SECURITIES AND EXCHANGE BOARD OF INDIA (PORTFOLIO MANAGERS)(AMENDMENT) REGULATIONS, 2025

SECURITIES AND EXCHANGE BOARD OF INDIA
NOTIFICATION

Mumbai, the 1st September, 2025

SECURITIES AND EXCHANGE BOARD OF INDIA (PORTFOLIO MANAGERS) (AMENDMENT) REGULATIONS, 2025

No. SEBI/LAD-NRO/GN/2025/260 – In exercise of the powers conferred by sub-section (1) of Section 30 read with sub-section (1) of Section 11, clause (b) of sub-section (2) of Section 11 and sub-section (1) of Section 12 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, 2020, namely, –

1. These Regulations may be called the Securities and Exchange Board of India (Portfolio Managers) (Amendment) Regulations, 2025.

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, 2020,

I. In regulation 20, clause (xi) shall be substituted with the following, namely,- “(xi) Schedule IV.”

II. In regulation 22, sub-regulation (3) shall be substituted with the following, namely,-

“(3) The portfolio manager shall provide to the client, the Disclosure Document, in the format as may be specified by the Board, along with a certificate in Form C as specified in Schedule I, prior to entering into an agreement with the client as referred to in sub-regulation (1).”

III. Schedule V shall be deleted.

AMIT PRADHAN,

Executive Director [ADVT.-III/4/Exty./336/2025-26]

Footnote:

1. The Securities and Exchange Board of India (Portfolio Managers) Regulations, 2020, were published in the Gazette of India on January 16, 2020 vide No. SEBI/LAD-NRO/GN/2020/03.
2. The Securities and Exchange Board of India (Portfolio Managers) Regulations, 2020 were subsequently amended on, –
3. 17th April, 2020 by the Securities and Exchange Board of India (Regulatory Sandbox) (Amendment) Regulations, 2020 vide No. SEBI/LAD-NRO/GN/2020/10.
4. 16th March, 2021 by the Securities and Exchange Board of India (Portfolio Managers) (Amendment) Regulations, 2021 vide No. SEBI/LAD-NRO/GN/2021/10.
5. 26th April, 2021 by the Securities and Exchange Board of India (Portfolio Managers) (Second Amendment) Regulations, 2021 vide No. SEBI/LAD-NRO/GN/2021/16.
6. 3rd August, 2021 by the Securities and Exchange Board of India (Regulatory Sandbox) (Amendment) Regulations, 2021 vide No. SEBI/LAD-NRO/GN/2021/30.
7. 3rd August, 2021 by the Securities and Exchange Board of India (Portfolio Managers) (Third Amendment) Regulations, 2021 vide No. SEBI/LAD-NRO/GN/2021/31
8. 9th November, 2021 by the Securities and Exchange Board of India (Portfolio Managers) (Fourth Amendment) Regulations, 2021 vide No. SEBI/LAD-NRO/GN/2021/58.
9. 22^nd August, 2022 by the Securities and Exchange Board of India (Portfolio Managers) (Amendment) Regulations, 2022 vide No. SEBI/LAD-NRO/GN/2022/94.
10. 17^th January, 2023 by the Securities and Exchange Board of India (Change in Control in Intermediaries) (Amendment) Regulations, 2023 vide No. SEBI/LAD- NRO/GN/2023/115.
11. 7^th February, 2023 by the Securities and Exchange Board of India (Payment of Fees and Mode of Payment) (Amendment) Regulations, 2023 vide No. SEBI/LAD- NRO/GN/2023/121.
12. 4^th July, 2023 by the Securities and Exchange Board of India (Alternative Dispute Resolution Mechanism) (Amendment) Regulations, 2023 vide No. SEBI/LAD- NRO/GN/2023/137.
13. 18^th August, 2023 by the Securities and Exchange Board of India (Facilitation of Grievance Redressal Mechanism) (Amendment) Regulations, 2023 vide No. SEBI/LAD- NRO/GN/2023/146.
14. 10^th February, 2025 by the Securities and Exchange Board of India (Investor Charter) (Amendment) Regulations, 2025 vide No. SEBI/LAD-NRO/GN/2025/228.