Registration of Portfolio Managers to be Decentralized by SEBI from 05.08.2020

Registration of Portfolio Managers to be Decentralized by SEBI from 05.08.2020

Securities and Exchange of Board of India

Press Release No. 41/2020

Decentralization of work related to Registration of Portfolio Managers

SEBI is granting registration to the applicants fulfilling the compliance of the various provisions of SEBI (Portfolio Managers) Regulations, 2020. At present, applicants submit their registration applications for Portfolio Managers through SEBI Intermediary Portal (siportal.sebi.gov.in) and these applications are processed at Head Office of SEBI in Mumbai.

It has been decided that the processing of registration applications for Portfolio Managers received on or after August 05, 2020, shall be decentralised and delegated to the respective Regional Offices or Head Office, Mumbai, based on the registered address of the applicant. Accordingly, w.e.f. August 05, 2020, registration applications for Portfolio Managers will be processed by respective offices of SEBI and applicants should file all communications related to their registration applications for Portfolio Managers with the said office of SEBI.

SEBI has four Regional Offices i.e. Eastern Regional Office at Kolkata, Northern Regional Office at Delhi, Southern Regional Office at Chennai and Western Regional Office at Ahmedabad. The addresses of SEBI Head Office and Regional Offices are available at www.sebi.gov.in.

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Mumbai
August 04, 2020

• Credit in partner’s capital account for book entry adjustments can not be added u/s 68
• Non-compliance of summons issued u/s 131 no ground to make addition u/s 68
• Assessee not obliged to demonstrate actual utilization of donation u/s 35(1)(ii)
• For Registration u/s 12AB, phrase “genuineness of activities” is interpreted liberally
• If AO rejects a reply, he has to offer opportunity of personal hearing to assessee