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    Home»Business»Sebi Cautions Public Against Fraudulent Portfolio Management Services
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    Sebi Cautions Public Against Fraudulent Portfolio Management Services

    AuthurBy AuthurOctober 4, 2022No Comments2 Mins Read
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    The Securities and Exchange Board of India (Sebi) on October 3, 2022 cautioned fraudulent entities from collecting money from the public by masquerading as genuine portfolio management services.

    Sebi announced in an official statement that it had come to its notice “that some entities were collecting money from the public claiming to provide Portfolio Management Services.”

    “These entities have been luring the public, with a promise of high returns, through pamphlets and social media platforms. It is observed that in such schemes, the entities have been mobilising money in relatively smaller amounts and promising assured returns. Some of the entities have names similar to that of Sebi-registered intermediaries, misleading the public, as though the fund raising is genuine and done by entities registered with Sebi,” the market regulator said in the statement.

    Sebi has cautioned investors to be careful of such entities and not fall prey to “such unauthorised money collection.”

    Sebi said that “investors are advised to deal only with Sebi-registered intermediaries, while investing in securities market.”

    The market regulator further said that Sebi-registered intermediaries, including portfolio managers (who manage portfolio management schemes) cannot offer products with assured or fixed return on investment.

    “Many such unauthorised schemes are run like Ponzi schemes without any real investment made in the securities market,” the statement said.

    According to the Sebi (Portfolio Managers) Regulations, 2020, a portfolio manager shall be a body corporate, registered with Sebi, and shall have a contract/agreement with a client to undertake management or administration of a portfolio of securities or funds of the client.

    In addition, a portfolio manager cannot accept funds or securities worth less than Rs. 50 lakh from the client and cannot promise any guaranteed or assured return, either directly or indirectly.

    “Public is advised to do proper due diligence before trusting their money in such unauthorised schemes,” Sebi reiterated in the press release.

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