Securities and Exchange Board of India (Portfolio Managers) (Amendment) Regulations, 2022

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....llowing regulations to further amend the Securities and Exchange Board of India (Portfolio Managers) Regulations, 2020, namely:- 1. These Regulations may be called the Securities and Exchange Board of India (Portfolio Managers) (Amendment) Regulations, 2022. 2. They shall come into force on the thirtieth day from the date of their publication in the Official Gazette. 3. In the Securities and Exchange Board of India (Portfolio Managers) Regulations, 2020, - I. after clause (p) of sub-regulation (1) of regulation 2, the following clause shall be inserted, namely,- "(pa) "related party" in relation to a portfolio manager, means- (i) a director, partner or his relative; (ii) a key managerial personne....

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....applicable accounting standards; (x) such other person as may be specified by the Board: Provided that, (a) any person or entity forming a part of the promoter or promoter group of the listed entity; or (b) any person or any entity, holding equity shares: (i) of twenty per cent or more; or (ii) of ten per cent or more, with effect from April 1, 2023; in the listed entity either directly or on a beneficial interest basis as provided under section 89 of the Companies Act, 2013, at any time, during the immediate preceding financial year; shall be deemed to be a related party;" II. in regulation 22, i. after sub-regulation (1), the following sub-regulation....

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....ager shall not be allowed to invest clients' funds in unrated securities of their related parties or their associates. Explanation. ─ For the purposes of sub-regulation (3C), the term "associate" shall mean- (i) a body corporate in which a director or partner of the portfolio manager holds, either individually or collectively, more than twenty percent of its paid-up equity share capital or partnership interest, as the case may be; or (ii) a body corporate which holds, either individually or collectively, more than twenty percent of the paid-up equity share capital or partnership interest, as the case may be of the portfolio manager. (3D) The portfolio manager shall put in place an alert based system....