SEBI notifies new Portfolio Managers Regulations, 2026, repealing the 2020 regime from April 2027

The Securities and Exchange Board of India has notified the SEBI (Portfolio Managers) Regulations, 2026, replacing the regime that has governed portfolio managers since 2020. A portfolio manager, under these regulations, is a body corporate that, under a contract with a client, manages or administers a portfolio of securities, goods or funds belonging to that client, whether with complete discretion or only as directed by the client. The new regulations, notified on 7 October 2026 under Sections 11(1), 11(2)(b) and 12(1) read with Section 30(1) of the SEBI Act, 1992, restate and update the registration process for portfolio managers and their principal officers, and their operational and general obligations and responsibilities toward clients, including accredited and large-value accredited investors.

They also empower SEBI to issue binding clarifications to remove difficulties in applying the regulations. The regulations come into force on 1 April 2027, on which date the SEBI (Portfolio Managers) Regulations, 2020 stand repealed. The repeal is accompanied by the standard savings clause: registrations, approvals, fees, pending applications, accrued rights and liabilities, and any ongoing investigation or penalty under the 2020 regulations continue unaffected, and references to the 2020 regulations in other SEBI regulations, guidelines or circulars are to be read as references to the corresponding provisions of the new regulations.