Securities and Exchange Broad of India

EXECUTIVE DIRECTOR
INVESTMENT MANAGEMENT DEPARTMENT

SEBI/IMD/CIR No.2/72256/2006
July 24, 2006

To all Portfolio Managers registered with SEBI

Dear Sirs,

We are enclosing a copy of the gazette notification no. S.O. 997 (E) dated July 5, 2006 pertaining to SEBI (Portfolio Managers) (Amendment) Regulations 2006 for your information and implementation.

Yours faithfully,

R K NAIR

Encl : a/a

THE GAZETTE OF INDIA
EXTRAORDINARY
PART –II – SECTION 3 – SUB SECTION (ii)
PUBLISHED BY AUTHORITY
SECURITIES AND EXCHANGE BOARD OF INDIA
NOTIFICATION
Mumbai, the 5th July, 2006
SECURITIES AND EXCHANGE BOARD OF INDIA
(PORTFOLIO MANAGERS) (AMENDMENT) REGULATIONS, 2006

S.O No. 997 (E). In exercise of the powers conferred by section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following Regulations to further amend the Securities and Exchange Board of India (Portfolio Managers) Regulations, 1993, namely :-

1. These Regulations may be called the Securities and Exchange Board of India (Portfolio Managers) (Amendment) Regulations, 2006.

2. They shall come into force on the date of their publication in the Official Gazette.

3. In the Securities and Exchange Board of India (Portfolio Managers) Regulations, 1993:

(i) in regulation 2, clause (d) shall be substituted with the following, namely:

“(d) ‘principal officer’ means an employee of the portfolio manager who has been designated as such by the portfolio manager;”

(ii) in regulation 6, in sub-regulation (2), clause (c) shall be substituted with the following, namely:

“(c) the principal officer of the applicant has either –

(i) a professional qualification in finance, law, accountancy or business management from a university or an institution recognised by the Central Government or any State Government or a foreign university; or

(ii) an experience of at least ten years in related activities in the securities market including in a portfolio manager, stock broker or as a fund manager.”

(iii) after regulation 16A, the following regulation shall be inserted, namely –

“Appointment of custodian

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

(2) Nothing contained in this regulation shall apply to a portfolio manager –

(a) who has total assets under management of value less than five hundred crore rupees; or

(b) who performs purely advisory functions.”

F.No. SEBILADDOP 70276 2006

M. DAMODARAN
CHAIRMAN
SECURITIES AND EXCHANGE BOARD OF INDIA

Footnotes:

1. The principal regulations, SEBI (Portfolio Managers) Regulations, 1993 were issued under S.O. No. SEBI/LE/93/III dated January 7, 1993 published in the Gazette of India, Part II, Section 3(ii) dated January 7, 1993.

2. The Securities and Exchange Board of India (Portfolio Managers) Regulations, 1993, were subsequently amended on: –  November 28, 1993 by , SEBI (Portfolio Managers) (Amendment) Regulations, 1993 published in the Official Gazette vide S.O. No. 939(E).

1. November 28, 1995 by SEBI (Payment of Fees) (Amendment) Regulations, 1995 vide S.O No.939 (E).

2. November 28, 1995 by SEBI (Payment of Fees) (Amendment) Regulations, 1995 vide S.O No.939 (E).

3. January 05, 1998 by SEBI (Portfolio Managers) (Amendment) Regulations, 1998 published in the Official Gazette vide S.O. No. 20 (E).

4. September 30, 1999 by SEBI (Portfolio Managers) (Amendment) Regulations, 1999 published in the Official Gazette vide S.O. No. 793 (E).

5. February 22, 2000 by SEBI (Portfolio Managers) (Amendment) Regulations, 2000 published in the Official Gazette vide S.O. No. 146 (E).

6. March 28, 2000 by SEBI (Appeal to Securities Appellate Tribunal) (Amendment) Regulations, 2000 published in the Official Gazette vide S.O no. 278(E).

7. May 29, 2001 by SEBI (Investment Advice by Intermediaries) (Amendment) Regulations, 2001 vide S.O no. 476 (E).

8. September 27, 2002 by SEBI (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002 vide S.O. No. 1045 (E).

9. October 11, 2002 by SEBI (Portfolio Managers) (Amendment) Regulations, 2002 vide S.O no. 1087 (E).

10. March 10, 2004 by the Securities and Exchange Board of India (Criteria for Fit and Proper Person) Regulations, 2004 vide S.O. No. 398(E).

11. May 27, 2004 by SEBI (Portfolio Managers) (Amendment) Regulations, 2002 vide S.O no. 654 (E).

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