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          <h1>Portfolio managers breaching SEBI Act face penalties under Chapter V of SEBI (Intermediaries) Regulations, 2008.</h1> A portfolio manager who violates any provisions of the Securities and Exchange Board of India (SEBI) Act, Rules, or Regulations is subject to penalties as outlined in the relevant regulations, including actions specified in Chapter V of the SEBI (Intermediaries) Regulations, 2008. This provision, effective from May 26, 2008, replaced the previous regulation, which stipulated that portfolio managers failing to comply with certificate conditions or contravening the Act would face procedures under the SEBI (Procedure for Holding Enquiry by the Enquiry Officer and Imposing Penalty) Regulations, 2002.

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