Master Circular for Portfolio Managers
Summary
This section of the Master Circular updates previous regulations to include guidelines issued on or before March 31, 2025, superseding the June 7, 2024 version. It establishes that actions taken under rescinded circulars remain valid and unaffected by this update to ensure legal continuity. The document is issued under Section 11(1) of the SEBI Act to regulate Portfolio Managers and protect investor interests. This section outlines the table of contents and abbreviations for a SEBI Master Circular governing Portfolio Managers. It lists specific regulatory chapters covering investment limits, disclosure requirements, reporting obligations, fees, and grievance redressal. The text also details the application procedure for registration as a Portfolio Manager via the SEBI Intermediary Portal. This section mandates Portfolio Managers to display their registration number in all correspondence and designate a Compliance Officer for regulatory adherence. It outlines specific conditions under which separate legal entities within the same group may obtain independent registrations from SEBI. Additionally, it details procedures for co-investment services, changes in control requiring prior ap
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In order to enable the stakeholders to have an access to all the applicable requirements at one place, the provisions of the said circulars issued till March 31, 2024 were incorporated in the Master Circular for Portfolio Managers dated June 07, 2024.
The instant Master Circular supersedes the Master Circular for Portfolio Managers dated June 07, 2024.
With the issuance of this Master Circular, the guidelines/directions contained in the circulars listed out in Sr. Nos. 37-39 of the Appendix, to the extent they relate to the Portfolio Managers, shall stand rescinded.
Terms not defined in this Master Circular shall have the same meaning as provided under the relevant Regulations.
To ensure consistency, the term “Paragraph/(s)” is used at all places, wherever such references are made.
Anything done or any action taken or purported to have been done or taken under the rescinded circulars... shall be deemed to have been done or taken under the corresponding provisions of this Master Circular.
Any application made to SEBI under the rescinded circulars, prior to such rescission, and pending before it shall be deemed to have been made under the corresponding provisions of this Master Circular.
The previous operation of the rescinded circulars... any right, privilege, obligation or liability acquired, accrued or incurred under the rescinded circulars... shall remain unaffected as if the rescinded circulars have never been rescinded.
Pursuant to issuance of this Master Circular, the entities which are required to ensure compliance with various provisions shall submit necessary reports as envisaged in this Master Circular on a periodic/ continuous basis.
This Master Circular is issued in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.
Limits on investment in securities of associates/ related parties of Portfolio Managers
Prior consent of the client regarding investments in the securities of associates/related parties
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Source: SecMarx — Master Circular for Portfolio Managers. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.