Application for registration of portfolio managers and payment of fees

(1) Any entity who intends to act as a portfolio manager shall be required to submit an application to the Board in the form specified by the Board, along with a non–refundable application fee as specified in the First Schedule. (2) The Board may require the applicant to furnish further information or clarification regarding matters relevant to its activity of a portfolio manager for the purpose of disposal of the application. (3) An application which is incomplete in any respect shall be liable to be rejected. (4) Prior rejecting any application under sub–regulation (3), the applicant shall be given an opportunity to remove objections indicated by the Board, within such time speci fied, which shall not be less than thirty calendar days. (5) The Board on being satisfied that the applicant fulfils all the requirements as specified under regulation 4 of these regulations shall send an intimation to the applicant. (6) The applicant shall pay registration fees as specified in First Schedule, within thirty calendar days of receiving intimation from the Board. (7) Upon receipt of registration fees in accordance with sub–regulation (6), the Board may grant a certificate of registration in the format as specified by the Board. (8) The certificate of regist ration granted under these regulations shall be valid unless it is suspended or cancelled by the Board.