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of <h1>SEBI Updates Portfolio Managers Regulations: New Definitions, Certification Requirement, and Revised Fees for Compliance.</h1> The Securities and Exchange Board of India (SEBI) issued the Second Amendment to the Portfolio Managers Regulations, 1993, effective upon publication in the Official Gazette. Key changes include definitions for terms such as 'Act,' 'body corporate,' 'certificate,' and 'portfolio manager.' The amendment mandates that portfolio managers obtain a SEBI certificate to operate, with existing merchant bankers given six months to comply. Registration conditions include maintaining capital adequacy and addressing investor grievances promptly. The renewal process and fees have been updated, with a non-refundable application fee set at one lakh rupees and renewal fees at five lakh rupees.
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