Securities And Exchange Board Of India (Portfolio Managers) (Second Amendment) Regulations, 2006

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....hey shall come into force on the date of their publication in the Official Gazette. 3. In the Securities and Exchange Board of India (Portfolio Managers) Regulations, 1993: (i) in regulation 2 - (a) clause (a) shall be renumbered as clause (ae) and before the clause so renumbered, the following clauses shall be inserted, namely:- "(a) "Act" means the Securities and Exchange Board of India Act, 1992 (15 of 1992); (aa) "body corporate" shall have the meaning assigned to it in or under clause (7) of section 2 of the Companies Act, 1956 (1 of 1956); (ab) "certificate" means a certificate of registration issued by the Board; (ac) "change of status or constitution" in relation to a portfolio manager- (i) means any change in its statu....

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....r clause (c) the following clauses shall be inserted, namely: "(ca) "portfolio" means the total holdings of securities belonging to any person; (cb) "portfolio manager" means any person who pursuant to a contract or arrangement with a client, advises or directs or undertakes on behalf of the client (whether as a discretionary portfolio manager or otherwise) the management or administration of a portfolio of securities or the funds of the client, as the case may be;" (d) clause (e) shall be omitted; (e) in clause (f), the words "and the rules" occurring after the words "defined in the Act" and the words "or the rules, as the case may be" occurring at the end shall be omitted; (ii) regulation 3 shall be renumbered as regulation 3A, and....

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....er proposes to change its status or constitution, it shall obtain prior approval of the Board for continuing to act as such after the change; (b) it shall pay the fees for registration or renewal, as the case may be, in the manner provided in these regulations; (c) it shall take adequate steps for redressal of grievances of the investors within one month of the date of the receipt of the complaint and keep the Board informed about the number, nature and other particulars of the complaints received; (d) it shall maintain capital adequacy requirements specified in regulation 7 at all times during the period of the certificate or renewal thereof; (e) it shall abide by the regulations made under the Act in respect of the activities carr....

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....993. 2. The Securities and Exchange Board of India (Portfolio Managers) Regulations, 1993, were subsequently amended on: - a. November 28, 1993 by , SEBI (Portfolio Managers) (Amendment) Regulations, 1993 published in the Official Gazette vide S.O. No. 939(E). b. November 28, 1995 by SEBI (Payment of Fees) (Amendment) Regulations, 1995 vide S.O No.939 (E). c. January 05, 1998 by SEBI (Portfolio Managers) (Amendment) Regulations, 1998 published in the Official Gazette vide S.O. No. 20 (E). d. September 30, 1999 by SEBI (Portfolio Managers) (Amendment) Regulations, 1999 published in the Official Gazette vide S.O. No. 793 (E). e. February 22, 2000 by SEBI (Portfolio Managers) (Amendment) Regulations, 2000 published in the Official Gazett....