Securities and Exchange Board of India (Portfolio Managers) (Amendment) Regulations, 2004 S.O No.654 (E). In exercise of the powers conferred by section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following Regulations to further amend the Securities and Exchange Board of India (Portfolio Managers) Regulations, 1993, namely :- 1. These Regulations may be called the Securities and Exchange Board of India (Portfolio Managers) (Amendment) Regulations, 2004. 2. They 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 3, for sub-regulation (1), the following shall be substituted, namely: " (1) "An application by a Portfolio Manager for the grant of a certificate shall be made to the Board in Form A and shall be accompanied by a non–refundable application fee, as specified in clause (1) of Schedule II, to be paid in the manner specified in Part B thereof." ii. In Regulation 8, 1. after the words "on receipt of the payment of" and before the word "fees", the word, "registration", shall be inserted. 2. after the words "as specified in", and before the words "Schedule II", the words "clause (1A) of", shall be inserted. iii. In Schedule II, 1. for the existing clause (1), the following shall be substituted, namely:- "(1) "Every portfolio manager shall pay a sum of Rs. 25,000/- as application fees along with the application for grant of certificate of registration. (1A) Every portfolio manager shall pay a sum of Rs. 5 lakhs as registration fees at the time of the grant of certificate by the Board."
|