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Date: 2025-09-02 Category: Extra Ordinary State: Union Government Country: India

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 sub section (1) of Section 12 of the Securities and Exchange Board of India

Issued by Securities and Exchange Board of India · Not Applicable

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Executive Summary & Key Takeaways

Executive Summary: This notification announces the Securities and Exchange Board of India Portfolio Managers Amendment Regulations, 2025, amending the 2020 regulations. The amendments include changes to regulation 20 and 22, as well as the deletion of Schedule V. These regulations take effect upon publication in the Official Gazette on September 2, 2025. Key Points / Main Content: * **General Information** * The regulations are called the Securities and Exchange Board of India Portfolio Managers Amendment Regulations, 2025. * These amendments are made under the powers conferred by Section 30(1), Section 11(1), Section 11(2)(b), and Section 12(1) of the Securities and Exchange Board of India Act, 1992. * The regulations come into force on the date of their publication in the Official Gazette. * **Amendments to Regulations** * Regulation 20, clause xi is substituted with Schedule IV. * Regulation 22, subregulation 3 is substituted, requiring the portfolio manager to provide the client with the Disclosure Document (in a format specified by the Board) along with a certificate in Form C as specified in Schedule I before entering into an agreement. * Schedule V is deleted. Impact Analysis: * **Portfolio Managers:** * Impact: Portfolio managers must comply with the amended regulations regarding disclosure documents and other changes to regulations 20 and 22. Schedule V is deleted * Action Required: Update disclosure documents and internal processes to reflect the new requirements, including providing the Disclosure Document and Form C to clients before agreements. * **Clients of Portfolio Managers:** * Impact: Clients will receive an updated Disclosure Document and a certificate in Form C before entering into an agreement with a portfolio manager. * Action Required: Review the provided documents and understand the terms and conditions before signing any agreement with a portfolio manager. * **Securities and Exchange Board of India (SEBI):** * Impact: SEBI is responsible for enforcing the amended regulations. * Action Required: Oversee compliance of portfolio managers with the new regulations.

Key Entities Referenced

Securities and Exchange Board of India: A regulatory body in India that regulates the securities market. Securities and Exchange Board of India Act, 1992: The act of the Indian Parliament that established the Securities and Exchange Board of India. Securities and Exchange Board of India Portfolio Managers Regulations, 2020: Regulations pertaining to portfolio managers as defined by the Securities and Exchange Board of India. Securities and Exchange Board of India Portfolio Managers Amendment Regulations, 2025: An amendment to the Securities and Exchange Board of India Portfolio Managers Regulations. Mumbai, Maharashtra: The city in India where the Securities and Exchange Board of India notification was issued. Official Gazette: The official government publication in which the regulations are published. Schedule IV: A schedule referred to in the Securities and Exchange Board of India Portfolio Managers Regulations, 2020. Schedule V: A schedule referred to in the Securities and Exchange Board of India Portfolio Managers Regulations, 2020.
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-एम.एच.-अ.-03092025-265920 xxxGIDHxxx CG-MH-E-03092025-265920 xxxGIDExxx असाधारण EXTRAORDINARY भाग III—खण् ड 4 PART III—Section 4 प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 603] िई दिल्ली, मगं लिार, जसतम्ब र 2, 2025/भाद्र 11, 1947 No. 603] NEW DELHI, TUESDAY, SEPTEMBER 2, 2025/BHADRA 11, 1947 भारतीय प्रजतभजू त और जिजिमय बोडड अजधसचू िा म ंबई, 1 जसतम्ब र, 2025 भारतीय प्रजतभजू त और जिजिमय बोडड (पोर्टफोलियो प्रबधं क) (सिं ोधि) जिजियम, 2025 स.ं सबे ी/एल.ए.डी-एि.आर.ओ./िी.एि./2025/260 - बोडड, भारतीय प्रजतभूजत और जिजिमय बोडड अजधजियम, 1992 (1992 का 15) की धारा 11 की उप-धारा (1), धारा 11 की उप-धारा (2) के खंड (ख) तथा धारा 12 की उप-धारा (1) के साथ पठित धारा 30 की उप-धारा (1) द्वारा प्रदान की गई िजियों का प्रयोग करते हुए, एतद्द्वारा भारतीय प्रजतभूजत और जिजिमय बोडड (पोर्टफोलियो प्रबंधक) जिजियम, 2020 का और संिोधि करिे के जलए जिम्नजलजखत जिजियम बिाता ह,ै अथाडत,् - 1. इि जिजियमों को भारतीय प्रजतभूजत और जिजिमय बोड ड (पोर्टफोलियो प्रबंधक) (संिोधि) जिजियम, 2025 कहा िा सकेगा । 2. ये लिलनयम रािपत्र म ेंइिके प्रकाजित होिे की तारीख से लाग ू होंगे । 3. भारतीय प्रजतभूजत और जिजिमय बोडड (पोर्टफोलियो प्रबंधक) जिजियम, 2020 म,ें - I. जिजियम 20 में, खंड (xi) के स्ट्थाि पर जिम्नजलजखत खंड आ िाएगा, अथाडत,् - “(xi) अि सूची-IV” 5882 GI/2025 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] II. लिलनयम 22 म,ें उप-जिजियम (3) के स्ट्थाि पर जिम्नजलजखत उप-जिजियम आ िाएगा, अथाडत,्- “(3) पोर्डफोजलयो प्रबंधक ग्राहक के साथ करार (एग्रीमेंर्) [जिसका जिक्र उप-जिजियम (1) म ेंदकया गया ह]ै करि े से पहले, अि सूची-I में दिए हुए फॉमड-ग के अिस ार प्रमाणपत्र के साथ, बोड ड द्वारा जिधाडठरत दकए िाि े िाल ेफॉमर्े म ेंजडस्ट््लोज़र डॉ्यूमेंर् (प्रकर्ीकरण िस्ट्तािेि) ग्राहक को िगे ा।” III. अि सूची-V हर् िाएगी । अजमत प्रधाि, कायडपालक जिििे क [जिज्ञापि-III/4/असा./336/2025-26] पाि ठर्प्पण: 1. भारतीय प्रजतभूजत और जिजिमय बोड ड (पोर्टफोलियो प्रबंधक) जिजियम, 2020, स.ं सेबी/एलएडी- एिआरओ/िीएि/2020/03 द्वारा, 16 जनिरी, 2020 को भारत के रािपत्र म ेंप्रकाजित हुए थ े । 2. भारतीय प्रजतभूजत और जिजिमय बोडड (पोर्टफोलियो प्रबंधक) जिजियम, 2020 तत्पश्चात,् - (क) 17 अप्रलै , 2020 को भारतीय प्रजतभूजत और जिजिमय बोड ड(रेग्यूलेर्री सडैं बॉ्स) (संिोधि) जिजियम, 2020, स.ं सेबी/एलएडी-एिआरओ/िीएि/2020/10, द्वारा (ख) 16 मार्,ट 2021 को भारतीय प्रजतभूजत और जिजिमय बोडड (पोर्टफोलियो प्रबंधक) (संिोधि) जिजियम, 2021, स.ं सेबी/एलएडी-एिआरओ/िीएि/2021/10, द्वारा (ग) 26 अप्रैि, 2021 को भारतीय प्रजतभूजत और जिजिमय बोड ड (पोर्टफोलियो प्रबंधक) (दसू रा संिोधि) जिजियम, 2021, स.ं सेबी/एलएडी-एिआरओ/िीएि/2021/16, द्वारा (घ) 3 अगस्ट्त, 2021 को भारतीय प्रजतभूजत और जिजिमय बोडड (रेग्यूलेर्री सैंडबॉ्स) (संिोधि) जिजियम, 2021, सं. सेबी/एलएडी-एिआरओ/िीएि/2021/30, द्वारा (ङ) 3 अगस्ट्त, 2021 को भारतीय प्रजतभूजत और जिजिमय बोडड (पोर्टफोलियो प्रबंधक) (तीसरा संिोधि) जिजियम, 2021, स.ं सेबी/एलएडी-एिआरओ/िीएि/2021/31, द्वारा (च) 9 निम्बर, 2021 को भारतीय प्रजतभूजत और जिजिमय बोड ड (पोर्टफोलियो प्रबंधक) (र्ौथा संिोधि) जिजियम, 2021, स.ं सेबी/एलएडी-एिआरओ/िीएि/2021/58, द्वारा (छ) 22 अगस्ट्त, 2022 को भारतीय प्रजतभूजत और जिजिमय बोडड (पोर्टफोलियो प्रबंधक) (संिोधि) जिजियम, 2022, स.ं सेबी/एलएडी-एिआरओ/िीएि/2022/94, द्वारा (ि) 17 िििरी, 2023 को भारतीय प्रजतभूजत और जिजिमय बोडड [मध्यिर्तडयों (इंर्रमीजडयरीज़) के जियंत्रण म ें पठरितडि] (संिोधि) जिजियम, 2023, स.ं सेबी/एलएडी-एिआरओ/िीएि/2023/115, द्वारा (झ) 7 फरिरी, 2023 को भारतीय प्रजतभूजत और जिजिमय बोडड (फीस का भ गताि और भग ताि का माध्यम) (संिोधि) जिजियम, 2023, सं. सेबी/एलएडी-एिआरओ/िीएि/2023/121, द्वारा (ञ) 4 िल ाई, 2023 को भारतीय प्रजतभूजत और जिजिमय बोड ड (जििाि स लझाि े की िैकजल्पक व्यिस्ट्था) (संिोधि) जिजियम, 2023, सं. सेबी/एलएडी-एिआरओ/िीएि/2023/137, द्वारा (र्) 18 अगस्ट्त, 2023 को भारतीय प्रजतभूजत और जिजिमय बोडड (जिकायत जििारण व्यिस्ट्था को स जिधाििक बिािा) (संिोधि) जिजियम, 2023, स.ं सेबी/एलएडी-एिआरओ/िीएि/2023/146, द्वारा (ि) 10 फरिरी, 2025 को भारतीय प्रजतभूजत और जिजिमय बोड ड (जििेिक चार्डर) (संिोधि) जिजियम, 2025, स.ं सेबी/एलएडी-एिआरओ/िीएि/2025/228, द्वारा संिोजधत हुए थ े ।[भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 3 SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 1st September, 2025 SECURITIES AND EXCHANGE BOARD OF INDIA (PORTFOLIO MANAGERS) (AMENDMENT) REGULATIONS, 2025 No. SEBI/LAD-NRO/GN/2025/260 – 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 sub-section (1) of Section 12 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board 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, 2025. 2. They shall come into force on the date of their publication in the Official Gazette. 3. In the Securities and Exchange Board of India (Portfolio Managers) Regulations, 2020, I. In regulation 20, clause (xi) shall be substituted with the following, namely,– “(xi) Schedule IV.” II. In regulation 22, sub-regulation (3) shall be substituted with the following, namely,– “(3) The portfolio manager shall provide to the client, the Disclosure Document, in the format as may be specified by the Board, along with a certificate in Form C as specified in Schedule I, prior to entering into an agreement with the client as referred to in sub-regulation (1).” III. Schedule V shall be deleted. AMIT PRADHAN, Executive Director [ADVT.-III/4/Exty./336/2025-26] Footnote: 1. The Securities and Exchange Board of India (Portfolio Managers) Regulations, 2020, were published in the Gazette of India on January 16, 2020 vide No. SEBI/LAD-NRO/GN/2020/03. 2. The Securities and Exchange Board of India (Portfolio Managers) Regulations, 2020 were subsequently amended on, – (a) 17th April, 2020 by the Securities and Exchange Board of India (Regulatory Sandbox) (Amendment) Regulations, 2020 vide No. SEBI/LAD-NRO/GN/2020/10. (b) 16th March, 2021 by the Securities and Exchange Board of India (Portfolio Managers) (Amendment) Regulations, 2021 vide No. SEBI/LAD-NRO/GN/2021/10. (c) 26th April, 2021 by the Securities and Exchange Board of India (Portfolio Managers) (Second Amendment) Regulations, 2021 vide No. SEBI/LAD-NRO/GN/2021/16. (d) 3rd August, 2021 by the Securities and Exchange Board of India (Regulatory Sandbox) (Amendment) Regulations, 2021 vide No. SEBI/LAD-NRO/GN/2021/30. (e) 3rd August, 2021 by the Securities and Exchange Board of India (Portfolio Managers) (Third Amendment) Regulations, 2021 vide No. SEBI/LAD-NRO/GN/2021/314 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] (f) 9th November, 2021 by the Securities and Exchange Board of India (Portfolio Managers) (Fourth Amendment) Regulations, 2021 vide No. SEBI/LAD-NRO/GN/2021/58. (g) 22nd August, 2022 by the Securities and Exchange Board of India (Portfolio Managers) (Amendment) Regulations, 2022 vide No. SEBI/LAD-NRO/GN/2022/94. (h) 17th January, 2023 by the Securities and Exchange Board of India (Change in Control in Intermediaries) (Amendment) Regulations, 2023 vide No. SEBI/LAD- NRO/GN/2023/115. (i) 7th February, 2023 by the Securities and Exchange Board of India (Payment of Fees and Mode of Payment) (Amendment) Regulations, 2023 vide No. SEBI/LAD- NRO/GN/2023/121. (j) 4th July, 2023 by the Securities and Exchange Board of India (Alternative Dispute Resolution Mechanism) (Amendment) Regulations, 2023 vide No. SEBI/LAD- NRO/GN/2023/137. (k) 18th August, 2023 by the Securities and Exchange Board of India (Facilitation of Grievance Redressal Mechanism) (Amendment) Regulations, 2023 vide No. SEBI/LAD- NRO/GN/2023/146. (l) 10th February, 2025 by the Securities and Exchange Board of India (Investor Charter) (Amendment) Regulations, 2025 vide No. SEBI/LAD-NRO/GN/2025/228. Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

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