TMI BlogSecurities and Exchange Board of India (Portfolio Managers) (Fourth Amendment) Regulations, 2021X X X X Extracts X X X X X X X X Extracts X X X X ..... . after clause (ab), the following clause shall be inserted, namely, - (ac) Alternative Investment Fund shall have the same meaning as assigned to it in clause (b) of sub-regulation (1) of regulation 2 of the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012; b. after clause (f), the following clause shall be inserted, namely, - (fa) Co-investment Portfolio Manager means a Portfolio Manager who is a Manager of a Category I or Category II Alternative Investment Fund(s); and: (i) provides services only to the investors of such Category I or Category II Alternative Investment Fund(s); and (ii) makes investment only in unlisted securities of investee companies where such Category I or Category II Alternative Investment Fund(s) make investments: Provided that the Co-investment Portfolio Manager may provide services to investors from any other Category I or Category II Alternative Investment Fund(s) which are managed by them and are also sponsored by the same Sponsor(s); c. after clause (la), the following clauses shall be inserted, namely, - (lb) investee company shall have the same meaning as assigned t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mely,- Provided that the requirement under clause(e) shall not apply to Co-investment Portfolio Manager. V. In regulation 22, i. in sub-regulation (2), the following provisos shall be inserted, namely,- Provided that in case of the Co-investment Portfolio Manager, the terms of co-investment in an investee company by a co-investor, shall not be more favourable than the terms of investment of the Alternative Investment Fund: Provided further that in case of the Co-investment Portfolio Manager, the terms of exit from the Co-investment in an investee company including the timing of exit shall be identical to the terms applicable to that of exit of the Alternative Investment Fund: Provided further that in case of the Co-investment Portfolio Manager, the early withdrawal of funds by the co-investors with respect to Co-investment in investee companies shall be allowed to the extent that the Alternative Investment Fund has also made an exit from respective investment in such investee companies. ii. in clause (e) of sub-regulation (4), after the first proviso, the following proviso shall be inserted, namely,- Provided further that the performance of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... M A Securities and Exchange Board of India (Portfolio Managers) Regulations, 2020 Application for grant of certificate of registration Name of Applicant: (Name of Manager of Alternative Investment Fund in case applicant ------------------------------------ is offering Co-investment services only) Name of Contact Person: (Note: Compliance Officer / Principal Officer only) --------------------------------- Designation of Contact Person: -------------------------------- Mobile No: ------------------------------- Email: ------------------------------------ Instructions: 1. Applicants shall submit a completed application form together with appropriate supporting documents to the Board. 2. It is important that this application form should be filled in accordance with the regulations. 3. Application for registration shall be considered provided it is complete in all respects. 4. Answers shall be typewritten. 5. Information that is required to be provided in more detail may be given on separate sheets which should be attached to the application form. 6. All signatures shall be original. PART: I GENE ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Date of Appointment No. of Shares Percentage of Shareholding 2.6 Particulars of Key Management Personnel [Name; Address; Qualification; Designation; Date of Appointment; PAN no. (Certified PAN Copy); Telephone No.; Mobile; Email] Experience: Entity Name Designation Area of Work Nature of Work Experience (In yrs) (Separate sheet may be attached for information on work experience) Other directorship details: Name of the Entity Date of Appointment No. of Shares Percentage of Shareholding Following documents to be provided: 1. Declaration that the personnel mentioned above is currently employed with the organization. 2. Undertaking by the personnel co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Registration End Registration Status Applied: Application No. Role Company Name Stock Exchange Application Date Application Status 2.11 Number of employees (Total number of employees and number of employees for Portfolio Management services) 2.12 Name and activities of associate companies/ entities Name of company /entity Address/ phone numbers Type of activity handled Nature / Quantum of financial dealing Nature of interest of promoter /director Nature of interest of applicant company/ enti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Preceding year Current Year (a) Paid-up capital (b) Free reserves (excluding revaluation reserves) (c) Total (a) + (b) 5.2 Net worth of Applicant (Net worth certificate not older than 3 months from the date of application to be enclosed) (Not applicable in case of applicant offering Co-investment services only) 5.3 Deployment of Resources (Rs. in Crore) Year prior to the preceding year of current year Preceding year Current year (a) Fixed Assets (b) Plant and Machinery and office equipment (c) Investments (Details should be given separately) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7.3 Details of risk profiling procedure to be followed by the Portfolio Manager. 7.4 Details of grievance redressal and dispute resolution mechanism to be followed by the Portfolio Manager. 7.5 Provide list of approved share brokers through whom orders shall be placed, involved for Portfolio Management activities and state whether any of them were suspended/had defaulted with any Stock Exchange authority. 7.6 Describe Accounting system followed/to be followed for Portfolio Management Services. 7.7 Indicate various research and database facilities provided. 7.8 Details of activities proposed to be outsourced. 8.0 EXPERIENCE 8.1 Experience in financial services rendered: Details of Activity Area Period 9.0 ADDITIONAL INFORMATION 9.1. Copy of Draft Agreement with Client to be provided 9.2 Copy of Draft Disclosure Document to be provided 9.3. Details of Custodian: (Name, Address, SEBI Registration No., Date of Appointment) (Not applicable in case of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Place: Date: Date: XI. in sub-clause (iii) of clause 7 of Schedule IV, the following proviso shall be inserted, namely,- Provided that sub-clauses (i) and (ii) shall not apply in case of Co-investment Portfolio Manager. XII. in sub-clause (9) of clause III of the MODEL DISCLOSURE DOCUMENT FOR PORTFOLIO MANAGEMENT in SCHEDULE V , the following proviso shall be inserted, namely,- Provided that this sub-clause shall not apply in case of the Co-investment Portfolio Manager. AJAY TYAGI ,Chairman [ADVT.-III/4/Exty./412/2021-22] Footnote: 1. The Securities and Exchange Board of India (Portfolio Managers) Regulations, 2020 , were published in the Gazette of India on January 16, 2020 vide No. SEBI/LAD-NRO/GN/2020/03. 2. The Securities and Exchange Board of India (Portfolio Managers) Regulations, 2020 were subsequently amended on, a. 17th April, 2020 by the Securities and Exchange Board of India (Regulatory Sandbox) (Amendment) Regulations, 2020 vide No. SEBI/LAD-NRO/GN/2020/10. b. 16th March, 2021 by the Securities and Exchange Board of India (Portfolio Managers) (Amendment) Regulations, 2021 vid ..... X X X X Extracts X X X X X X X X Extracts X X X X
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