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The newly formed Association of Portfolio Managers in India (APMI) got into motion on Wednesday with the launch of its website www.apmiindia.org. The launch happened in the presence of SEBI officials and PMS managers.
Speaking at the event, Manoj Kumar, Executive Director (SEBI) underlined the importance of self-regulation in building trust among investors.
"The PMS industry has shown remarkable resilience over the years as it witnessed high growth. But as the size grows, responsibilities also rise. There's a need for a common face to strengthen the overall framework and build trust in the industry," Kumar said this while adding that APMI can be the right body to ensure high operational standards in the industry.
According to Kumar, the PMS industry should work on priority to resolve some of the issues. “The industry needs to work on performance benchmarking, establish proper valuation principles and formulate internal checks and balances,” he said.
The APMI's Board of Directors, Neeraj Choksi, Aashish Somaiyaa and Saurabh Mukherjea, said the priority of the association will be to develop it into a common interface for regulators, government agencies, industry participants and investors.
The association also aims to become a repository for industry data and guide for new entrants in the industry. "The aim is to impart knowledge on related topics and latest developments impacting the industry via industry experts and experts from allied domains. To act as a repository for industry data and enable availability of information at an industry level to all stakeholders. To act as the first port of call for new entrants in the industry and for prospective PMS managers for providing guidance and know-how on setting up a regulated practice," the association's charter states.