IndiaNivesh Investment Managers have shut down its portfolio management business in the wake of COVID-19 crisis, the first casualty of the current market meltdown.
IndiaNivesh said in a note to investors, “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.Thus our sole strategy of Sprout Portfolio will be wound up.”
IndiaNivesh Investment Managers also informed that all the assets in its custody such as securities and bank balance, among others will be handed over to the clients.
Moreover, the clients shall have 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.