SEBI/HO/IMD/IMD - POD - 1/P/CIR/2025/104 — THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992

MASTER CIRCULAR SEBI/HO/IMD/IMD - POD - 1/P/CIR/2025/104 July 16 , 2025 To, All Portfolio Managers Association of Portfolio Managers in India (‘APMI’) Sir / Madam, Subject: Master Circular for Portfolio Managers For effective regulation of Portfolio Managers, the Securities and Exchange Board of India ( " SEBI " ) has been issuing various circulars from time to time. In order to enable the stakeholders to have an access to all the applicable requirements at one place, the provisions of the said circulars issued till March 31, 2024 were incorporated in the Master Circular for Portfolio Managers dated June 07, 2024 . Subsequently, various guidelines/directions were issued to Portfolio Managers by way of circulars/letters. In view of the same, the Master Circular dated June 07, 2024 has been updated to include all relevant circulars that were issued on/before March 31, 2025. The instant Master Circular supersedes the Master Circular for Portfolio Managers dated June 07, 2024 . Vide Master Circular for Portfolio Managers dated June 07, 2024, the guidelines/directions contained in the circulars listed out in the Appendix to that Master r Circular were rescinded. In addition, with the issuance of this Master Circular, the guidelines/directions contained in the circulars listed out in Sr. Nos . 37 -39 of the Appendix, to the extent they relate to the Portfolio Managers, shall stand rescinded. With respect to the directions or other guidance issued by SEBI, as specifically applicable to Portfolio Managers, the same shall continue to remain in force in addition to the provisions of any other law for the time being in force. Terms not defined in this Master Circular shall have the same meaning as provided under the relevant Regulations. The extant Master Circular is also updated