SECURITIES AND EXCHANGE BOARD OF INDIA (PORTFOLIO MANAGERS) REGULATIONS, 1993 — THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992

SECURITIES AND EXCHANGE BOARD OF INDIA (PORTFOLIO MANAGERS) REGULATIONS, 1993 CONTENTS CHAPTER I: PRELIMINARY 1_ 2. Short title and commencement Definitions CHAPTER II: REGISTRATION OF PORTFOLIO MANAGERS 3 3A. 4 5. Registration as portfolio manager Application for grant of certificate Application to conform to the requirements Furnishing of further information; clarification; and personal representation 6. Consideration of application 6A. Criteria for fit and proper person 7 . Capital adequacy requirement 8. Procedure for registration 9. Renewal of certificate 9A. Conditions of registration 10. Procedure where registration is not granted 11. Effect of refusal to grant certificate 12. Payment of fees, and the consequences of failure to pay fees CHAPTER I: GENERAL OBLIGATIONS AND RESPONSIBILITIES 13. 14. 15. 16. 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 17 . Maintenance of books of accounts, records; etc: 18. Submission of half-yearly results 19. Maintenance of books of accounts; records and other documents 20_ Accounts and audit 21. Reports to be furnished to the client 22. Report on steps taken on Auditor's report 23. Disclosures to the Board 23A. Appointment of compliance officer Page 1 of 71 CHAPTER IV: INSPECTION AND DISCIPLINARY PROCEEDINGS 24 25. 26. 27 . 28. 29. 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