ID of the stock broker. The Stock Broker will strive to redress the grievance immediately, but not later than 21 days of the receipt of the grievance.

Mode of filing the complaint with stock exchanges
i. SCORES 2.0 (a web based centralized grievance redressal system of SEBI) (https://scores.sebi.gov.in)

Two level review for complaint/grievance against stock broker:

• First review done by Designated body/Exchange
• Second review done by SEBI

ii. Emails to designated email IDs of Exchange
2
Online Dispute Resolution (ODR) platform for online Conciliation and Arbitration
If the Investor is not satisfied with the resolution provided by the Market Participants, then the Investor has the option to file the complaint/ grievance on SMARTODR platform for its resolution through online conciliation or arbitration.
3
Steps to be followed in ODR for Review, Conciliation and Arbitration
1. Investor to approach Market Participant for redressal of complaint
2. If investor is not satisfied with response of Market Participant, he/she has either of the following 2 options:

i. May escalate the complaint on SEBI SCORES portal.
ii. May also file a complaint on SMARTODR portal for its resolution through online conciliation and arbitration.

3. Upon receipt of complaint on SMARTODR portal, the relevant MII will review the matter and endeavor to resolve the matter between the Market Participant and investor within 21 days.
4. If the matter could not be amicably resolved, then the matter shall be referred for conciliation.
5. During the conciliation process, the conciliator will endeavor for amicable settlement of the dispute within 21 days, which may be extended with 10 days by the conciliator with consent of the parties to dispute.
6. If the conciliation is unsuccessful, then the investor may request to refer the matter for arbitration.
7. The arbitration process to be concluded by arbitrator(s) within 30 days, which is extendable by 30 days with consent of the parties to dispute.

Handling of Investor’s claims/complaints in case of default of a Trading Member/ Clearing Member (TM/CM)

Default of TM/CM

Following steps are carried out by Stock Exchange for benefit of investor, in case stock broker defaults:

  • Circular is issued to inform about declaration of Stock Broker as Defaulter
  • Information of defaulter stock broker is disseminated on Stock Exchange website
  • Public Notice is issued informing declaration of a stock broker as defaulter and inviting claims within specified period
  • Intimation to clients of defaulter stock brokers via emails and SMS for facilitating lodging of claims within the specified period.

Following information is available on Stock Exchange website for information of investors:

  • Norms for eligibility of claims for compensation from IPF
  • Claim form for lodging claim against defaulter stock broker
  • FAQ on processing of investors’ claims against Defaulter stock broker
  • Provision to check online status of client’s claim

Investor Compliant Details

Vision

To make India an investor friendly country through efficient Regulations

Mission

To serve all investors by promoting the highest standards of ethics, professional excellence and investor protection

Timelines pertaining to various
services provided by Custodian

1
Account Opening
(a) Opening Custody Accounts

Within 15 working days
2
Trade Processing
(a) Pre-matching, Confirmations, Margin / Funding verification
(b) Settlements

Within the Market timelines
within 24 hours of receipt of Securities/Cash
3
Safekeeping of Assets / Reports to Client
within 24 hours of receipt of Securities
4
Breach of Foreign Ownership Limit
within 24 hours
5
Asset Servicing
(a) Corporate action notification
(b) Processing of client’s instructions for the event
(c) Settlements
(d) Proxy Voting / E-Voting / Postal Ballot

Within 48 hours
within Market timelines
Within 48 hours
within Market timelines
6
Monthly Portfolio Report to client with list of Assets
Within 7 working days
7
Client Queries
Acknowledgment or Response within 48 hours
8
Grievance Redressal
Acknowledgment within 48 hours and redress within 30 days
* above timelines will apply to cases where documents/information is complete in all respects

General Guidance for Investors:

  • Provide Complete, Accurate and Latest information for Account Opening.
  • Investors are solely responsible for any investment activity undertaken on the market.
  • Ensure all investments and investment related activities are in compliance with applicable rules and regulations
  • Investors have Right of Fair and Equitable Treatment and Confidentiality of Information as per SEBI (Custodian) Regulations, 1996
  • Investors have Right to expect Redressal of Grievances in a timebound manner and ensure to collect contact details of key personnel for Escalation and Resolution of grievances
  • Adhere to all the rules, regulations, investment limits / conditions prescribed by the Regulators and Government of India.

Grievance Redressal Mechanism

Approach the Custodian at the designated Investor Grievance e-mail ID with complete details of complaints for redressal of investor grievances in a time bound manner.

The complaint not redressed at Custodian level, may be lodged with SEBI on SCORES (a web based centralized investor grievance redressal mechanism at SEBI) at

https://scores.sebi.gov.in/

Vision

To make India an investor friendly country through efficient Regulations

Mission

To serve all investors by promoting the highest standards of ethics, professional excellence and investor protection

Timelines pertaining to various
services provided by DDP

FPI registration
(a) Fresh Registration
Within 30 days
(b) Renewal of FPI Registration
Within 15 days
(c) Surrender of FPI Registration
Within 10 working days of receipt of NOC from SEBI
Change in DDP cum Custodian
Within 30 days of receipt of approval from incoming DDP
Off-Market (Free of Payment) transfers permitted as
per SEBI Operational Guidelines for FPIs, DDPs and EFIs
Within 15 days
KYC Review / Update
Jurisdiction
FPI
Category – I
FPI
Category – II
High Risk
Registered under Reg. 5(a)(i) – During
continuance of registration i.e. every 3 years.

Others - Annually
Annually
Non-High Risk
During continuance of registration i.e.
every 3 years.
Regulated entities during continuance
of registration i.e. every 3 years.

Others-Annually.
* above timelines will apply to cases where application
is complete in all respects

General Guidance for Investors:

    • Provide Complete, Accurate and Latest information for FPI registration.
    • Adhere to all the rules, regulations, investment limits / conditions prescribed by the Regulators and Government of India.
    • Sell or write-off securities holdings prior to expiry of the FPI registration in case the FPI wish to surrender its registration.
    • Inform Forthwith any changes in information or particulars pertaining the FPI registration.
    • Investors have Right of Fair and Equitable Treatment and Confidentiality of Information as per SEBI (FPI) Regulations, 2019 and SEBI Operational Guidelines for FPIs, DDPs and EFIs
    • Investors have Right to expect Redressal of Grievances in a timebound manner and ensure to collect contact details of key personnel for Escalation and Resolution of grievances

Grievance Redressal Mechanism

Approach the DDP at the designated Investor Grievance e-mail ID with complete details of complaints for redressal of investor grievances in a time bound manner.

The complaint not redressed at DDP level, may be lodged with SEBI on SCORES (a web based centralized investor grievance redressal mechanism at SEBI)

Investor Compliant Details

Vision

Invest with knowledge & safety.

Mission

Every investor should be able to invest in right investment products based on their needs, manage and monitor them to meet their goals, access reports and enjoy financial wellness.

  • To enter into an agreement with the client providing all details including fee details, aspect of Conflict of interest disclosure and maintaining confidentiality of information.
  • To do a proper and unbiased risk — profiling and suitability assessment of the client.
  • To obtain registration with Know Your Client Registration Agency (KRA) and Central Know Your Customer Registry (CKYC).
  • To conduct audit annually.
  • To disclose the status of complaints in its website.
  • To disclose the name, proprietor name, type of registration, registration number, validity, complete address with telephone numbers and associated SEBI regional/local Office details in its website.
  • To employ only qualified and certified employees.
  • To deal with clients only from official number
  • To maintain records of interactions, with all clients including prospective clients (prior to onboarding), where any conversation related to advice has taken place.
  • Onboarding of Clients

Sharing of agreement copy

Completing KYC of clients

  • Disclosure to Clients

To provide full disclosure about its business, affiliations, compensation in the agreement.

To not access client’s accounts or holdings for offering advice.

To disclose the risk profile to the client.

  • To provide investment advice to the client based on the risk-profiling of the clients and suitability of the client.
  • In case of any grievance / complaint, an investor should approach the concerned Investment Adviser and shall ensure that the grievance is resolved within 30 days.
  • If the investor’s complaint is not redressed satisfactorily, one may lodge a complaint with SEBI on SEBl’s ’SCORES’ portal which is a centralized web based complaints redressal system. SEBI takes up the complaints registered via SCORES with the concerned intermediary for timely redressal. SCORES facilitates tracking the status of the complaint.
  • With regard to physical complaints, investors may send their complaints to: Office of Investor Assistance and Education, Securities and Exchange Board of India, SEBI Bhavan, Plot No. C4-A, ‘G’ Block, Bandra-Kurla Complex, Bandra (E), Mumbai – 400 051.

Dos and Don'ts for Investors

1
Always deal with SEBI registered Investment Advisers.
Don’t fall for stock tips offered under the pretext of investment advice.
2
Ensure that the Investment Adviser has a valid registration certificate.
Do not provide funds for investment to the Investment Adviser.
3
Check for SEBI registration number. Please refer to the list of all SEBI registered investment Advisers which is available on SEBI website in the following link
Don’t fall for the promise of indicative or exorbitant or assured returns by the Investment Advisers. Don’t let greed overcome rational investment decisions.
4
Pay only advisory fees to your Investment Adviser. Make payments of advisory fees through banking channels only and maintain duly signed receipts mentioning the details of your payments.
Don’t fall prey to luring advertisements or market rumors.
5
Always ask for your risk profiling before accepting investment advice. Insist that Investment Adviser provides advisory strictly on the basis of your risk profiling and take into account available investment alternatives.
Avoid doing transactions only on the basis of phone calls or messages from any Investment adviser or its representatives.
6
Ask all relevant questions and clear your doubts with your Investment Adviser before acting on advice.
Don’t take decisions just because of repeated messages and calls by Investment Advisers.
7
Assess the risk—return profile of the investment as well as the liquidity and safety aspects before making investments.
Do not fall prey to limited period discount or other incentive, gifts, etc. offered by investment advisers.
8
Insist on getting the terms and conditions in writing duly signed and stamped. Read these terms and conditions carefully particularly regarding advisory fees, advisory plans, category of recommendations etc. before dealing with any Investment Adviser.
Don’t rush into making investments that do not match your risk taking appetite and investment goals.
9
Be vigilant in your transactions.
Do not share login credential and password of your trading & demat accounts with the investment adviser.
10
Approach the appropriate authorities for redressal of your doubts / grievances.
11
Inform SEBI about Investment Advisers offering assured or guaranteed returns.
Investor Compliant Details

Vision

Invest with knowledge & safety.

Mission

Every investor should be able to invest in right investment products based on their needs, manage and monitor them to meet their goals, access reports and enjoy financial wellness.

  • To publish research report based on the research activities of the RA.
  • To provide an independent unbiased view on securities.
  • To offer unbiased recommendation, disclosing the financial interests in recommended securities.
  • To provide research recommendation, based on analysis of publicly available information and known observations.
  • To conduct audit annually.
  • Onboarding of Clients.
  • Disclosure to Clients
  • To distribute research reports and recommendations to the clients without discrimination.
  • To maintain confidentiality w.r.t publication of the research report until made available in the public domain.
  • In case of any grievance / complaint, an investor should approach the concerned research analyst and shall ensure that the grievance is resolved within 30 days.
  • If the investor’s complaint is not redressed satisfactorily, one may lodge a complaint with SEBI on SEBl’s SCORES portal which is a centralized web based complaints redressal system. SEBI takes the complaints registered via SCORES with the concerned intermediary for timely redressal. SCORES facilitates tracking the status of the complaint.
  • With regard to physical complaints, investors may send their complaints to: Office of Investor Assistance and Education, Securities and Exchange Board of India, SEBI Bhavan. Plot No. C4-A,’G’ Block, Bandra-Kurla Complex, Sandra (E),Mumbai – 400 051.

Expectations from the investors {Responsibilities of investors}

1
Always deal with SEBI registered Research Analyst.
Do not provide funds for investment to the Research Analyst.
2
Ensure that the Research Analyst has a valid registration certificate.
Don’t fall prey to luring advertisements or market rumours.
3
Check for SEBI registration number.
Do not get attracted to limited period discount or other incentive, gifts, etc.offered by Research Analyst.
4
Please refer to the list of all SEBI registered Research Analysts which is available on SEBI website in the following link: (https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecogneisdFpi=yes &intmld=14)
Do not share login credentials and password of your trading and demat accounts with the Research Analyst.
5
Always pay attention towards disclosures made in the research reports before investing.
6
Pay your Research Analyst through banking channels only and maintain dulysigned receipts mentioning the details of your payments.
7
Before buying securities or applying in public offer, check for the research recommendation provided by your research Analyst.
8
Ask all relevant questions and clear your doubts with your Research Analyst before acting on the recommendation
9
Inform SEBI about Research Analyst offering assured or guaranteed returns.
Investor Compliant Details

Vision

To implement diligently researched customised investment strategies which help investors meet their long-term financial goals in a risk appropriate manner.

Mission

To ensure that the PMS industry provides a viable investment avenue for wealth creation by adopting high levels of skill, integrity, transparency and accountability.

  • Appropriate risk profiling of investors
  • To provide Disclosure Document to investors
  • Executing the PMS agreement
  • Making investment decisions on behalf of investors (discretionary) or investment decisions taken at the discretion of the Investor (non-discretionary) or advising investors regarding their investment decisions (advisory), as the case may be.
  • Discretionary & Non-Discretionary Portfolio Management Services (PMS):-  Under these services, all an investor has to do, is to give his portfolio in any form i.e. in stocks or cash or a combination of both. The minimum size of the portfolio under the Discretionary and/ or Non-Discretionary Funds Management Service should be Rs.50 lakhs as per the current SEBI Regulations. However, the PMS provider reserves the right to prescribe a higher threshold product-wise or in any other manner at its sole discretion. The PMS provider will ascertain the investor’s investment objectives to achieve optimal returns based on his risk profile. Under the Discretionary Portfolio Management service, investment decisions are at the sole discretion of the PMS provider if they are in sync with the investor’s investment objectives. Under the Non-Discretionary Portfolio Management service, investment decisions taken at the discretion of the Investor.
  • Investment Advisory Services: –Under these services, the Client is advised on buy/sell decision within the overall profile without any back-office responsibility for trade execution, custody of securities or accounting functions. The PMS provider shall be solely acting as an Advisor to the Client and shall not be responsible for the investment/divestment of securities and/or administrative activities on the client’s portfolio. The PMS provider shall act in a fiduciary capacity towards its Client and shall maintain arm’s length relationship with its other activities. The PMS provider shall provide advisory services in accordance with guidelines and/or directives issued by the regulatory authorities and/or the Client from time to time in this regard.
  • Client On-boarding
    • Ensuring compliance with KYC and AML guidelines.
    • franking & signing the Power of Attorney to make investment decisions on behalf of the investor.
    • opening demat account and funding of the same from the investor’s verified bank account and/or transfer of securities from verified demat account of the investor and
    • Mapping the said demat account with Custodian.
  • Ongoing activities
    • To provide periodic statements to investors as provided under the PMS Regulations 2020 and other SEBI notifications and circulars (“PMS Regulations”) and
    • Providing each client an audited account statement on an annual basis which includes all the details as required under the PMS Regulations.
  • Fees and Expenses
    • Charging and disclosure of appropriate fees & expenses in accordance with the PMS Regulations.
  • Closure and Termination
    • Upon termination of PMS Agreement by either party, the securities and the funds lying in the account of the investor shall be transferred to the verified bank account/ demat account of the investor.
  • Grievance Redressal
    • Addressing in a time bound manner investor’s queries, service requests and grievances, if any, on an ongoing basis.

Timelines of the services provided to investors are as follows:

1
Opening of PMS account (including demat account) for residents.
7 days from receipt of all requisite documents from the client, subject to review of the documents for accuracy and completeness by portfolio manager and allied third party service providers as may be applicable.
2
Opening of PMS account (including demat account) for non-individual clients.
14 days from receipt of all requisite documents from the client, subject to review of the documents for accuracy and completeness by portfolio manager and allied third party service providers as may be applicable.
3
Opening of PMS account (including demat account, bank account and trading account) for non-resident clients.
14 days from receipt of all requisite documents from the client, subject to review of the documents for accuracy and completeness by portfolio manager and allied third party service providers as may be applicable.
4
Registration of nominee in PMS account and demat account.
Registration of nominee in PMS account and demat account.
5
Modification of nominee in PMS account and demat account.
10 days from receipt of requisite nominee modification form, subject to review of the documents for accuracy and completeness by portfolio manager and allied third party service providers as may be applicable.
6
Uploading of PMS account in KRA and CKYC database.
10 days from date of account opening (Portfolio Manager may rely on the custodian for updating the same).
7
Whether portfolio manager is registered with SEBI, then SEBI registration number.
At the time of client signing the agreement; this information should be a part of the account opening form and disclosure document.
8
Disclosure about latest networth of portfolio manager and total AUM.
Disclosure of portfolio manager’s total AUM - monthly to SEBI

Disclosure of latest networth should be done in the disclosure document whenever there are any material changes.
9
Intimation of type of PMS account – discretionary.
At the time of client signing the agreement; this information should be a part of the account opening form.
10
Intimation of type of PMS account - non discretionary.
At the time of client signing the agreement; this information should be a part of the account opening form.
11
Intimation to client what discretionary account entails and powers that can be exercised by portfolio manager.
At the time of client signing the agreement; this information should be a part of the account opening form.
12
Intimation to client what non-discretionary account entails and powers that can be exercised by portfolio manager.
At the time of client signing the agreement; this information should be a part of the account opening form.
13
Copy of executed PMS agreement sent to client.
Within 3 days of client request.
14
Frequency of disclosures of available eligible funds.
All details regarding client portfolios should be shared quarterly (point 26).
15
Issuance of funds and securities balance statements held by client.
This data should be shared on a quarterly basis or upon client request.
16
Intimation of name and demat account number of custodian for PMS account.
Within 3 days of PMS and demat account opening.
17
Conditions of termination of contract.
At the time of client signing the agreement; this information should be a part of the account opening form.
18
Intimation regarding PMS fees and modes of payment or frequency of deduction.
At the time of client signing the agreement; this information should be a part of the account opening form.
19
POA taken copy providing to client.
Within 3 days of client request.
20
Intimation to client about what all transactions can portfolio manager do using PoA.
At the time of client signing the agreement; this information should be a part of the account opening form.
21
Frequency of providing audited reports to clients
Annual.
22
Explanation of risks involved in investment.
At the time of client signing the agreement; this information should be a part of the account opening form.
23
Intimation of tenure of portfolio investments.
Indicative tenure should be disclosed at the time of client signing the agreement; this information should be a part of the account opening form.
24
Intimation clearly providing restrictions imposed by the investor on portfolio manager.
Negative list of securities should be taken from the client at the time of client signing the agreement; this information should be a part of the account opening form.
25
Intimation regarding settling of client funds and securities.
Settlement of funds and securities is done by the Custodian. The details of clients’ funds and securities should be sent to the clients in the prescribed format not later than on a quarterly basis.
26
Frequency of intimation of transactions undertaken in portfolio account.
Not later than on a quarterly basis or upon client's request.
27
Intimation regarding conflict of interest in any transaction.
The portfolio manager should provide details of related party transactions and conflict of interest in the Disclosure Document which should be available on website of portfolio manager at all times.
28
Timeline for providing disclosure document to investor.
The latest disclosure document should be provided to investors prior to account opening and the latest disclosure documents should be available on website of portfolio manager at all times.
29
Intimation to investor about details of bank accounts where client funds are kept.
Within 3 days of PMS and demat account opening
30
Redressal of investor grievances.
Within 30 days, subject to all the information required to redress the complaint is provided by the complainant to the portfolio manager
Note: The number of days in the above
timelines indicate clear working days
  • It is mandatory for every PMS provider to register itself on SEBI SCORES (SEBI Complaint Redress System). SCORES is a centralised online complaint resolution system through which the complainant can take up his grievance against the PMS provider and subsequently view its status (https://scores.sebi.gov.in/)
  • The details such as the name, address and telephone number of the investor relations officer of the PMS provider who attends to the investor queries and complaint should be provided in the PMS Disclosure document.
  • The grievance redressal and dispute mechanism should be mentioned in the Disclosure Document.
  • Investors can approach SEBI for redressal of their complaints. On receipt of complaints, SEBI takes up the matter with the concerned PMS provider and follows up with them.
  • Investors may send their complaints to: Office of Investor Assistance and Education, Securities and Exchange Board of India, SEBI Bhavan. Plot No. C4- A, ‘G’ Block, Bandra-Kurla Complex, Bandra (E), Mumbai – 400 051.
  • Check registration status of the intermediary from SEBI website before availing services.
  • Submission of KYC documents and application form in a timely manner with signatures in appropriate places and with requisite supporting documents.
  • Read carefully terms and conditions of the agreement before signing the same.
  • Thorough study of the Disclosure Documents of the PMS to accurately understand the risks entailed by the said investment in PMS.
  • Accurate and sincere answers given to the questions asked in the ‘Risk Questionnaire’ shall help the PMS provider properly assess the risk profile of the investor.
  • Thorough study of the quarterly statements sent by the PMS provider to the investor intimating him about the portfolio’s absolute and relative performance, its constituents and its risk profile.
  • Ensure providing complete details of negative list of securities as part of freeze instructions at the time of entering into PMS agreement and every time thereafter for changes, if any, in a timely manner.
  • To update the PMS provider in case of any change in the KYC documents and personal details and to provide the updated KYC along with the required proof.
Investor Compliant Details
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