SECURITIES AND EXCHANGE BOARD OF INDIA — THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992

SECURITIES AND EXCHANGE BOARD OF INDIA (PORTFOLIO MANAGERS) REGULATIONS, 1993 CONTENTS CHAPTER I: PRELIMINARY Short title and commencement Definitions CHAPTER II: REGISTRATION OF PORTFOLIO MANAGERS 3. Registration as portfolio manager 3A. Application for grant of certificate Application to conform to the requirements Furnishing of further information, clarification, and personal representation Consideration of application 6A. Criteria for fit and proper person Capital adequacy requirement Procedure for registration Renewal of certificate 9A. Conditions of registration Procedure where registration is not granted Effect of refusal to grant certificate Payment of fees, and the consequences of failure to pay fees CHAPTER III: GENERAL OBLIGATIONS AND RESPONSIBILITIES Code of Conduct Contract with clients and disclosures General responsibilities of a portfolio manager Investment of clients' moneys and management of clients' portfolio of securities 16A. Foreign institutional investors and sub-accounts availing portfolio management services 16B. Appointment of custodian Maintenance of books of accounts, records, etc. Submission of half -yearly results Maintenance of books of accounts, records and other documents Accounts and audit Reports to be furnished to the client Report on steps taken on Auditor's report Disclosures to the Board 23A. Appointment of compliance officer CHAPTER IV: INSPECTION AND DISCIPLINARY PROCEEDINGS Right of inspection by the Board Notice before inspection Obligations of Portfolio Manager on inspection Submission of report to the Board Action on inspection or investigation report Appointment of Auditor CHAPTER V: PROCEDURE FOR ACTION IN CASE OF DEFAULT Liability for action in case of default [31. Omitted by the Securities (Procedure for Holding Enquiry b