The Securities and Exchange Board of India has notified the SEBI (Portfolio Managers) (Fourth Amendment) Regulations, 2021 to further amend the SEBI (Portfolio Managers) Regulations, 2020.

  • Under Regulation 2, the amendment has defined the term “Alternative Investment Fund”, “Co-investment Portfolio Manager”, “investee company “and “Sponsor”.
  • Under Regulation 7, dealing with consideration of application for grant of certificate of registration in which clause 2(d) has been substituted as follows:


The Board shall consider whether, the principal officer of the applicant has the relevant NISM certificate as specified by the board from time to time, provided that at least 2 years of relevant experience is in portfolio management or investment advisory services or in the areas related to fund management.

“Provided further that the Co-investment Portfolio Manager may designate a member of the Key Investment Team of the Manager as the principal officer who fulfils either of the criteria specified in clause (g) of regulation 4 of the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012, and in that case the requirement under clause 2(d) shall not apply to the principal officer so appointed;”

*Tanvi Singh, Editorial Assistant has reported this brief.

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