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<h1>SEBI Regulation: Portfolio Managers Must Provide Biannual Disclosure Document Detailing Services, Risks, Fees, and Performance</h1> The Disclosure Document under the SEBI (Portfolio Managers) Regulations, 1993, is a mandatory document provided to prospective clients before engaging a portfolio manager. It must be filed with SEBI and updated biannually or upon significant changes. The document includes essential information to aid investors in decision-making, such as the portfolio manager's background, services offered, risk factors, financial performance, and fee structure. It also outlines penalties, pending litigation, and the manager's investment policies. The document must present information in a clear, concise manner and disclose all relevant risks and expenses associated with portfolio management.