Registration conditions for portfolio managers require compliance, disclosure of material changes, grievance redressal, net worth and board approval. The certificate of registration for a portfolio manager is conditional on abidance by the Act and regulations, prior Board approval for change in control, prompt written notification to the Board of materially false or changed information, payment of registration fees, timely redressal of investor complaints within the prescribed period with reporting to the Board, and maintenance of the prescribed net worth, except that the net worth requirement does not apply to Co-investment Portfolio Managers.