The Securities and Exchange Board of India vide its notification dated 9th November 2021 has published the Securities and Exchange Board of India (Portfolio Managers) (Fourth Amendment) Regulations, 2021 to further amend the Securities and Exchange Board of India (Portfolio Managers) Regulations, 2020.
The amendment is brought under regulation 2, through which it has defined the term “Alternative Investment Fund”, “Co-investment Portfolio Manager”, “investee company “and “Sponsor”.
Further through this amendment, regulation 7 which deals 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;”
