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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 5 · Chapter II · Procedure for registration of portfolio managers

Procedure where certificate is refused

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

Regulation 5 as notified

(1) The Board may refuse the grant of certificate to the applicant after giving a reasonable opportunity of being heard and shall, within thirty days of such refusal, communicate the same along with the reasons for refusal to the applicant. (2) An applicant may apply to the Board for reconsideration of its decision of refusal to grant certificate within thirty days from the date of receipt of such communication. (3) The Board shall reconsider such application and communicate its decision as soon as possible in writing to the applicant.

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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