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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.

REGULATION 10 · Chapter III · Eligible fund managers

Procedure

SEBI (Portfolio Managers) Regulations, 2026 · notified 7 October 2026 · in force from 1 April 2027

In plain English

A new body corporate can be registered as an eligible fund manager if it meets section 9(12) of the Income-tax Act, 2025, complies with Chapter II, pays the fees and gives SEBI a declaration. An existing portfolio manager can act for an eligible investment fund if it meets section 9(12) and intimates SEBI with a declaration before starting.

This note explains the provision; the notified text below is the law.

Regulation 10 as notified

S. no Entity Status Mandatory Requirements to act as an Eligible Fund Manager (1) New applicant An applicant who is a body corporate and intends to act as an eligible fund manager may be granted registration under regulation 3(7) of these regulations if: a) it fulfills all the conditions specified for eligible fund manager in section 9(12) of the Income–tax Act, 2025 (30 of 2025); b) it complies with the requirements specified under Chapter II of these regulations, unless specified otherwise in this Chapter; c) it pays the fees as specified in First Schedule; and d) it provides a declaration to the Board in the format as specified by the Board. (2) Existing Portfolio Manager An existing portfolio manager may act as a portfolio manager to an eligible investment fund if: a) it fulfills all the conditions specified for eligible fund manager in section 9(12) of the Income–tax Act, 2025 (30 of 2025); and b) it intimates the Board prior to undertaking such activity and submits declarations in the format as specified by the Board.

English text of the Gazette notification. Read with any circulars SEBI issues under these Regulations.

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The plain-English note is a learning aid. The notified text is the law; check later SEBI circulars.

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