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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 6 · Chapter II · Procedure for registration of portfolio managers

Conditions of certificate of registration

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

In plain English

Conditions of registration include: tell SEBI promptly if information given is false or misleading or has materially changed; redress investor grievances within twenty-one calendar days; remain fit and proper; and start business within three years of registration. Existing portfolio managers must meet the three-year commencement condition within thirty-six months of the Regulations coming into force.

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

Key numbers in this regulation

Start of business after registrationWithin three years

Regulation 6 as notified

The certificate of registration granted under regulation 3(7) of these regulations shall, inter alia, be subject to the following conditions, namely– (1) the portfolio manager shall abide by the provisions of the Act and these regulations; (2) the portfolio manager shall promptly notify the Board in writing, if any information or particulars previously submitted to the Board are found to be false or misleading in any material particular or if there is any material change in the information already submitted; (3) the portfolio manager shall take adequate steps for redressal of grievances of the investors within twenty–one calendar days of the date of the receipt of the complaint and keep the Board informed about the number, nature and other particulars of the complaints received; (4) the portfolio manager shall maintain the net worth specified in regulation 4(a)(iv) of these regulations at all times during the period of the certificate; (5) the portfolio manager shall obtain prior approval of the Board in case of change in control in such manner as may be specified by the Board; (6) the portfolio manager shall be a fit and proper person as specified in Schedule II of the Securities and Exchange Board of India (Intermediaries) Regulations, 2008; (7) the portfolio manager shall commence its business activities within three years from the date of registration with the Board; Explanation: For the purpose of this clause, commencement of business activity shall mean a fulfillment of such conditions, as may be specified by the Board, within the above mentioned period of three years to carry out activities of a portfolio manager. (8) Existing portfolio manager operating before the commencement of these regulations shall ensure to fulfill the requirement specified at clause ( 7) within a period of thirty six months from the date of commencement of these regulations.

English text of the Gazette notification. Read with any circulars SEBI issues under these Regulations.

PreviousRegulation 5Procedure where certificate is refused NextRegulation 7Continuance of registration

The plain-English note is a learning aid. The notified text is the law; check later SEBI circulars.

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