SECURITIES AND EXCHANGE BOARD OF INDIA

3A · Application for grant of certificate

6A · Criteria for fit and proper person

9A · Conditions of registration

16A · Foreign institutional investors and sub-accounts availing portfolio management services

16B · Appointment of custodian

23A · Appointment of compliance officer

1 · 7

2 · [(a) "Act" means the Securities and Exchange Board of India Act, 1992 (15 of 1992);]

3 · [(aa)] 4 [* * *]

5 · [(aa) "body corporate" shall have the meaning assigned to it in or under clause (7) of section 2 of the Companies Act, 1956 (1 of 1956);

2 · Inserted by the SEBI (Portfolio Managers) (Second Amendment) Regulations, 2006, w.e.f. 7-92006.

3 · Clause (a) renumbered as (aa) by the SEBI (Portfolio Managers) (Amendment) Regulations, 2002, w.e.f. 11 -10 -2002.

4 · Omitted by the SEBI (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002, w.e.f. 27-9-2002. Prior to omission, clause (aa) read as under:

5 · Inserted by the SEBI (Portfolio Managers) (Second Amendment) Regulations, 2006, w.e.f. 07-092006.

6 · [(ae)] "chartered accountant" means a chartered accountant as defined in clause (b) of sub-section (1) of section 2 of the Chartered Accountants Act, 1949 (38 of 1949) and who has obtained a certificate of practice under sub-section (1) of section 6 of that Act;]

7 · [(af) "custodian" means a person who has been granted a certificate of registration to carry on the business of custodian under the Securities and Exchange Board of India (Custodian) Regulations, 1996;

6 · Inserted by the SEBI (Portfolio Managers) (Amendment) Regulations, 2002, w.e.f. 11-10-2002, as clause (a) renumbered as clause (ae) by the SEBI (Portfolio Managers) (Second Amendment) Regulations, 2006, w.e.f. 07-09-2006.

7 · Clause (af) substituted by the SEBI (Portfolio Managers) (Amendment) Regulations, 2019, w.e.f. 10 -05 -2019. Prior to its substitution , the clause was inserted by the SEBI (Portfolio Managers) (Second Amendment) Regulations, 2006, w.e.f. 07-09-2006 and read as follows,-

8 · [(af) "discretionary portfolio manager" means a portfolio manager who exercises or may, under a contract relating to portfolio management, exercise any degree of discretion as to the investments or management of the portfolio of securities or the funds of the client, as the case may be;]

9 · [(ba) "goods" means the goods notified by the Central Government under clause (bc) of section 2 of the Securities Contracts (Regulation) Act, 1956 and forming the underlying of any commodity derivative;]

10 · [(ca) "portfolio" means the total holdings of securities 11 [and goods] belonging to any person;

8 · Inserted by the SEBI (Portfolio Managers) (Second Amendment) Regulations, 2006, w.e.f. 07-092006.

10 · Inserted by the SEBI (Portfolio Managers) (Second Amendment) Regulations, 2006, w.e.f. 07 -09 -2006.

11 · Inserted by the SEBI (Portfolio Managers) (Amendment) Regulations, 2019, w.e.f. 10-05-2019.

13 · [Provided that the Portfolio Manager may also deal in goods received in delivery against physical settlement of commodity derivatives . ]

14 · [(d) "principal officer" means an employee of the portfolio manager who has been designated as such by the portfolio manager;]

16 · [(ea) "securities" mean securities as defined in clause (h) of section 2 of the Securities Contracts (Regulation) Act, 1956;

12 · Inserted by the SEBI (Portfolio Managers) (Amendment) Regulations, 2019, w.e.f. 10-05-2019.

13 · Inserted by the SEBI (Portfolio Managers) (Amendment) Regulations, 2019, w.e.f. 10-05-2019.

14 · Substituted by the SEBI (Portfolio Managers) (Amendment) Regulations, 2006, w.e.f. 0507 -2006. Prior to substitution, clause (d) as substituted by the SEBI (Portfolio Managers) (Amendment) Regulations, 2002, w.e.f. 11-10-2002 read as under:

15 · Omitted by the SEBI (Portfolio Managers) (Second Amendment) Regulations, 2006 w.e.f. 07 -09 -2006. Prior to omission, clause (e) read as under:

17 · The words "and the rules" omitted by the SEBI (Portfolio Managers) (Second Amendment) Regulations, 2006, w.e.f. 07-09-2006.

18 · The words "or the rules, as the case may be" omitted, ibid .

19 · [3. Registration as portfolio manager.─ No person shall act as portfolio manager unless he holds a certificate granted by the Board under these regulations:

20 · [3A. Application for grant of certificate.─ 21 [(1) An application by a portfolio manager for the grant of a certificate shall be made to the Board in Form A and shall be accompanied by a non-refundable application fee, as specified in clause (1) of Schedule II, to be paid in the manner specified in Part B thereof.]

19 · Inserted by the SEBI (Portfolio Managers) (Second Amendment) Regulations, 2006, w.e.f. 07 -09 -2006.

20 · Regulation '3' renumbered as '3A' by the SEBI (Portfolio Managers) (Second Amendment) Regulations, 2006, w.e.f. 07-09-2006.

21 · Substituted by the SEBI (Portfolio Managers) (Amendment) Regulations, 2004, w.e.f. 2705 -2004. Prior to substitution, sub-regulation (1) read as under:

22 · [6. Consideration of application.─(1) For considering the grant of certificate of registration to the applicant, the Board shall take into account

22 · Substituted by the SEBI (Portfolio Managers) (Amendment) Regulations, 2002, w.e.f. 1110 -2002. Prior to substitution, regulation 6 read as under:

23 · [(c) the principal officer of the applicant has either–

25 · [(iii) a CFA charter from the CFA Institute.]

23 · Substituted by the SEBI (Portfolio Managers) (Second Amendment) Regulations, 2006, w.e.f. 05 -07 -2006. Prior to substitution, clause (c) read as under:

24 · Substituted for "." by the SEBI (Portfolio Managers) (Amendment) Regulations, 2016, w.e.f. 02-012017.

25 · Inserted by the SEBI (Portfolio Managers) (Amendment) Regulations, 2016, w.e.f. 02-01-2017.

26 · Substituted by the SEBI (Portfolio Managers) (Amendment) Regulations, 2008, w.e.f. 1108 -2008 for the words "as portfolio manager or stock broker or investment manager."

28 · [6A. Criteria for fit and proper person . ─ For the purposes of determining whether an applicant or the portfolio manager is a fit and proper person the Board may take into account the criteria specified in Schedule II of the Securities and Exchange Board of India (Intermediaries) Regulations, 2008.]

29 · [7. Capital Adequacy Requirement.─The capital adequacy requirement referred to in clause (g) of regulation 6 shall not be less than the networth of 30[two crore rupees]:

31 · [Provided that a portfolio manager, who was granted a certificate under these regulations prior to the commencement of the Securities and Exchange Board of India (Portfolio Managers) (Amendment) Regulations, 2008, shall raise its networth to not less than one crore rupees within six

27 · Inserted by the SEBI (Portfolio Managers) (Amendment) Regulations, 1998, w.e.f. 05-01-1998.

28 · Substituted by the SEBI (Intermediaries) Regulations, 2008, w.e.f. 25-05-2008. Prior to substitution, Regulation 6A, inserted by the SEBI (Criteria for fit and proper person) Regulations, 2004, read as under:

29 · Substituted by the SEBI (Portfolio Managers) (Amendment) Regulations, 2002, w.e.f. 1110 -2002. Prior to substitution, regulation 7 read as under:

30 · Words "fifty lacs rupees" substituted for the words "two crore rupees" by the SEBI (Portfolio Managers) (Amendment) Regulations, 2008, w.e.f. 11-08-2008. 31

32 · [8. Procedure for registration.─ (1) The Board on being satisfied that the applicant fulfils the requirements specified in regulation 6 shall send an intimation to the applicant and on receipt of the payment of registration fees as specified in clause (1A) of Schedule II then grant a certificate in Form B.

32 · Substituted by the Securities and Exchange Board of India (Change In Conditions Of Registration Of Certain Intermediaries) (Amendment) Regulations , 2016 w.e.f. 08 -12 -2016. Prior to substitution, regulation 8 read as under:

34 · [9A. Conditions of registration.─(1) Any registration granted under regulation 8 35 [***] shall be subject to the following conditions, namely:-

33 · Omitted by the Securities and Exchange Board of India (Change In Conditions Of Registration Of Certain Intermediaries) (Amendment) Regulations , 2016 w.e.f. 08 -12 -2016. Prior to omission, regulation 9 read as under:

33 · [(3) The Board, on being satisfied that the applicant fulfills the requirements specified in regulation 6, shall send an intimation to the applicant and on receipt of payment of renewal fees as specified in paragraph 2 of Schedule II, grant a renewal of the certificate.]"

34 · Inserted by the SEBI (Portfolio Managers) (Second Amendment) Regulations, 2006, w.e.f. 07 -09 -2006.

35 · The words "or any renewal granted under regulation 9", omitted by the Securities and Exchange Board of India (Change In Conditions Of Registration Of Certain Intermediaries) (Amendment) Regulations , 2016 w.e.f. 08 -12 -2016 .

36 · The words "or renewal, as the case may be,", omitted by the Securities and Exchange Board of India (Change In Conditions Of Registration Of Certain Intermediaries) (Amendment) Regulations , 2016 w.e.f. 08 -12 -2016 .

37 · The words "or renewal thereof", omitted by the Securities and Exchange Board of India (Change In Conditions Of Registration Of Certain Intermediaries) (Amendment) Regulations , 2016 w.e . f. 08 -12 -2016 .

38 · [9B. Period of validity of certificate.─ The certificate of registration granted under regulation (8) shall be valid unless it is suspended or cancelled by the Board.]

38 · Substituted by the Securities and Exchange Board of India (Change In Conditions Of Registration Of Certain Intermediaries) (Amendment) Regulations , 2016 w.e.f. 08 -12 -2016. Prior to substitution regulation 9B was inserted by the SEBI (Portfolio Managers) (Second Amendment) Regulations, 2006, w.e.f. 07-09-2006 and read as under:

39 · The words "or of renewal under regulation 9" omitted by the Securities and Exchange Board of India (Change In Conditions Of Registration Of Certain Intermediaries) (Amendment) Regulations , 2016 w.e.f. 08 -12 -2016 .

40 · [CHAPTER II-A

12A · For the purposes of this Chapter, unless the context otherwise requires

40 · Inserted by the SEBI (Portfolio Managers) (Amendment) Regulations, 2016, w.e.f. 02-01-2017.

12B · (1) The provisions of this Chapter shall apply to eligible fund managers exclusively, pertaining to their activities as portfolio managers to eligible investment funds .

12 · C. An existing portfolio manager may act as a portfolio manager to an eligible fund manager if:

12D · An applicant who is a company or a limited liability partnership or a body corporate who intends to act as an eligible fund manager may be granted registration under regulation 8 if:

12E · An eligible fund manager shall be required to:

12F · The eligible fund managers shall be exempted from the following provisions pertaining to their activities as portfolio managers to eligible

41 · [14. Contract with clients and disclosures . ─ (1) (a) The portfolio manager shall, before taking up an assignment of management of funds or portfolio of securities on behalf of a client, enter into an agreement in writing with such client clearly defining the inter se relationship, and setting out their mutual rights, liabilities and obligations relating to management of funds or portfolio of securities containing the details as specified in Schedule IV.

41 · Substituted by the SEBI (Portfolio Managers) (Amendment) Regulations, 2002, w.e.f. 1110 -2002. Prior to substitution, regulation 14 read as under:

42 · Inserted by the SEBI (Portfolio Managers) (Amendment) Regulations, 2019, w.e.f. 10-05-2019.

43 · [(1A) The portfolio manager shall not accept from the client, funds or securities worth less than 44[twenty five lacs] rupees.]

45 · [Provided that the minimum investment amount per client shall be applicable for new clients and fresh investments by existing clients:

46 · [(2A) The portfolio manager shall keep the funds of all clients in a separate account to be maintained by it in a Scheduled Commercial Bank.

43 · Inserted by the SEBI (Portfolio Managers) (Amendment) Regulations, 2002, w.e.f. 11-10-2002.

44 · Substituted by SEBI (Portfolio Managers) (Amendment) Regulations, 2012, w.e.f. 10-2-2012.

45 · Inserted, ibid.

46 · Inserted by the SEBI (Portfolio Managers) (Amendment) Regulations, 2002, w.e.f. 11-10-2002.

47 · [(4A) The portfolio manager shall not borrow funds or securities on behalf of the client.]

48 · [(5) The portfolio manager shall not lend securities held on behalf of clients to a third person except as provided under these regulations.]

49 · [16. Investment of clients' moneys and management of clients' portfolio of securities].─

50 · [(a) The money or securities accepted by the portfolio manager shall not be invested or managed by the portfolio manager except in terms of the agreement between the portfolio manager and the client.]

52 · [(2) Notwithstanding anything contained in the agreement referred to in regulation 14, the funds or securities can be withdrawn or taken back by

47 · Inserted by the SEBI (Portfolio Managers) (Amendment) Regulations, 2002, w.e.f. 11-102002.

49 · Substituted for "Investment of clients' moneys'", by the SEBI (Portfolio Managers) (Amendment) Regulations, 2002, w.e.f. 11-10-2002.

51 · The words "and shall be for a minimum period of one year" omitted by the SEBI (Portfolio Managers) (Amendment) Regulations, 2002, w.e.f. 11-10-2002.

52 · Substituted by the SEBI (Portfolio Managers) (Amendment) Regulations, 2002, w.e.f. 1110 -2002. Prior to substitution, sub-regulation (2) read as under:

54 · [Provided that leveraging of portfolio shall not be permitted in respect of investment in derivatives:]

56 · [(4) The portfolio manager shall not while dealing with clients' funds indulge in speculative transactions that is, he shall not enter into any

53 · Inserted by the SEBI (Portfolio Managers) (Amendment) Regulations, 2002, w.e.f. 11-102002.

54 · Inserted, ibid .

55 · Inserted, ibid .

56 · Substituted by the SEBI (Portfolio Managers) (Amendment) Regulations, 2002, w.e.f. 1110 -2002. Prior to substitution, sub regulation (4) read as under:

57 · [(8) The portfolio manager shall not hold the listed securities 58 [or unlisted securities], belonging to the portfolio account, in its own name on behalf of its clients either by virtue of contract with clients or otherwise:

57 · Substituted by the SEBI (Portfolio Managers) (Amendment) Regulations, 2008, w.e.f. 1108 -2008. Prior to substitution, sub-regulation (8) read as follows:

58 · Inserted by SEBI (Portfolio Managers) (Amendment) Regulations, 2012, w.e.f. 10-2-2012.

59 · [Provided further that the portfolio manager shall segregate each client's holding in unlisted securities in separate accounts in respect of investment by new clients and fresh investments by existing clients:

60 · [(9) The portfolio manager may, subject to authorization by the client in writing, participate in securities lending.]

59 · Inserted by SEBI (Portfolio Managers) (Amendment) Regulations, 2012, w.e.f. 10-2-2012.

60 · Inserted by the SEBI (Portfolio Managers) (Amendment) Regulations, 2002, w.e.f. 11-102002.

61 · [16A . Foreign Institutional Investor and sub-accounts availing portfolio management services.─ 6 62 [Foreign portfolio investors] may avail of the services of a portfolio manager.]

63 · [16B. Appointment of custodian.─(1) Every portfolio manager shall appoint a custodian in respect of securities managed or administered by it.

64 · [(3) Every Portfolio Manager who deals in commodity derivatives shall appoint a custodian.]

61 · Substituted by the SEBI (Portfolio Managers) (Third Amendment) Regulations, 2006, w.e.f. 3011 -2006. Prior to substitution, regulation 16A inserted by SEBI (Portfolio Managers) (Amendment) Regulations, 2000, w.e,f. 22-02-2000 read as under:

62 · Substituted for "Foreign institutional investors and sub-accounts registered with the Board" by the SEBI (Foreign Portfolio Investors) Regulations, 2014, w.e.f. 7-1-2014.

63 · Inserted by the SEBI (Portfolio Managers) (Amendment) Regulations, 2006, w.e.f. 05-072006.

64 · Inserted by the SEBI (Portfolio Managers) (Amendment) Regulations, 2019, w.e.f. 10-05-2019.

20 · Accounts and audit .─

65 · [(3) The portfolio accounts of the portfolio manager shall be audited annually by an independent chartered accountant and a copy of the certificate issued by the chartered accountant shall be given to the client.

21 · Reports to be furnished to the client . ─ (1) The portfolio manager shall furnish periodically a report to the client, as agreed in the contract, but not

65 · Inserted by the SEBI (Portfolio Managers) (Amendment) Regulations, 2002, w.e.f. 11-102002.

69 · [(1A) The report referred to in sub-regulation (1) may be made available on the website of the portfolio manager with restricted access to each client.]

66 · Inserted, ibid .

67 · Inserted by the SEBI (Portfolio Managers) (Amendment) Regulations, 2019, w.e.f. 10-05-2019.

68 · Inserted by the SEBI (Portfolio Managers) (Amendment) Regulations, 2019, w.e.f. 10-05-2019.

69 · Inserted by the SEBI (Portfolio Managers) (Amendment) Regulations, 2002, w.e.f. 11-102002.

70 · Inserted, ibid .

71 · [(4) The client shall have the right to obtain details of his portfolio from the portfolio managers.]

72 · [23A. Appointment of compliance officer . ─ (1) Every portfolio manager shall appoint a compliance officer who shall be responsible for monitoring the compliance of the Act, rules and regulations, notifications,

71 · Substituted by the SEBI (Portfolio Managers) (Amendment) Regulations, 2002, w.e.f. 1110 -2002. Prior to substitution, sub regulation (4) read as under:

72 · Inserted by the SEBI (Investment Advice by Intermediaries) (Amendment) Regulations, 2001, w.e.f. 29 -05 -2001.

73 · [28. Action on inspection or investigation report.─ The Board or the Chairman shall after consideration of the inspection or investigation report take such action as the Board or Chairman may deem fit and appropriate including action under 74 [Chapter V of the Securities and Exchange Board of India (Intermediaries) Regulations, 2002.]]

73 · Substituted by the SEBI (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002, w.e.f. 27-09-2002. Prior to substitution, regulation 28 read as under:

74 · Substituted for "the Securities and Exchange Board of India (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002" by the SEBI (Intermediaries)

31 · to 38. 76[* * *]

75 · Substituted by the SEBI (Intermediaries) Regulations, 2008, w.e.f. 26-05-2008. Prior to substitution, regulation 30 as substituted by the SEBI (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002, w.e.f. 27-09-2002, read as under:

76 · Omitted by the Securities (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002, w.e.f. 27-09-2002. Prior to their omission, regulations 31 to 38 read as under:

32 · Cancellation of registration.─A penalty of cancellation of registration of a portfolio manager may be imposed where:-

33 · Manner of making order of suspension and cancellation.─No order of penalty of suspension or cancellation, as the case may be, shall be imposed except after holding an enquiry in accordance with the procedure specified in regulation 34.

34 · Manner of holding enquiry before suspension or cancellation.─(1) For the purpose of holding an enquiry under regulation 33, the Board may appoint an enquiry officer.

35 · Showwcause notice and order .─ (1) On receipt of the report from the enquiry officer, the Board shall consider the same and issue a show -cause notice as to why the penalty as proposed by the enquiry officer should not be imposed.

36 · Effect of suspension and cancellation of registration of portfolio manager.─(1) On and from the date of the suspension of the portfolio manager he shall cease to carry on any activity as a portfolio manager during the period of suspension.

37 · Publication of order of suspension.─ The order of suspension or cancellation of certificate passed under sub-regulation (3) of regulation 35 shall be published in at least two daily newspapers by the Board.

38 · Appeal to the Securities Appellate Tribunal.─ Any person aggrieved by an order of the Board made, on and after the commencement of the Securities Laws (Second Amendment) Act, 1999, (i.e., after 16th December 1999), under these regulations may prefer an appeal to a Securities Appellate Tribunal having jurisdiction in the matter.

77 · [CHAPTER VI

39 · Power of the Board to issue clarifications .─ In order to remove any difficulties in respect of the application or interpretation of these regulations, the Board may issue clarifications or guidelines in the form of circulars.]

78 · [Application for grant of certificate of registration]

77 · Inserted by the SEBI (Portfolio Managers) (Amendment) Regulations, 2002, w.e.f. 11-10- 2002.

78 · Substituted for the words “Application for grant of certificate/renewal of certificate” by the Securities and Exchange Board of India (Change In Conditions Of Registration Of Certain Intermediaries) (Amendment) Regulations , 2016 w.e.f. 08 - 12 - 2016 .

1 · 0 PARTICULARS OF THE APPLICANT

1 · 1 Name of the Applicant:

1 · 2 Address - Principal place of business/registered office:

1 · 3 Address for Correspondence:

1 · 4 Application to Board for any other intermediary activity:

2 · 0 ORGANISATION STRUCTURE

2 · 1 Objectives: In brief.

2 · 2 Date and Place of Incorporation/Establishment:

2 · 3 Status of the Applicant: (e.g. limited company-Private/Public, unlimited company, 79 [***] others. If listed, names of the stock exchanges and latest share price: to be given.)

2 · 4 Organisation Chart: General Organisation & specific Activity.

2 · 5 Particulars of all Directors 80[***] and key management personnels:

79 · Words and commas "partnership, proprietary," omitted by SEBI (Portfolio Managers) (Amendment) Regulations, 2008, w.e.f. 11-08-2008.

80 · Words and marks "/partners/proprietor" omitted by SEBI (Portfolio Managers) (Amendment) Regulations, 2008, w.e.f. 11-08-2008.

2 · 6 Number of employees (General and for Specific Intermediaries activity)

2 · 7 Name and activities of associate companies/ concerns

2 · 8 List of major shareholders (holding 5% or more voting shares)

3 · 0 DETAILS OF INFRASTRUCTURAL FACILITIES

3 · 1 Office Space

3 · 2 Office Equipment

3 · 3 Furniture & Fixtures

3 · 4 Communication Facilities

3 · 5 Data Processing Capacity

3 · 6 Computer facility:

4 · 0 BUSINESS PLAN (FOR THREE YEARS)

5 · 0 FINANCIAL INFORMATION

5 · 1 Capital Structure

5 · 2 Deployment of Resources

81 · Notes omitted by SEBI (Portfolio Managers) (Amendment) Regulations, 2008, w.e.f. 11-082008. Prior to their omission, notes read as under:

2 · In case of partnership or proprietary concerns, please indicate the financial position, means and"

5 · 4 Net Profit

5 · 5 Name and Address of the Principal Bankers

5 · 6 Name and Address of the Auditors

6 · 0 OTHER INFORMATION

6 · 1 Details of all settled and pending disputes:

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

6 · 3 Indicate dealing/ trading with any Intermediary who has defaulted with or suspended by any stock exchange authorities or any other authorities.

6 · 4 Any other information considered relevant to the nature of services rendered by the company.

6 · 5 Names of two references from bankers (For applicants other than financial institutions & banking companies)

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 82[* * *]

82 · Omitted by SEBI (Portfolio Managers) (Amendment) Regulations, 2008, w.e.f. 11-08-2008. Prior to omission, clause 7.3 read as under:

7 · 4 Enclose a copy of list of approved share brokers, involved for Portfolio Management 83 [* * *] activities and state whether any of them were suspended/had defaulted with any Stock Exchange authority.]

7 · 5 Describe Accounting system followed/to be followed for Portfolio Management Services 84 [* * *].

7 · 6 Indicate various research & database facilities provided.

8 · 0 EXPERIENCE

8 · 1 Experience in Portfolio management activities. Indicate period also.

8 · 2 Experience in other financial services rendered: (Period, Area and Date of Commencement of Activity).

8 · 3 Business handled during the last year:

83 · The word "scheme" omitted by SEBI (Portfolio Managers) (Amendment) Regulations, 2008, w.e.f. 11 -08 -2008.

84 · The words and brackets "(Clientwise and Schemewise)" omitted, ibid .

4 · Average size of portfolio

5 · Average return to the client

6 · 85[* * *]

1 · Types of services offered

2 · Number of portfolio clients

3 · Total amount of funds

4 · Average size of portfolio

5 · Average return to the client

85 · The words "Average period of Portfolio Management Schemes" omitted by SEBI (Portfolio Managers) (Amendment) Regulations, 2008, w.e.f. 11-08-2008.

86 · The words "Average period of Portfolio Management Schemes" omitted, ibid .

87 · Substituted by the SEBI (Portfolio Managers) (Amendment) Regulations, 2008, w.e.f. 1108 -2008. Prior to substitution, the it read as under:

88 · The words and marks "/Partner or Sole Proprietor" omitted by SEBI (Portfolio Managers) (Amendment) Regulations, 2008, w.e.f. 11-08-2008.

89 · The words and marks "/Partner or Sole Proprietor" omitted, ibid .

91 · [FORM C

90 · Substituted for the words "Unless renewed, the certificate of registration is valid from ________ to _________." by the Securities and Exchange Board of India (Change In Conditions Of Registration Of Certain Intermediaries) (Amendment) Regulations , 2016 w.e.f. 08 -12 -2016 .

91 · Inserted by the SEBI (Portfolio Managers) (Amendment) Regulations, 2002, w.e.f. 11-102002.

92 · The word "Scheme" omitted by SEBI (Portfolio Managers) (Amendment) Regulations, 2008, w.e.f. 11 -08 -2008.

93 · [1. Every portfolio manager shall pay a non-refundable fee of one lakh rupees along with the application for grant 94 [***] of certificate of registration.]

95 · [(1A)Every portfolio manager shall pay a sum of 96 [ten lakh rupees] as registration fees at the time of the grant of certificate by the Board.]

93 · Substituted by the SEBI (Portfolio Managers) (Second Amendment) Regulations, 2006, w.e.f. 7 -09 -2006. Prior to substitution, paragraph 1, inserted by the SEBI (Portfolio Managers) (Amendment) Regulations, 2004, w.e.f. 27-05-2004 read as under:

2 · Every Portfolio Manager shall to keep his registration in force, pay renewal fee of Rs.75, 000/ -per annum from the fourth year from the date of initial registration.

3 · Fee specified in paragraphs (1) and (2) above shall be paid in the following manner –

4 · The fees specified in paragraphs (1) and (2) above, shall be payable by [a cheque or] draft in favor of "Securities and Exchange Board of India" at Bombay [or at the respective regional office.] [The words "a cheque or" omitted by the Securities and Exchange Board of India (Payment of Fees) Amendment Regulations, 1995, w.e.f. 28-11-95]. The words "or at the respective regional office" inserted by the Securities and Exchange Board of India (Payment of Fees) Amendment Regulations, 1995 w.e.f. 28-11-95.

94 · The words "or renewal" omitted by the Securities and Exchange Board of India (Change In Conditions Of Registration Of Certain Intermediaries) (Amendment) Regulations , 2016 w.e.f. 08 -12 -2016 .

95 · Inserted by the SEBI (Portfolio Managers) (Amendment) Regulations, 2004, w.e.f. 27-052004.

96 · Substituted for "Rs.5 lakhs" by the SEBI (Portfolio Managers) (Second Amendment) Regulations, 2006, w.e.f. 7-09-2006

97 · [2. A portfolio manager who has been granted a certificate of registration, to keep its registration in force, shall pay fee of five lakh rupees every three years , from the date of grant of certificate of registration or from the date of grant of certificate of registration granted prior to the commencement of the Securities and Exchange Board of India (Change in Conditions of Registration of Certain Intermediaries) (Amendment) Regulations, 2016, as the case may be, within three months before expiry of the block period for which fee has been paid.]

97 · Substituted for "Every portfolio manager shall pay a renewal fee of five lakh rupees upon grant of renewal" by the Securities and Exchange Board of India (Change In Conditions Of Registration Of Certain Intermediaries) (Amendment) Regulations , 2016 w.e.f. 08 -12 -2016 . Prior to above, Paragraph 2 was previously substituted by the SEBI (Portfolio Managers) (Second Amendment) Regulations, 2006, w.e.f. 7-09-2006. Prior to substitution, paragraph 2 inserted by the SEBI (Portfolio Managers) (Amendment) Regulations, 1999, w.e.f. 30-09-1999 read as under: "Every portfolio manager to keep his registration in force shall pay renewal fee of Rs. 2.5 lakhs every three years from the fourth year from the date of initial registration."

98 · Substituted by the Securities and Exchange Board of India (Change In Conditions Of Registration Of Certain Intermediaries) (Amendment) Regulations , 2016 w.e.f. 08 -12 -2016. Prior to substitution, clause (a) read as under:

2016 · w.e.f. 08

2016 · Prior to

100 · Inserted by the SEBI (Payment of Fees and Mode of Payment) (Amendment) Regulations, 2017, w.e.f. 6-3-2017.

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

101 · Inserted by the SEBI (Investment Advice by Intermediaries) (Amendment) Regulations, 2001, w.e.f. 29-5-2001.

102 · [12. (a)The portfolio manager shall abide by the Act, and the Rules, Regulations made thereunder and the Guidelines / Schemes issued by the Board.

103 · [SCHEDULE IV

102 · Inserted by the SEBI (Portfolio Managers) (Amendment) Regulations, 2002, w.e.f. 11-102002. 103

104 · Omitted by SEBI (Portfolio Managers) (Amendment) Regulations, 2008, w.e.f. 11-08-2008. Prior to omission, clause 7.3 read as under:

105 · Omitted by SEBI (Portfolio Managers) (Amendment) Regulations, 2008, w.e.f. 11-08-2008. Prior to omission, sub-item (iv) read as under:

106 · [(i)

107 · [(ii)

108 · [(v) If the portfolio manager has no previous experience/ track record a disclosure to that effect shall be made.]

106 · Substituted by the SEBI (Portfolio Managers) (Amendment) Regulations, 2008, w.e.f. 1108 -2008. Prior to substitution, clause (i) read as under:

107 · Substituted by the SEBI (Portfolio Managers) (Amendment) Regulations, 2008, w.e.f. 1108 -2008. Prior to substitution, clause (ii) read as under:

108 · Substituted by the SEBI (Portfolio Managers ) (Amendment) Regulations, 2008, w.e.f. 11.08.2008 for the following:

109 · Substituted by the SEBI (Portfolio Managers) (Amendment) Regulations, 2012, w.e.f. 10-2-2012. Prior to substitution, it read as under:

110 · [SCHEDULE VI

110 · Inserted by the SEBI (Portfolio Managers) (Amendment) Regulations, 2016, w.e.f. 02-01-2017.