Alerts & Updates 20th May 2026
SEBI has issued informal guidance to a PMS provider regarding the permissibility of pledging securities held by clients availing Non-Discretionary PMS (“ND-PMS”). We have in this Update analysed SEBI’s stance on whether securities managed under a ND-PMS arrangement may be pledged by the client at its own initiative, without contravening the restrictions under the SEBI (Portfolio Managers) Regulations, 2020.
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