SEBI (Portfolio Managers) Regulations, 2026
All 46 regulations and 3 schedules, by chapter. Each opens with the notified text and, where available, a plain-English note.
In force from 1 April 2027. The SEBI (Portfolio Managers) Regulations, 2026 were notified on 7 October 2026 and replace the 2020 Regulations from 1 April 2027. Until then, the 2020 Regulations apply.
Chapter I · Preliminary
Chapter II · Procedure for registration of portfolio managers
- Reg 3Application for registration of portfolio managers and payment of feesPlain-English note
- Reg 4Consideration of applicationPlain-English note
- Reg 5Procedure where certificate is refused
- Reg 6Conditions of certificate of registrationPlain-English note
- Reg 7Continuance of registrationPlain-English note
- Reg 8Surrender of Certificate of Registration
Chapter III · Eligible fund managers
Chapter IV · Co-investment portfolio managers
Chapter V · General obligations and responsibilities of portfolio managers
- Reg 14Code of ConductPlain-English note
- Reg 15Contract with clients and disclosuresPlain-English note
- Reg 16General responsibilities of a Portfolio ManagerPlain-English note
- Reg 17Management or administration of clients' portfolioPlain-English note
- Reg 18Foreign Portfolio Investor availing portfolio management servicesPlain-English note
- Reg 19Appointment of custodianPlain-English note
- Reg 20Maintenance of books of accounts, records, etc
- Reg 21Submission of net worth certificate
- Reg 22Maintenance of books of accounts, records and other documentsPlain-English note
- Reg 23Accounts and auditPlain-English note
- Reg 24Reports to be furnished to the clientPlain-English note
- Reg 25Steps taken on Auditor's reportPlain-English note
- Reg 26Disclosures to the Board
- Reg 27Appointment of compliance officerPlain-English note
- Reg 28Dispute resolution mechanism
Chapter VI · Portfolio Management Service route for investment in mutual fund units (PRIM)
- Reg 29ApplicabilityPlain-English note
- Reg 30Registration and operational framework for PRIMPlain-English note
- Reg 31Eligibility CriteriaPlain-English note
- Reg 32Permissible investment instrumentsPlain-English note
- Reg 33Minimum Investment by clientsPlain-English note
- Reg 34Other conditions and restrictions
Chapter VII · Inspection and disciplinary proceedings
- Reg 35Board’s right to inspectPlain-English note
- Reg 36Procedure for inspection
- Reg 37Obligations of Portfolio Manager on inspectionPlain-English note
- Reg 38Submission of report to the Board
- Reg 39Action on inspection or investigation report
- Reg 40Appointment of Auditor
- Reg 41Payment of inspection expenses
Chapter VIII · Procedure for action in case of default
Chapter IX · Power to relax strict enforcement of the regulations
Chapter X · Miscellaneous
Schedules
Text as notified in the Gazette on 7 October 2026. In force from 1 April 2027.
Meet the expert
CS Prashant Kumar
Company Secretary & Compliance Officer
Global Horizons Capital Advisors (IFSC) Private Limited — an IFSCA-licensed investment banker
Published in The Chartered Accountant (Jun 2025, Jan 2025, Mar 2024) and Chartered Secretary (Aug 2023)
Prashant Kumar is a seasoned Company Secretary and corporate governance strategist with more than 13 years of experience advising large corporates, promoter-led groups and global businesses on compliance, regulatory risk and board governance. In GIFT IFSC, the IFSCA regime is his day job rather than a research topic.