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of <h1>SEBI Updates Portfolio Managers Regulations: New Definition of Principal Officer, Custodian Requirement for Large Asset Managers.</h1> The Securities and Exchange Board of India (SEBI) issued amendments to the Portfolio Managers Regulations, 1993, effective upon publication in the Official Gazette. Key changes include redefining the term 'principal officer' as an employee designated by the portfolio manager. The principal officer must possess either a professional qualification in finance, law, accountancy, or business management, or have at least ten years of relevant securities market experience. Additionally, a new regulation mandates that portfolio managers appoint a custodian for managed securities, with exemptions for those managing assets under five hundred crore rupees or performing purely advisory functions.
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