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SEBI Mandates Mandatory Registration for Portfolio Management Services Distributors with APMI

 Continuing its initiative to streamline market intermediary compliances, the Securities and Exchange Board of India (SEBI) issued a circular on May 02, 2024 (SEBI/HO/IMD/IMD-PoD-1/P/CIR/2024/32), making it obligatory for individuals or entities engaged in the distribution of Portfolio Management Services (PMS Distributors) to register with the Association of Portfolio Managers in India (APMI).

Mandatory Registration Criteria Outlined by APMI

By July 01, 2024, APMI will delineate the specific criteria for registration.

APMI's Registration Portal

Last year, APMI launched a registration portal (https://www.apmiindia.org) allowing individuals to voluntarily register for PMS distribution.

Shift from NISM Certification

Previously, certification from the National Institute of Securities Markets (NISM) was sufficient for PMS distributors.

Portfolio Managers' Responsibility

Portfolio Managers are tasked with ensuring that any person or entity engaged in PMS distribution is registered with APMI and adheres to the SEBI-prescribed code of conduct.

Alignment with Mutual Fund Industry Practices

This move mirrors practices in the Mutual Fund Industry, aligning with SEBI's recent requirements for Investment Advisors and Research Analysts. It aims to enhance industry data accessibility and facilitate smoother grievance redressal.

Streamlining Compliance and Declaration Filings

This initiative is expected to streamline compliance procedures and declaration filings for PMS Distributors.


This circular  will come into effect from January 01, 2025.

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