SEBI vide its Circular dated 29th March 2023 issued for All Portfolio Managers, Association of Portfolio Managers in India (APMI).
The circular states:
With rapid technological advancement in the securities market, there is a greater need for maintaining robust cyber security and to have a cyber-resilience framework to protect the integrity of data and guard against breaches of privacy.
SEBI has issued a cyber security and cyber resilience framework for Portfolio Managers with an asset under management of Rs 3,000 crore or more. SEBI also clarified that discretionary and non-discretionary portfolio management services as on the last date of the previous calendar month are to be taken together for calculating the asset under management.
SEBI also directed the Association of Portfolio Managers in India to furnish activity wise implementation timelines and its progress on a bi-monthly basis.
This circular shall come into force with effect from October 01, 2023.
Link of the circular: https://www.sebi.gov.in/legal/circulars/mar-2023/cyber-security-and-cyber-resilience-framework-for-portfolio-managers_69521.html
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