Sebi explains: No plans for regulatory supervision on family offices

Mumbai (Maharashtra) [India]October 4 (Ani): The Securities and Exchange Board of India (Sebi) made it clear on Saturday that he was not considering family offices regulatory oversight, and rejected the recent media reports that otherwise indicate. In an official statement, the market regulator mentioned such reports as “virtually incorrect” and confirmed that no such proposal is currently being examined. “It has come below Sebi’s attention that certain media reports suggested that Sebi is considering regulatory oversight of family offices. These reports are virtually wrong. Sebi is investigating or following this matter,” the market regulator said. On October 3, several media platforms reported that the market regulator is considering bringing family offices-private investment entities that manage the wealth of ultra-high-net-world families under a regulatory framework. A family office is a private wealth management firm that provides comprehensive financial and investment services to individuals or families with high net worth. Unlike traditional wealth managers, family offices offer a wide range of personal services, including investment management, tax planning, estate planning, philanthropy and sometimes even lifestyle and concierge services. Their primary purpose is to preserve and grow family wealth throughout generations. There are two main types of family offices: Single family offices (SFOs), serving exclusively one rich family, and multi -family offices (MFOs), providing for various families, offering shared services to reduce costs. In India, family offices receive traction, especially among business people and founders of the business, because they are looking for structured and professional management of their personal wealth. In a recent report by Ey-Julius Baer, ​​it was emphasized that although 25 percent of Indian family offices still prioritize wealth conservation, very actively diversified in global and alternative assets. The report highlights a transformative shift in how India’s families diversify with a net net worth and manage their wealth to grow and govern. (Ani)