New Delhi: Markets regulator Sebi on Friday introduced a streamlined process for transferring Portfolio Management Services (PMS) business from one portfolio manager to another, aimed at enhancing ease of doing business.

Under the new framework, a portfolio manager can transfer its PMS business only after obtaining prior approval from the Securities and Exchange Board of India (Sebi). In cases where the transfer takes place between two portfolio managers belonging to the same group, both holding valid PMS registrations, Sebi has allowed either the transfer of select Investment Approach(es) or the entire PMS business, subject to certain conditions.

If the entire PMS business is transferred, the transferor must surrender its PMS registration certificate within 45 working days of the completion of the transfer.