Consideration of application

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..... relating to portfolio management. (2) Without prejudice to the generality of the foregoing provisions, the Board shall consider whether- (a) the applicant is a body corporate; (b) the applicant has the necessary infrastructure like adequate office space, equipments and the manpower to effectively discharge the activities of a portfolio manager; 2 [(c) the principal officer of the ap .....

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..... y or indirectly connected with the applicant has been rejected by the Board; (f) any disciplinary action has been taken by the Board against a person directly or indirectly connected with the applicant under the Act or the Rules or the Regulations made thereunder. Explanation.─ For the purposes of sub-clauses (e) and (f), the expression person directly or indirectly connected means a .....

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..... certificate to the applicant is in the interest of investors.] ******** 1 Substituted by the SEBI (Portfolio Managers) (Amendment) Regulations, 2002, w.e.f. 11-10-2002. Prior to substitution, regulation 6 read as under: 6. Consideration of application.─ The Board shall take into account for considering the grant of a certificate, all matters which are relevant to the ac .....

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..... plicant being a body corporate; (d) the applicant fulfils the capital adequacy requirements specified in regulation 7; (e) the applicant, his partner, director or principal officer is not involved in any litigation connected with the securities market and which has an adverse bearing on the business of the applicant; (f) the applicant, his director, partner or principal officer has not at .....

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..... om an institution recognized by the Government; 3 Substituted for . by the SEBI (Portfolio Managers) (Amendment) Regulations, 2016, w.e.f. 02-01-2017. 4 Inserted by the SEBI (Portfolio Managers) (Amendment) Regulations, 2016, w.e.f. 02-01-2017. 5 Substituted by the SEBI (Portfolio Managers) (Amendment) Regulations, 2008, w.e.f. 11-08-2008 for the words as portfolio manager or stock br .....

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