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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 35 · Chapter VII · Inspection and disciplinary proceedings

Board’s right to inspect

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

In plain English

SEBI may appoint an inspecting authority to inspect a portfolio manager's books, records and documents, for example to check compliance, investigate complaints or act in the interest of the securities market or investors.

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

Regulation 35 as notified

The Board may appoint one or more persons as inspecting authority to undertake inspection of the books of account, records and documents of the portfolio manager for any of the following purposes – (a) to ensure that the books of account and other records/documents are being maintained in the manner required; (b) to ensure that the provisions of the Act, rules and regulations are being complied with; (c) to investigate into the complaints received from investors, other portfolio managers or any other person on any matter having a bearing on the activities of the portfolio manager; and (d) to investigate suo motu in the interest of securities market or investors' interest into the affairs of the portfolio manager.

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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CS Prashant Kumar

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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.