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    Question

    The Securities and Exchange Board of India (SEBI) and

    Association of Portfolio Managers in India (APMI) will jointly set standards for performance audit of portfolio management services (PMS) players. After SEBI’s recent tightening of norms, PMS players are required to conduct a performance audit annually and submit a report within _____ days after the end of a financial year. 
    A 45 Correct Answer Incorrect Answer
    B 50 Correct Answer Incorrect Answer
    C 60 Correct Answer Incorrect Answer
    D 75 Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    The Securities and Exchange Board of India (SEBI) and Association of Portfolio Managers in India (APMI) will jointly set standards for performance audit of portfolio management services (PMS) players.   After SEBI’s recent tightening of norms, PMS players are required to conduct a performance audit annually and submit a report within 60 days after the end of a financial year. This performance audit needs to consider all clients' portfolios managed by the PMS.  However, performance of advisory clients can be excluded only if it is not published in any marketing material or website. The standard specified by APMI will be effective from October 1,2023.

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