The Tax Publishers

Notification No. SEBI/LAD-NRO/GN/2022/94 [ADVT.-III/4/Exty./224/2022-23], dt. 22-08-2022

SEBI (Portfolio Managers) (Amendment) Regulations, 2022

In exercise of the powers conferred by sub-section (1) of section 30 read with sub-section (1) of section 11, clause (b) of sub-section (2) of Section 11 and subsection (1) of Section 12 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Securities and Exchange Board of India hereby makes the following regulations to further amend the Securities and Exchange Board of India (Portfolio Managers) Regulations, 2020, namely--

1. These Regulations may be called the Securities and Exchange Board of India (Portfolio Managers) (Amendment) Regulations, 2022.

2. They shall come into force on the thirtieth day from the date of their publication in the Official Gazette.

3. In the Securities and Exchange Board of India (Portfolio Managers) Regulations, 2020--

I. after clause (p) of sub-regulation (1) of regulation 2, the following clause shall be inserted, namely--

'(pa)' related party' in relation to a portfolio manager, means--

(i) a director, partner or his relative;

(ii) a key managerial personnel or his relative;

(iii) a firm, in which a director, partner, manager or his relative is a partner;

(iv) a private company in which a director, partner or manager or his relative is a member or director;

(v) a public company in which a director, partner or manager is a director or holds along with his relatives, more than two per cent. of its paid-up share capital;

(vi) any body corporate whose board of directors, managing director or manager is accustomed to act in accordance with the advice, directions or instructions of a director, partner or manager;

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