THE GAZETTE OF INDIA EXTRAORDINARY PART III – – SECTION 4 PUBLISHED BY AUTHORITY SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION

1 · [(aa) "accreditation agency" shall have the same meaning as assigned to it in clause (aa) of sub -regulation (1) of regulation 2 of the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012;

2 · [(ac) "Alternative Investment Fund" shall have the same meaning as assigned to it in clause (b) of sub-regulation (1) of regulation 2 of the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012;]

3 · [***]

4 · [(e) "Change in control" in case of a body corporate –

1 · Inserted by the Securities and Exchange Board of India (Portfolio Managers) (Third Amendment) Regulations, 2021 w.e.f. 03.08.2021.

2 · Inserted by the Securities and Exchange Board of India (Portfolio Managers) (Fourth Amendment) Regulations, 2021 w.e.f 08.12.2021.

3 · Clause (d) omitted by the Securities and Exchange Board of India (Change in Control in Intermediaries) (Amendment) Regulations, 2023 w.e.f. 17-1-2023 .

4 · Substituted by the Securities and Exchange Board of India (Change in Control in Intermediaries) (Amendment) Regulations, 2023 w.e.f. 17-1-2023. Prior to the substitution, clause (e) read as under:

5 · [(fa) "Co-investment Portfolio Manager" means a Portfolio Manager who is a Manager of a Category I or Category II Alternative Investment Fund(s); and:

5 · Inserted by the Securities and Exchange Board of India (Portfolio Managers) (Fourth Amendment) Regulations, 2021 w.e.f 08.12.2021.

6 · [(la) "large value accredited investor" means an accredited investor who has entered into an agreement with the portfolio manager for a minimum investment amount of ten crore rupees;]

7 · [(lb) "investee company" shall have the same meaning as assigned to it in clause (o) of subregulation (1) of regulation 2 of the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012;

6 · Inserted by the Securities and Exchange Board of India (Portfolio Managers) (Third Amendment) Regulations, 2021 w.e.f. 03.08.2021 .

7 · Inserted by the Securities and Exchange Board of India (Portfolio Managers) (Fourth Amendment) Regulations, 2021 w.e.f 08.12.2021.

8 · [(pa) "related party" in relation to a portfolio manager, means—

8 · Inserted by the Securities and Exchange Board of India (Portfolio Managers) (Amendment) Regulations, 2022 w.e.f. 20 -09.2022.

9 · [(r) "Sponsor" shall have the same meaning as assigned to it in clause (w) of sub-regulation (1) of regulation 2 of the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012;]

9 · Inserted by the Securities and Exchange Board of India (Portfolio Managers) (Fourth Amendment) Regulations, 2021 w.e.f 08.12.2021.

7 · (1) For considering the grant of certificate of registration to the applicant, the Board shall take into account all matters which it deems relevant to the activities relating to portfolio management.

10 · [(i) a professional qualification in finance, law, accountancy or business management from a university or an institution recognized by the Central Government or any State Government or a foreign university or a professional qualification by completing a Post Graduate Program in the Securities Market (Portfolio Management) from NISM of a duration not less than one year or a professional qualification by obtaining a CFA charter from the CFA institute;]

10 · Substituted by the Securities and Exchange Board of India (Portfolio Managers) (Amendment) Regulations, 2021 w.e.f 16.03.2021. Prior to its substitution, clause (d) read as under:

14 · [Provided further that a fresh NISM certification shall be obtained before expiry of the validity of the existing certification to ensure continuity in compliance with the certification requirements 15 [:]]

16 · [Provided further that the Co-investment Portfolio Manager may designate a member of the Key Investment Team of the Manager as the principal officer who fulfils either of the criteria specified in clause (g) of regulation 4 of the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012, and in that case the requirement under clause (d) shall not apply to the principal officer so appointed;]

11 · Substituted for the symbol "." by the Securities and Exchange Board of India (Portfolio Managers) (Amendment) Regulations, 2021 w.e.f 16.03.2021.

12 · Ibid

13 · Ibid.

14 · Inserted by the Securities and Exchange Board of India (Portfolio Managers) (Amendment) Regulations, 2021 w.e.f 16.03.2021.

15 · Substituted by the Securities and Exchange Board of India (Portfolio Managers) (Fourth Amendment) Regulations, 2021 for the symbol "." w.e.f 08.12.2021.

16 · Inserted by the Securities and Exchange Board of India (Portfolio Managers) (Fourth Amendment) Regulations, 2021 w.e.f 08.12.2021.

19 · [Provided further that the requirement under clause(e) above shall not apply to Coinvestment Portfolio Manager;]

17 · Substituted for "minimum qualifications and experience" by the Securities and Exchange Board of India (Portfolio Managers) (Amendment) Regulations, 2021 w.e.f 16.03.2021.

18 · Substituted by the Securities and Exchange Board of India (Portfolio Managers) (Fourth Amendment) Regulations, 2021 for the symbol ";" w.e.f 08.12.2021.

19 · Inserted by the Securities and Exchange Board of India (Portfolio Managers) (Fourth Amendment) Regulations, 2021 w.e.f 08.12.2021.

20 · Substituted by the Securities and Exchange Board of India (Portfolio Managers) (Fourth Amendment) Regulations, 2021 for the symbol ";" w.e.f 08.12.2021.

21 · Inserted by the Securities and Exchange Board of India (Portfolio Managers) (Fourth Amendment) Regulations, 2021 w.e.f 08.12.2021.

23 · [Provided further that the requirement under this regulation shall not apply to the Coinvestment Portfolio Manager.]

11 · The certificate of registration granted under regulation 10 shall , inter alia, be subject to the following conditions, namely: -

22 · Substituted by the Securities and Exchange Board of India (Portfolio Managers) (Fourth Amendment) Regulations, 2021 for the symbol "." w.e.f 08.12.2021.

23 · Inserted by the Securities and Exchange Board of India (Portfolio Managers) (Fourth Amendment) Regulations, 2021 w.e.f 08.12.2021.

24 · Inserted by the Securities and Exchange Board of India (Portfolio Managers) (Second Amendment) Regulations,

27 · [Provided that the requirement under clause(e) shall not apply to Co-investment Portfolio Manager.]

12 · The certificate of registration granted under regulation 10 shall be valid unless it is suspended or cancelled by the Board.

13 · (1) After considering an application made under regulation 4, if the Board is of the opinion that a certificate should not be granted to the applicant, it may reject the application after giving the applicant a reasonable opportunity of being heard.

2021 · w.e.f 26.04.2021.

25 · Substituted for "one month" by the Securities and Exchange Board of India (Facilitation of Grievance Redressal Mechanism) (Amendment) Regulations, 2023 w.e.f. 18-08-2023.

26 · Substituted by the Securities and Exchange Board of India (Portfolio Managers) (Fourth Amendment) Regulations, 2021 for the symbol "." w.e.f 08.12.2021.

27 · Inserted by the Securities and Exchange Board of India (Portfolio Managers) (Fourth Amendment) Regulations, 2021 w.e.f 08.12.2021.

18 · . An applicant who is a body corporate who intends to act as an eligible fund manager may be granted registration under regulation 10 if:

20 · . The eligible fund managers shall be exempted from the following provisions pertaining to their activities as portfolio managers to eligible investment funds notwithstanding anything contained in these regulations, Schedules thereto or circulars issued thereunder:

28 · [(xi) Schedule IV.]

21 · . Every portfolio manager shall abide by the Code of Conduct as specified in Schedule III.

22 · (1) The portfolio manager shall, before taking up an assignment of management of funds and portfolio on behalf of a client, enter into an agreement in writing with such client that clearly defines the inter se relationship and sets out their mutual rights, liabilities and obligations

28 · Substituted for the words and symbols " (xi) Schedules IV and V." by the Securities and Exchange Board of India (Portfolio Managers) (Amendment) Regulations, 2025 w.e.f 03.09.2025.

31 · [(1A) The portfolio manager may make investments in the securities of its related parties or its associates only after obtaining the prior consent of the client in such manner as may be specified by the Board from time to time:

29 · Substituted for the symbol "." by the Securities and Exchange Board of India (Portfolio Managers) (Third Amendment) Regulations, 2021 w.e.f. 03.08.2021.

30 · Inserted by the Securities and Exchange Board of India (Portfolio Managers) (Third Amendment) Regulations, 2021 w.e.f. 03.08.2021.

31 · Inserted by the Securities and Exchange Board of India (Portfolio Managers) (Amendment) Regulations, 2022 w.e.f. f. 20 -09.2022.

32 · [Provided that in case of the Co-investment Portfolio Manager, the terms of co-investment in an investee company by a co-investor, shall not be more favourable than the terms of investment of the Alternative Investment Fund:

33 · [(3) The portfolio manager shall provide to the client, the Disclosure Document, in

32 · Inserted by the Securities and Exchange Board of India (Portfolio Managers) (Fourth Amendment) Regulations, 2021 w.e.f 08.12.2021.

33 · Substituted by the Securities and Exchange Board of India (Portfolio Managers) (Amendment) Regulations, 2025

34 · [(da) the details of investment of client's funds by the portfolio manager in the securities of its related parties or associates;

34 · Inserted by the Securities and Exchange Board of India (Portfolio Managers) (Amendment) Regulations, 2022 w.e.f. f. 20 -09.2022.

35 · [Provided further that the performance of the Co-investment Portfolio Manager shall be calculated in the manner as agreed between the Co-investment Portfolio Manager and the client:]

37 · [Provided that the requirement under this sub-regulation shall not apply to Co-investment Portfolio Manager.]

35 · Inserted by the Securities and Exchange Board of India (Portfolio Managers) (Fourth Amendment) Regulations, 2021 w.e.f 08.12.2021.

36 · Substituted by the Securities and Exchange Board of India (Portfolio Managers) (Fourth Amendment) Regulations, 2021 for the symbol "." w.e.f 08.12.2021.

37 · Inserted by the Securities and Exchange Board of India (Portfolio Managers) (Fourth Amendment) Regulations, 2021 w.e.f 08.12.2021.

38 · [Dispute Resolution.

22A · All claims, differences or disputes between investors and the portfolio manager arising out of or in relation to the activities of the portfolio manager in the securities market shall be submitted to a dispute resolution mechanism that includes mediation and/or conciliation and/or arbitration, in accordance with the procedure specified by the Board.]

23 · (1) The discretionary portfolio manager shall individually and independently manage the funds of each client in accordance with the needs of the client , in a manner which does not partake character of a Mutual Fund, whereas the non-discretionary portfolio manager shall manage the funds in accordance with the directions of the client.

38 · Inserted by the Securities and Exchange Board of India (Alternative Dispute Resolution Mechanism) (Amendment) Regulations, 2023, w.e.f. 04-07-2023.

39 · [Provided further that subject to appropriate disclosures in the disclosure document and the terms agreed between the client and the portfolio manager, the requirement of minimum investment amount per client shall not apply to an accredited investor:]

40 · [Provided further that the requirement of minimum investment amount per client shall not apply to the Co-investment Portfolio Manager:]

39 · Inserted by the Securities and Exchange Board of India (Portfolio Managers) (Third Amendment) Regulations, 2021 w.e.f. 03.08.2021.

40 · Inserted by the Securities and Exchange Board of India (Portfolio Managers) (Fourth Amendment) Regulations, 2021 w.e.f 08.12.2021.

41 · [(12) The portfolio manager shall ensure compliance with the Investor Charter specified by the Board from time to time.]

43 · [Provided that the requirement under clause (b) shall not apply to the Co-investment Portfolio Manager.]

41 · Inserted by the Securities and Exchange Board of India (Investor Charter) (Amendment) Regulations, 2025 w.e.f. 10 -02 -2025.

42 · Substituted by the Securities and Exchange Board of India (Portfolio Managers) (Fourth Amendment) Regulations, 2021 for the symbol "." w.e.f 08 . 12 . 2021.

43 · Inserted by the Securities and Exchange Board of India (Portfolio Managers) (Fourth Amendment) Regulations, 2021 w.e.f 08 . 12 . 2021.

45 · [Provided that clause(a) shall not apply in case of the Co-investment Portfolio Manager;]

46 · [(3A) The portfolio manager shall ensure compliance with the prudential limits on investments as may be specified by the Board.

44 · Substituted by the Securities and Exchange Board of India (Portfolio Managers) (Fourth Amendment) Regulations, 2021 for the symbol ";" w.e.f 08 . 12 . 2021.

45 · Inserted by the Securities and Exchange Board of India (Portfolio Managers) (Fourth Amendment) Regulations, 2021 w.e.f 08.12.2021 .

46 · Inserted by the Securities and Exchange Board of India (Portfolio Managers) (Amendment) Regulations, 2022 w.e.f. f. 20 -09.2022.

47 · [(4A) The portfolio manager may offer discretionary or non-discretionary or advisory services for investment up to hundred percent of the assets under management of the large value accredited investors in unlisted securities, subject to appropriate disclosures in the disclosure document and the terms agreed between the client and the portfolio manager.]

48 · [(4B) The Co-investment Portfolio Manager shall invest hundred percent of the assets under management in unlisted securities of investee companies where Category I and Category II

47 · Inserted by the Securities and Exchange Board of India (Portfolio Managers) (Third Amendment) Regulations, 2021 w.e.f. 03.08.2021.

48 · Inserted by the Securities and Exchange Board of India (Portfolio Managers) (Fourth Amendment) Regulations, 2021 w.e.f 08.12.2021.

25 · Foreign portfolio investors may avail of the services of a portfolio manager.

26 · Every portfolio manager shall appoint a custodian in respect of securities managed or administered by it:

50 · [Provided further that this regulation shall not apply to a Co-investment Portfolio Manager.]

49 · Substituted by the Securities and Exchange Board of India (Portfolio Managers) (Fourth Amendment) Regulations, 2021 for the symbol "." w.e.f 08.12.2021.

50 · Inserted by the Securities and Exchange Board of India (Portfolio Managers) (Fourth Amendment) Regulations, 2021 w.e.f 08.12.2021.

31 · (1) The portfolio manager shall furnish periodically a report to the client, as agreed in the contract, but not exceeding a period of three months and as and when required by the client and such report shall contain the following details, namely: -

34 · (1) Every portfolio manager shall appoint a compliance officer who shall be responsible for monitoring the compliance of the Act, rules and regulations, notifications, guidelines, instructions etc., issued by the Board or the Central Government and for redressal of investors' grievances:

52 · [Provided further that in case of the Co-investment Portfolio Manager, the role of compliance officer may be assigned to the principal officer appointed in terms of clause (d) of sub-regulation (2) of regulation 7.]

53 · [ Grievance Redressal Mechanism.

34A · (1) The Portfolio Manager shall redress investor grievances promptly but not later than

51 · Substituted by the Securities and Exchange Board of India (Portfolio Managers) (Fourth Amendment) Regulations, 2021 for the symbol "." w.e.f 08 . 12 . 2021.

52 · Inserted by the Securities and Exchange Board of India (Portfolio Managers) (Fourth Amendment) Regulations, 2021 w.e.f 08 . 12 . 2021.

53 · Inserted by the Securities and Exchange Board of India (Facilitation of Grievance Redressal Mechanism) (Amendment) Regulations, 2023 w.e.f. 18-08-2023.

39 · The Board or the Chairman shall after consideration of inspection or investigation report take such action as the Board or Chairman may deem fit and appropriate including action under Chapter V of the Securities and Exchange Board of India (Intermediaries) Regulations, 2008.

54 · [CHAPTER VI-A

42A · . (1) The Board may, exempt any person or class of persons from the operation of all or any of the provisions of these regulations for a period as may be specified but not exceeding twelve months, for furthering innovation 55 [***] relating to testing new products, processes, services,

54 · Inserted by the Securities and Exchange Board of India (Regulatory Sandbox) (Amendment) Regulations, 2020, w.e.f. 17 -04 -2020.

55 · The words "in technological aspects" omitted by the Securities and Exchange Board of India (Regulatory Sandbox) (Amendment) Regulations, 2021, w.e.f. 03-08-2021.

56 · [FORM A

56 · Substituted by the Securities and Exchange Board of India (Portfolio Managers) (Fourth Amendment) Regulations, 2021 w.e.f 08-12-2021. Prior to its substitution, FORM A read as under,

1 · 0 PARTICULARS OF THE APPLICANT

1 · 1 Name of the Applicant:

1 · 2 PAN No. (Attach Copy of PAN Card)

1 · 3 Address of Registered office: (Attach proof of address)

1 · 4 Address for Correspondence:

1 · 5 Address - Principal place of business:

1 · 6 If PMS activity is proposed to be carried out from any branch offices, details of such Branch Offices, including address, name of contact person, mobile number of contact person, email of contact person etc:

2 · 0 ORGANISATION STRUCTURE

2 · 1 Objectives: In brief.

2 · 2 Date and Place of Incorporation:

2 · 3 Status of the Applicant: (e.g. Limited Company-Private/Public, LLP etc. If listed, names of the recognized stock exchanges to be given.)

2 · 4 Organization Chart:

2 · 5 Particulars of all Directors/ Partners:

2 · 6 Particulars of Key Management Personnel

2 · 7 Particulars of Promoters:

2 · 8

2 · 9 Particulars of Principal Officer

2 · 10 Other SEBI Registration Details

2 · 11

2 · 12 Name and activities of associate companies/ entities

2 · 13 List of major shareholders/ partners of the Applicant (holding 5% or more voting rights):

3 · 0 DETAILS OF INFRASTRUCTURAL FACILITIES

3 · 1 Principal Place of Business

3 · 2 Branch Office

4 · 0 BUSINESS PLAN (FOR THREE YEARS)

5 · 0 FINANCIAL INFORMATION

5 · 1 Capital Structure (Rs. in Crore)

5 · 2 Net worth of Applicant (Net worth certificate not older than 3 months from the date of application to be enclosed)

5 · 3 Deployment of Resources (Rs. in Crore)

5 · 4 Major Sources of Income:

5 · 5 Net Profit (Rs. in Crore)

5 · 6 Particulars of Principal Banks:

5 · 7 Particulars of Auditors:

5 · 8 Declaration of submission of Banker’s Report from two Banks

6 · 0 OTHER INFORMATION

6 · 1 Details of all settled and pending disputes of previous 3 years:

6 · 2 Indictment of involvement in any economic offences in the last three years.

6 · 3 Any other information considered relevant to the nature of services rendered by the company.

6 · 4 Details of Membership with the recognized Stock Exchanges:

7 · 0 BUSINESS INFORMATION

7 · 1 Indicate type of activity carried on/ proposed to be carried on.

7 · 2 Indicate the facilities for making decision on portfolio investment.

7 · 3 Details of risk profiling procedure to be followed by the Portfolio Manager.

7 · 4 Details of grievance redressal and dispute resolution mechanism to be followed by the Portfolio Manager.

7 · 5 Provide list of approved share brokers through whom orders shall be placed, involved for Portfolio

7 · 6 Describe Accounting system followed/to be followed for Portfolio Management Services.

7 · 7 Indicate various research and database facilities provided.

7 · 8 Details of activities proposed to be outsourced.

8 · 0 EXPERIENCE

8 · 1 Experience in financial services rendered:

9 · 0 ADDITIONAL INFORMATION

9 · 1. Copy of Draft Agreement with Client to be provided

9 · 2 Copy of Draft Disclosure Document to be provided

9 · 3. Details of Custodian:

9 · 4. Details of Registration with other Regulatory bodies.

10 · 0 DECLARATIONS

10 · 1. Declaration of compliance with Regulation 7 (2) signed by at least Two Directors or designated partners

10 · 2. Declaration for Fit and Proper Person as specified in SEBI (Intermediaries) Regulations, 2008

10 · 3. Declaration of Compliance with clause 12 (b) of Schedule III of these Regulations.

10 · 4. Declaration of Compliance with SEBI circular on fees and charges.

10 · 5. Declaration of type and frequency of reports sent/ proposed to be sent to clients.

10 · 6. Declaration of time taken for transfer of securities into client accounts.

10 · 7. Declaration of submission of periodic reports and Disclosure Document to SEBI.

10 · 8. Declaration of compliance with clause (e) of sub-regulation (1) of Regulation 27 - regarding maintenance of records for Investment rationale.

10 · 9. Declaration of availability of Disclosure document on website of Portfolio Manager.

1 · 0 PARTICULARS OF THE APPLICANT

1 · 1 Name of the Applicant (Name of Manager of Alternative Investment Fund in case applicant is offering Co- investment services only):

1 · 2 PAN No. (Attach Copy of PAN Card)

1 · 3 Address of Registered office: (Attach proof of address)

1 · 4 Address for Correspondence:

1 · 5 Address - Principal place of business:(Where

1 · 6 If PMS activity is proposed to be carried out from any branch offices, details of such Branch Offices, including address, name of contact person, mobile number of contact person, email of contact person etc:

2 · 0 ORGANISATION STRUCTURE

2 · 1 Objectives: In brief.

2 · 2 Date and Place of Incorporation:

2 · 3 Status of the Applicant: (e.g. Limited Company-Private/Public, LLP etc. If listed, names ofthe recognized stock exchanges to be given.)

2 · 4 Organization Chart:

2 · 5 Particulars of all Directors/ Partners:

2 · 6 Particulars of Key Management Personnel

2 · 7 Particulars of Promoters:

2 · 8 Particulars of Compliance Officer

2 · 9 Particulars of Principal Officer

2 · 10 Other SEBI Registration Details

2 · 11 Number of employees

2 · 12 Name and activities of associate companies/ entities

2 · 13 List of major shareholders/ partners of the Applicant (holding 5% or more voting rights):

3 · 0 DETAILS OF INFRASTRUCTURAL FACILITIES

3 · 1 Principal Place of Business

3 · 2 Branch Office

4 · 0 BUSINESS PLAN (FOR THREE YEARS)

5 · 0 FINANCIAL INFORMATION

5 · 1 Capital Structure (Rs. in Crore)

5 · 2 Net worth of Applicant (Net worth certificate not older than 3 months from the date of f application to be enclosed)

5 · 3 Deployment of Resources (Rs. in Crore)

5 · 4 Major Sources of Income: (Rs. in Crore)

5 · 5 Net Profit (Rs. in Crore)

5 · 6 Particulars of Principal Banks:

5 · 7 Particulars of Auditors:

5 · 8 Declaration of submission of Banker’s Report from two Banks

6 · 0 OTHER INFORMATION

6 · 1 Details of all settled and pending disputes of previous 3 years:

6 · 2 Indictment of involvement in any economic offences in the last three years.

6 · 3 Any other information considered relevant to the nature of services rendered by the company.

6 · 4 Details of Membership with the recognized Stock Exchanges:

7 · 0 BUSINESS INFORMATION

7 · 1 Indicate type of activity carried on/ proposed to be carried on.

7 · 2 Indicate the facilities for making decision on portfolio investment.

7 · 3 Details of risk profiling procedure to be followed by the Portfolio Manager.

7 · 4 Details of grievance redressal and dispute resolution mechanism to be followed by the Portfolio Manager.

7 · 5 Provide list of approved share brokers through whom orders shall be placed, involved for Portfolio Management activities and state whether any of them were suspended/had defaulted with any Stock Exchange authority.

7 · 6 Describe Accounting system followed/to be followed for Portfolio Management t S Services.

7 · 7 Indicate various research and database facilities provided.

7 · 8 Details of activities proposed to be outsourced.

8 · 0 EXPERIENCE

8 · 1 Experience in financial services rendered:

9 · 0 ADDITIONAL INFORMATION

9 · 1. Copy of Draft Agreement with Client to be provided

9 · 2 Copy of Draft Disclosure Document to be provided

9 · 3. Details of Custodian:

9 · 4. Details of Registration with other Regulatory bodies.

10 · 0 DECLARATIONS

10 · 1. Declaration of compliance with Regulation 7(2) signed by at least Two Directors or r designated partners

10 · 2. Declaration for Fit and Proper Person as specified in the Securities and Exchange Board of India (Intermediaries) Regulations, 2 2008

10 · 3. Declaration of Compliance with clause 12 (b) of Schedule III of these Regulations.

10 · 4. Declaration of Compliance with SEBI circular on fees and charges.

10 · 5. Declaration of type and frequency of reports sent/ proposed to be sent to clients.

10 · 6. Declaration of time taken for transfer of securities into client accounts.

10 · 7. Declaration of submission of periodic reports and Disclosure Document to SEBI.

10 · 8. Declaration of compliance with clause (e) of sub-regulation (1) of Regulation 27 regarding maintenance of records for Investment rationale.

10 · 9. Declaration of availability of Disclosure document on website of Portfolio Manager. Provided that this sub -clause shall not apply in case of applicant offering only Coinvestment services.

10 · 10. In case of applicant offering Co-investment services only, declaration stating that the applicant is a Manager of a Category I or Category II Alternative Investment Fund(s).

57 · [The fee referred to in paragraph (2) shall be paid by the portfolio manager within fifteen days from the date of receipt of intimation from the Board under regulation 10 by way of direct credit into the bank account through NEFT/RTGS/IMPS or online payment using the SEBI Payment Gateway or any other mode as may be specified by the Board from time to time.]

58 · [ The fees specified in paragraphs (1) and (3) above, shall be payable by the portfolio manager by way of direct credit into the bank account through NEFT/RTGS/IMPS or online payment using the SEBI Payment Gateway or any other mode as may be specified by the Board from time to time.]

57 · Substituted by the Securities and Exchange Board of India (Payment of Fees and Mode of Payment) (Amendment) Regulations, 2023, w.e.f 01-04-2023. Prior to its substitution, Clause 4 read as under:

58 · Substituted by the Securities and Exchange Board of India (Payment of Fees and Mode of Payment) (Amendment) Regulations, 2023, w.e.f 01-04-2023. Prior to its substitution, Clause 5 read as under:

8 · A portfolio manager shall not disclose to any clients, or press any confidential information about his client, which has come to his knowledge.

9 · The portfolio manager shall where necessary and in the interest of the client take adequate steps for the transfer of the clients' securities and for claiming and receiving dividends, interest payments and other rights accruing to the client. It shall also take necessary action for conversion of securities and subscription for/renunciation of rights in accordance with the clients' instruction.

12 · (a) A portfolio manager or any of its employees shall not render, directly or indirectly any investment advice about any security in the publicly accessible media, whether realtime or non -real -time, unless a disclosure of his long or short position in the said security has been made, while rendering such advice.

59 · [Provided that sub-clauses (i) and (ii) shall not apply in case of Co-investment Portfolio Manager.]

59 · Inserted by the Securities and Exchange Board of India (Portfolio Managers) (Fourth Amendment) Regulations, 2021 w.ef 08.12.2021