Portfolio manager eligibility: existing portfolio managers may act for eligible fund managers after meeting tax-condition compliance and board intimation. An existing portfolio manager may act for an eligible fund manager only if it satisfies the tax-related eligibility criteria under the Income-tax Act and, prior to undertaking the activity, intimates the Board and submits the prescribed declarations specified in Schedule VI. The provision therefore requires both compliance with tax-eligibility conditions and fulfillment of procedural filing and declaration obligations before acting as portfolio manager to an eligible fund manager.