The a circular simplifies the process for the transfer of Portfolio Management Service (PMS) business between Portfolio Managers (PMs). If the transfer is between PMs belonging to the same group, the transferor has the option to shift select Investment Approaches or the entire business, however a complete transfer necessitates surrendering the transferor’s registration within 45 working days. For transfers between PMs not belonging to the same group, a joint application for approval must be submitted, but only the complete PMS business can be transferred. The transferee must provide an undertaking accepting all future liabilities, pending actions, and obligations against the transferor.