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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 43 · Chapter IX · Power to relax strict enforcement of the regulations

Exemption from enforcement of the regulations in special cases

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

In plain English

SEBI may relax strict enforcement of the Regulations in special cases. The application must give the grounds and be filed with a non-refundable fee of ₹1 lakh.

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

Key numbers in this regulation

  • Relaxation application fee₹1 lakh, non-refundable

Regulation 43 as notified

(1) The Board may, in the interest of clients or for the development of the securities market, relax the strict enforcement of any requirement of these regulations, if the Board is satisfied that: (a) relaxation is procedural or technical in nature; (b) the non–compliance was caused due to factor beyond the control of the portfolio manager; or (c) the requirement may cause undue hardship to clients. (2) For seeking relaxation under sub–regulation (1), an application, giving details and the grounds on which such relaxation has been sought, shall be filed with the Board and such application shall be accompanied by a non–refundable fee of rupees one lakh payable by way of direct credit into the bank account through NEFT/ RTGS/ IMPS or online payment using the SEBI Payment Gateway or any other mode as may be specified by the Board from time to time.

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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