Eligibility Criteria

For the purpose of granting a certificate of registration under regulation 30 (1) to a portfolio manager exclusively offering PRIM, the applicant shall fulfill the following: (1) Eligibility Criteria and Infrastructure Requirements: S. no Requirements Description (i) Infrastructure The applicant has necessary infrastructure like adequate office space, equipment and manpower to effectively discharge the activities of a portfolio manager. (ii) Key Appointments The applicant has appointed a principal officer and compliance officer. (iii) Net worth (a) The applicant shall maintain minimum net worth requirement of at least two crore rupees at all times during the period of certification. (b) The net worth requirement under this regulation shall be maintained separately and independently from any capital requirements tied to the applicant's other business activities under relevant regulation and acts. (c) The applicant shall ensure to deploy at least ten percent of minimum net worth requirement in liquid assets which are unencumbered and shall include cash, bank deposits with Scheduled commercial Banks, money market instruments, Government securities, treasury bills, Repo on Government securities, units of liquid and overnight mutual fund schemes and any other instruments as specified by the Board. (2) Principal Officer Qualification and Experience: S. no. Role Education and Certification Experience (i) Principal Officer (a) Graduation from a university or an institution recognized by the Central Government or any State Government or a foreign university; or CFA Charter from CFA Institute, USA or Chartered Accountant from the Institute of Chartered Accountants of India or Company Secretary from the Institute of Company Secretaries of India or Cost and Management Accountant from the Institute of Cost Accountants of India; and (b) The relevant and valid NISM certification as specified by the Board from time to time. An expe rience of at least two years in securities market including with a portfolio manager, stock broker, investment advisor, research analyst, distributor of mutual fund or as a fund manager.