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

Relaxation from regulations for furthering innovation

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

In plain English

For furthering innovation (for example testing new products in a regulatory sandbox), SEBI may exempt persons from provisions of these Regulations for up to twelve months.

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

Regulation 44 as notified

The Board may exempt any person or class of persons from the operation of all or any of the provisions of these regulations for a period as may be determined by the Board but not exceeding twelve months, for furthe ring innovation relating to testing new products, processes, services, business models, etc. in live environment of regulatory sandbox in the securities markets subject to the applicant satisfying such conditions as may be 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.

Prashant Kumar

Meet the expert

CS Prashant Kumar

Company Secretary & Compliance Officer
Global Horizons Capital Advisors (IFSC) Private Limited — an IFSCA-licensed investment banker

13+ years of experienceFCS Fellow member, ICSIAuthor Audit Under Fire

Published in The Chartered Accountant (Jun 2025, Jan 2025, Mar 2024) and Chartered Secretary (Aug 2023)

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.