Mumbai, February 14: The Securities and Exchange Board of India (Sebi) has come out with new guidelines for portfolio managers on February 13, 2020. The guidelines come after recommendations considered from the working group as well as inputs from public consultation. As per the new guidelines, no upfront fees would be charged by the portfolio managers. “As provided in Regulation 22 (11) of the PMS Regulations, no upfront fees shall be charged by the Portfolio Managers, either directly or indirectly, to the clients,” notes Sebi in the circular. Further, the operating expenses barring brokerage, over and above the fees charged for Portfolio Management Service, should not exceed 0.50 per cent per annum of the client’s average daily Assets Under Management (AUM).