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REGD. No. D. L.-33004/99
The Gazette of India
CG-MH-E-03092025-265920
EXTRAORDINARY
PART III—Section 4
PUBLISHED BY AUTHORITY
No. 603]
NEW DELHI, TUESDAY, SEPTEMBER 2, 2025/BHADRA 11, 1947
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/2021/31
(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.
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