Parity in land-acquisition compensation requires a beneficiary that accepted and paid comparable awards for land acquired for the same project to maintain a consistent position. Denying similarly situated landowners equivalent compensation would constitute impermissible discrimination by a State instrumentality. Landowners are entitled to compensation at Rs.105 per square foot, with applicable statutory solatium and interest.

Every portfolio manager managing or administering securities must appoint a custodian in respect of those securities. Portfolio managers providing only advisory services are excluded from this requirement.

Foreign portfolio investors may avail portfolio management services from a portfolio manager under the Securities and Exchange Board of India (Portfolio Managers) Regulations, 2026. Eligibility to use these services is expressly extended to foreign portfolio investors within the framework of general obligations and responsibilities applicable to portfolio managers.

Portfolio managers must act under client agreements and may invest or advise in permitted securities, subject to Board-specified conditions for foreign securities, unlisted securities, and derivatives. Mutual fund investments must be made through direct plans without distribution-related client fees. Client-level prudential limits, credit-rating requirements, and alert-based monitoring apply, while investments in unrated securities of related parties or associates are prohibited. Client funds and securities must be segregated and safeguarded, with controlled aggregation, transfer, and securities-lending arrangements. Clients retain early withdrawal rights on termination, registration action, or portfolio manager bankruptcy or liquidation.

Portfolio managers act in a fiduciary capacity, must separately account for each client's securities and maintain client funds in a separate account with a scheduled commercial bank. They must not obtain undue benefits from client assets, borrow on a client's behalf, or lend client securities except as permitted. They must promptly redress investor grievances, value client securities under prescribed norms, report performance uniformly, and maintain policies and conduct controls for compliant management of client funds and securities.

Portfolio managers must enter into written client agreements, subject to specified exemptions, and obtain prior client consent for related-party or associate investments unless exempted. Before contracting, they must provide a certified Disclosure Document addressing fees, risks, conflicts, related-party matters, diversification, financial statements and performance. The document requires annual certification, updating, filing and website availability, with prompt addenda and client disclosure for material changes. Fees may be fixed, return-based or combined, but cannot include assured returns or upfront charges.

Portfolio managers must comply with the Code of Conduct specified in the Second Schedule as part of their general obligations and responsibilities under the Securities and Exchange Board of India (Portfolio Managers) Regulations, 2026.

Co-investment portfolio managers are generally subject, mutatis mutandis, to the Portfolio Managers Regulations, unless the context otherwise requires or application is repugnant to the co-investment framework. Specified provisions concerning Regulations 4, 6, 15, 16, 17, 19 and 27, together with identified sub-clauses of the Third Schedule, are excluded. The remaining provisions apply with necessary modifications.

Co-investment terms must not be more favourable to a co-investor than the corresponding investment terms of the Alternative Investment Fund. Exit terms, including exit timing, must be identical to those applicable to the fund, and early withdrawal is permitted only to the extent that the fund has exited the relevant investee company. All assets under management must be invested in unlisted securities of investee companies in which Category I or Category II Alternative Investment Funds managed by the same manager invest.

Eligible fund managers must provide agreed portfolio management or advisory services to eligible investment funds, make material disclosures, and segregate client funds, securities, books, and accounts. They must appoint a custodian for investments in India unless one has already been appointed, and keep fund monies with scheduled commercial banks unless no Indian securities investment is intended. They must also maintain required records, furnish monthly reports, and comply with anti-money-laundering requirements.

Eligible fund manager registration for a new corporate applicant requires fulfilment of tax-law conditions, compliance with Chapter II requirements unless otherwise specified, payment of First Schedule fees, and a Board-format declaration. An existing portfolio manager may act for an eligible investment fund only after meeting the same tax-law conditions, giving prior intimation to the Board, and submitting prescribed declarations.

Chapter III applies exclusively to eligible fund managers acting as portfolio managers for eligible investment funds investing in Indian or foreign securities. For funds investing in Indian securities, the regulations apply mutatis mutandis, subject to specified exclusions and consistency with Chapter III. For funds investing in foreign securities, applicability is limited to Chapters I, II and III and Regulation 16(2), subject to the same contextual qualification.

A portfolio manager intending to discontinue portfolio-management activity must apply to the Board for surrender of its certificate of registration. The surrender process must follow the manner and conditions specified by the Board, requiring formal compliance for relinquishing registration.

Continuance of registration for portfolio managers requires payment of the prescribed First Schedule fees within the three months preceding expiry of each three-year fee block. Failure to make that payment permits suspension of the registration certificate, requiring the portfolio manager immediately to cease portfolio management activity for the full duration of suspension.

Certificate of registration for a portfolio manager remains conditional on continuous compliance, prompt written disclosure of materially false, misleading or changed information, prescribed net worth maintenance, fit and proper status, and prior approval for a change in control. Investor grievances require adequate redressal within twenty-one calendar days and reporting of complaint particulars. Business activities must commence within three years after registration, subject to Board-specified conditions.

Portfolio manager registration certificate refusals require a reasonable opportunity of being heard, followed by communication of the refusal and reasons within thirty days. An applicant may seek reconsideration within thirty days of receiving the communication. The Board must reconsider the request and convey its decision in writing as soon as possible.

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.

Portfolio manager registration requires an application in the specified form with the prescribed non-refundable application fee. The Board may request further information or clarification, and incomplete applications may be rejected only after the applicant receives at least thirty calendar days to remove indicated objections. Upon satisfaction of the applicable requirements and payment of the prescribed registration fee within thirty calendar days of intimation, the Board may grant a certificate of registration, valid unless suspended or cancelled.

A portfolio manager is a body corporate that, under a client contract, advises, directs or undertakes management or administration of the client's securities, goods or funds. A discretionary portfolio manager may exercise complete investment discretion, while a non-discretionary portfolio manager acts according to client directions. The investment agreement governs the parties' rights, liabilities, obligations and authority, and the investment approach identifies permissible securities and instruments. A Co-investment Portfolio Manager is confined to specified alternative investment fund investors and related unlisted investments.

Portfolio-manager registration and related operational and general obligations are regulated under the Securities and Exchange Board of India (Portfolio Managers) Regulations, 2026. The framework covers registration, operational obligations, general obligations and responsibilities, and connected or incidental matters, and takes effect on April 1, 2027.