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SEBI Amends PMS Regulations for Registration of Fund Managers to Provide Services to Overseas Fund

Updated: Jan 18, 2022

Finance Minister in the Union budget 2015­16 permitted Indian fund managers to carry out fund management activity for overseas funds from India. Subsequently, Section 9A was introduced under the Income Tax Act, 1961 ('IT Act') providing 'safe harbour' conditions to carry out such fund management services by an Eligible Fund Manager ('EFM'). One of the eligibility requirements under Section 4(b) of the IT Act is that an EFM must be registered with SEBI. Pursuant to this, the Securities and Exchange Board of India ('SEBI') issued a consultation paper on proposed amendments to the SEBI (Portfolio Manager) Regulations, 1993 ('PMS Regulations'). Finally, on January 02, 2017, SEBI notified amendments to PMS Regulations. Set out below is a brief overview of said amendments under the PMS Regulations.

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