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Informist, Wednesday, Sept. 30, 2026

 

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--SEBI chief: Portfolio managers have benefit of greater customisation
--CONTEXT: SEBI Chairman Tuhin Pandey's comments at portfolio manager event
--SEBI chief: Portfolio managers experience investor expectations first hand
--SEBI chief: Making portfolio mgmt system investor onboarding digital
--SEBI chief: Portfolio manager norms overhaul opens possibilities
--SEBI chief: Portfolio manager norms overhaul keeps accountability clear
--SEBI chief: Portfolio managers must respond responsibly to flexible norms
--SEBI chief:Portfolio manager must not outsource accountability on tech use
--SEBI chief: Despite Mar-Jun headwinds, primary mkt seeing string of IPOs
--SEBI chief: Engaged with RBI on ironing out FPI onboarding issues
--SEBI chief:Portfolio managers must not talk more, deliver less to investor
--SEBI chief:Retail access to bond mkt eased but knowledge of bonds very low
--SEBI chief: Retail bond investors need to learn much more before investing
--SEBI chief: Can't have daily NAVs norm for AIFs due to illiquid assets

 

MUMBAI – There cannot be daily net asset value requirements for alternative investment funds due to the inherent illiquid nature of the assets in which they invest, Securities and Exchange Board of India Chairman Tuhin Kanta Pandey said Wednesday in a conference organised by the Association of Portfolio Managers in India in Mumbai. But SEBI has mandated quarterly reporting of valuations by AIFs to the depositories and AIF investors can check these, he said.

 

Pandey emphasised that AIFs are for sophisticated investors in terms of entry barrier and income-based networth criteria. "And, at the moment, we would like that to be there and not really expose the retail industry to AIFs where illiquidity could be a problem," the SEBI chairman said. The AIFs are essentially closed-ended and investors have to stay invested and not exit as and when they want, he said.

 

On the portfolio management services industry, Pandey said SEBI has tried to make the investor journey simpler through digital onboarding and streamlining of disclosure requirements. Registered portfolio managers occupy a distinctive space in the capital markets combining professional investment management with greater customisation, he said.

 

The portfolio managers work closely with investors "and perhaps more than many other intermediaries", he said. The portfolio managers are able to see first-hand how investor expectations change, according to Pandey.

 

The recent approval by SEBI board to an overhaul of the portfolio manager regulations opens many possibilities for the managers but keeps accountability clear, he said. "Good regulations should be demanding where risks are significant, but where the requirement creates costs or complexity without adding commensurate value we should be willing to revisit it," Pandey said.

 

The SEBI chairman demanded greater responsibility from the portfolio managers with the greater flexibility industry will get from the overhaul of regulations. Investors do not want the portfolio managers to "talk more and deliver less," he said.

 

On FPI onboarding issues, Pandey said SEBI and the Reserve Bank of India are engaged actively in ironing out many of these. On primary market, the SEBI chairman was the view despite the headwinds from global geo-political situation during Mar-Jun the market has caught up with a string of initial public offerings.

 

On the bond markets, the SEBI chairman said access for retail has eased considerably but the knowledge of retail investors of bond market dynamics is even less than that of crypto markets. SEBI is keen on raising the awareness levels among retail investors of the bond market. "Retail bond investors need to learn much more before investing, he said.  End

 

Reported by Rajesh Gajra

Edited by Akul Nishant Akhoury

 

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