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Covid fallout: IndiaNivesh shuts down PMS business amid market meltdown

Consequently all assets such as securities and bank balance will be handed over to the clients.

, ETMarkets.com|
Last Updated: Mar 29, 2020, 02.24 PM IST
Mumbai: IndiaNivesh Investment Managers has shut down its portfolio management business in the wake of the coronavirus outbreak, the first casualty of the current market meltdown.

“In view of the current market volatility pursuant to the global outbreak of Covid-19 and its long-term impact on our business, we have decided to close our operation at IndiaNivesh Investment Managers, a Sebi registered portfolio manager,” IndiaNivesh said in a note to investors.

“Thus our sole strategy of Sprout Portfolio will be wound up,” it added. The firm has been in this business since 2015.

IndiaNivesh Investment Managers said consequently all the assets in its custody such as securities and bank balance, among others will be handed over to the clients.

The firm said the client had two options under which it can transfer the clients assets to their designated bank account/demat. This could be either liquidation of all the shares held in the strategy and transfer the proceeds to the clients’ bank accounts.

The other option was to transfer shares to the clients’ demat account and cash/liquid funds to the client’s bank account.
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IndiaNivesh closes down PMS business

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