Portfolio manager registrations allowed for distinct group entities if legal, board, operational, and supervisory independence exist. SEBI will grant separate portfolio manager registrations to distinct entities in the same group if they are separate legal entities with independent Boards (no majority common directors), maintain arms length operations, have independent key personnel and infrastructure, and possess independent regulatory controls and supervisory mechanisms; however, suspension or cancellation of one group entity's registration may invite action under Regulation 35 against other registered group entities. 'Same group' encompasses common control by a person (alone or with relatives), being under the same management as per the Companies Act, 1956, or direct/indirect control of one entity over another, with 'control' as defined in the SEBI takeover regulation.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Portfolio manager registrations allowed for distinct group entities if legal, board, operational, and supervisory independence exist.
SEBI will grant separate portfolio manager registrations to distinct entities in the same group if they are separate legal entities with independent Boards (no majority common directors), maintain arms length operations, have independent key personnel and infrastructure, and possess independent regulatory controls and supervisory mechanisms; however, suspension or cancellation of one group entity's registration may invite action under Regulation 35 against other registered group entities. "Same group" encompasses common control by a person (alone or with relatives), being under the same management as per the Companies Act, 1956, or direct/indirect control of one entity over another, with "control" as defined in the SEBI takeover regulation.
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