Portfolio managers must register as body corporates, maintain...

Portfolio managers must register as body corporates, maintain prescribed net worth, infrastructure, qualified personnel and continuing fit-and-proper status, while meeting client-grievance, disclosure and change-in-control obligations. Client arrangements require written investment agreements, pre-contract disclosure documents, transparent fees without assured returns or upfront charges, fiduciary conduct and segregation of client assets. Investment activity is subject to client mandates, prudential limits, restrictions on related-party and prohibited transactions, custody, records, audit, periodic reporting and compliance oversight. Special regimes govern eligible fund managers, co-investment managers and mutual-fund-only services. Inspection, disciplinary action, limited procedural relaxation and sandbox exemptions apply. Effective 1 April 2027, the framework repeals the 2020 regulations while preserving accrued rights and ongoing proceedings.