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<h1>Portfolio Managers Must Maintain 5 Crore Net Worth in 36 Months Under Regulation 9; Co-investment Managers Exempt.</h1> Regulation 9 of the Securities and Exchange Board of India (Portfolio Managers) Regulations, 2020 mandates that portfolio managers maintain a minimum net worth of five crore rupees. Portfolio managers registered before these regulations must achieve this net worth within 36 months of the regulations' commencement. This requirement is distinct from any capital adequacy requirements for other activities. The regulation does not apply to Co-investment Portfolio Managers. 'Net worth' is defined as the total of paid-up equity capital and free reserves, excluding revaluation reserves, minus accumulated losses and deferred expenses not written off.