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<h1>Portfolio Managers must follow consolidated SEBI rules on registration, client funds segregation, related party limits, disclosures and reporting.</h1> Master Circular consolidates SEBI guidance for Portfolio Managers, updating and superseding prior master circulars while preserving past actions. It prescribes online registration (Form A), Compliance Officer designation, net worth and certification norms, segregation of client funds, direct onboarding and distributor supervision, written policies for order placement and allocation, cyber security requirements for larger PMs, investment permissions including derivatives and co investment, prudential limits and client consent for related party investments, credit rating constraints, uniform disclosure and benchmarking of Investment Approaches, mandatory monthly/quarterly/offsite reporting to SEBI and clients, audited firm level performance reporting, fee and exit load rules, and grievance redressal obligations.