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of <h1>Portfolio managers must appoint custodians for managed securities, except those offering only advisory services or co-investment portfolios.</h1> Every portfolio manager is required to appoint a custodian for the securities they manage or administer. This requirement does not apply to portfolio managers who offer only advisory services or to Co-investment Portfolio Managers. These provisions are part of the Securities and Exchange Board of India (Portfolio Managers) Regulations, 2020, and were amended by a notification effective from December 9, 2021.
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