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<h1>SEBI Amends Portfolio Managers Regulations: Defines 'Related Party' and Requires Client Consent for Related Investments.</h1> The Securities and Exchange Board of India (SEBI) has amended the Portfolio Managers Regulations, 2020, effective 30 days from publication in the Official Gazette. The amendments define 'related party' in relation to portfolio managers and mandate prior client consent for investments in related parties' securities. Portfolio managers must disclose investments in related parties and their diversification policies. They are prohibited from investing in unrated securities of related parties and must comply with prudential limits on investments, monitored through an alert-based system. These regulations do not apply to investments made before the amendment's enforcement or to specified portfolio managers.