Portfolio manager registration requires corporate status, adequate operational infrastructure, designated principal and compliance officers, an additional employee, fit-and-proper status, and investor-interest assessment. Applicants must maintain the prescribed minimum net worth independently of other capital requirements and deploy a specified portion in unencumbered liquid assets. Principal officers require prescribed qualifications, valid NISM certification and relevant securities-market experience. Employees with fund-management decision-making authority must meet the principal officer's qualification, experience and certification standards.
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