S.O. 798(E)- In exercise of powers conferred by sub-section(1) of Section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Securities and Exchange Board of India hereby makes the following regulations to further amend the Securities and Exchange Board of India (Portfolio Managers) Regulations 1993 as follows :

1 (i) These regulations may be called the Securities and Exchange Board of India (Portfolio Managers)(Amendment) Regulations 1999.

They shall come into force on the date of their publication in the Official Gazette.

2. In Schedule II, for paragraphs 1,2,3 and 4, the following paragraphs shall be substituted, namely:

"1. Every portfolio manager shall pay a sum of Rupees five lacs as registration fees at the time of grant of certificate by the Board.

2. Every portfolio manager to keep registration in force shall pay renewal fee of Rs.2.5. lacs every three years from the fourth year from the date of initial registration.

3. (a) The fee referred to in paragraph 1 shall be paid by the portfolio manager within 15 days from the date of receipt of intimation from the Board under regulation 8.


(b) The fee referred to in paragraph 2 shall be paid by the portfolio manager within 15 days from the date of receipt of intimation from the Board disposing of the application for renewal made under sub-regulation (1) of regulation 9.
 

4. The fees specified in paragraphs 1 and 2 shall be payable by the portfolio manager by a demand draft in favour of ‘Securities and Exchange Board of India’ payable at Mumbai or at the respective regional office."