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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 9 · Chapter III · Eligible fund managers

Applicability

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

In plain English

Chapter III applies only to eligible fund managers (as defined in section 9(12) of the Income-tax Act, 2025) acting as portfolio managers to eligible investment funds. For funds investing in Indian securities, most of the Regulations apply with the exceptions listed; for funds investing in foreign securities, only Chapters I to III and Regulation 16(2) apply.

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

Regulation 9 as notified

(1) This chapter applies exclusively to eligible fund managers and their activities as portfolio managers to eligible investment funds which invest in Indian and foreign securities. (2) For eligible investment funds investing in Indian securities, all provisions of these regulations except the following provisions, unless the context otherwise requires or is repugnant to the provisions of this chapter, shall mutatis mutandis apply to eligible fund managers in relation to their activities as portfolio managers to eligible investment funds: a. Clauses (a) and (b) of Regulation 15(1); b. Regulation 15(2); c. Regulation 15(3); d. Sub–regulations (3), (4), (5), (6), (7), (8), (9), (12), (13), (16), (18), (19), (20), (21) of Regulation 16; e. Regulation 17(1), 17(2)(a)(iv), 17(4)(a)(i); f. Regulation 19; g. Regulation 23(5); h. Sub–regulations (1), (2), and (3) of Regulation 24; i. Third Schedule. (3) For eligible investment funds investing in foreign securities, only Chapter I, Chapter II and Chapter III of these regulations and the provisions of regulation 16 (2) of these regulations, unless the context otherwise requires or is repugnant to the provisions of this chapter, shall apply to eligible fund managers in relation to their activities as portfolio managers to eligible investment funds.

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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