The Securities and Exchange Board of India through notification dated 3rd August, 2021 has issued the Securities and Exchange Board of India (Portfolio Managers) (Third Amendment) Regulations, 2021. The amendment provides that “large value accredited investor” shall mean an accredited investor who has entered into an agreement with the portfolio manager for a minimum investment amount of ten crore rupees. It is further provided that the requirement of
minimum investment amount per client shall not apply to an accredited investor, subject to appropriate disclosures in the disclosure document and the terms agreed between the client and the portfolio manager.
The portfolio managers are allowed to offer discretionary or non-discretionary or advisory services for investment up to hundred percent of the assets under management of the large value accredited investors in unlisted securities, subject to appropriate disclosures in the disclosure document and the terms agreed between the client and the portfolio manager.
