SEBI (Portfolio Managers) (Amendment) Regulations, 2021

SECURITIES AND EXCHANGE BOARD OF INDIA

NOTIFICATION

Mumbai, the 16th March, 2021

SECURITIES AND EXCHANGE BOARD OF INDIA (PORTFOLIO MANAGERS) (AMENDMENT) REGULATIONS, 2021

No. SEBI/LAD-NRO/GN/2021/10. - 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 Securities and Exchange Board of India 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, 2021.

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 clause (d) of sub-regulation (2) of regulation 7,

i. sub-clause (i) shall be substituted with the following sub-clause, namely,-

“(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;”

ii. in sub-clause (iii), the symbol “.” shall be substituted with the symbol “:”

iii. in the first and second provisos, the symbol “.” shall be substituted with the symbol “:”

iv. after the second proviso, the following proviso shall be inserted, namely,-

“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.”

II. In the first proviso to clause (e) of sub-regulation (2) of regulation 7, the words “minimum qualifications and experience” shall be substituted with the words and symbol “minimum qualifications, experience and certification”.

AJAY TYAGI, Chairman
[ADVT.-III/4/Exty./536/2020-21]

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, –

a. 17^th April, 2020 by the Securities and Exchange Board of India (Regulatory Sandbox) (Amendment) Regulations, 2020 vide No. SEBI/LAD-NRO/GN/2020/10.