Capital Adequacy Requirement

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.... that a portfolio manager, who was granted a certificate under these regulations prior to the commencement of the Securities and Exchange Board of India (Portfolio Managers) (Amendment) Regulations, 2008, shall raise its networth to not less than one crore rupees within six months from such commencement and to not less than two crore rupees within six months thereafter: Provided further that th....

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....acy requirement referred to in sub-regulation (d) of regulation 6 shall not be less than the networth of Rupees fifty lacs of the person making the application; Explanation.─ For the purposes of this regulation, "networth" means in the case of an applicant which is a partnership firm or a body corporate, the value of a capital contributed to the business of such firm or the paid up equity....