SEBI publishes new portfolio management regulations for April 2027 implementation
The SEBI Portfolio Managers Regulations, 2026 establish a revised framework for registration, operations, client obligations and supervision. They include a Portfolio Management Service Route for Investment in Mutual Fund units, known as PRIM, with a minimum client investment of ₹25 lakh. Existing portfolio managers may offer this service through segregated investment approaches, subject to the prescribed conditions.
For boards of portfolio management businesses, the implementation review should cover the scope of each service, capital requirements, client agreements and compliance arrangements. The regulations separately address the principal officer and compliance officer, with specific exceptions for particular business models. This makes the allocation of responsibilities and continuity of qualified personnel relevant to the transition plan.
The April 2027 commencement gives affected businesses a preparation period. Any new product proposal should be accompanied by a clear account of the applicable registration route and the controls required before launch.
