THE GAZETTE OF INDIA

EXTRAORDINARY

PART �II � SECTION 3 � SUB SECTION (ii)

PUBLISHED BY AUTHORITY

SECURITIES AND EXCHANGE BOARD OF INDIA

NOTIFICATION

Mumbai, the 11^th October, 2002

SECURITIES AND EXCHANGE BOARD OF INDIA

(PORTFOLIO MANAGERS) AMENDMENT REGULATIONS, 2002

S.O. No. 1087 (E). In exercise of the powers conferred by section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following regulations to amend the Securities and Exchange Board of India (Portfolio Managers) Regulations, 1993, namely:-

1. (i) These regulations may be called the Securities and Exchange Board of

India (Portfolio Managers) Amendment Regulations, 2002.

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

2. In the Securities and Exchange Board of India (Portfolio Managers) Regulations, 1993 (hereinafter referred to as 'the said Regulations'): -

(i) in regulation 2 of the said Regulations,

(a) the existing clause (a) shall be renumbered as (aa) and the following new clause shall be inserted, namely -

"(a) "chartered accountant" means a chartered accountant as defined in clause (b) of sub-section (1) of section 2 of the Chartered Accountants Act, 1949 (38 of 1949) and who has obtained a certificate of practice under sub-section (1) of section 6 of that Act";

(b) clause (d) shall be substituted by the following -

"(d) "principal officer" means a director of the portfolio manager who is responsible for the activities of portfolio management and has been designated as principal officer by the portfolio manager."

"(ea) "securities lending" means the securities lending as per the Securities Lending Scheme,1997 specified by the Board."

(ii) for regulation 6 of the said Regulations, following shall be substituted, namely -

" Consideration of application

6. (1) For considering the grant of certificate of registration to the applicant, the Board shall take into account all matters which it deems relevant to the activities 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;

(c) the principal officer of the applicant has the professional qualifications in finance, law, accountancy or business management from an institution recognised by the Government;

(d) the applicant has in its employment minimum of two persons who, between them, have atleast five years experience as portfolio manager or stock broker or investment manager or in the areas related to fund management;

(e) any previous application for grant of certificate made by any person directly 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 any person being an associate, subsidiary, inter connected company or a company under the same management within the meaning of section 370(1B) of the Companies Act,1956 or in the same group;

(g) the applicant fulfills the capital adequacy requirements specified in regulation 7;

(h) the applicant, its director, principal officer or the employee as specified in clause (d) is involved in any litigation connected with the securities market which has an adverse bearing on the business of the applicant;

(i) the applicant, its director, principal officer or the employee as specified in clause (d) has at any time been convicted for any offence involving moral turpitude or has been found guilty of any economic offence;

(j) the applicant is a fit and proper person;

(k) grant of certificate to the applicant is in the interests of investors."

(iii) for regulation 7 of the said Regulations the following regulation shall be substituted, namely -

"7. The capital adequacy requirement referred to in clause (g) of regulation 6 shall not be less than the networth of fifty lacs rupees;

Explanation: For the purposes of this regulation, "networth" means the aggregate value of paid up equity capital plus free reserves (excluding reserves created out of revaluation) reduced by the aggregate value of accumulated losses and deferred expenditure not written off, including miscellaneous expenses not written off."

(iv) for regulation 14 of the said Regulations, the following regulation shall be substituted, namely -

"Contract with Clients and Disclosures

14 (1)(a) The portfolio manager shall, before taking up an assignment of management of funds or portfolio of securities on behalf of a client, enter into an agreement in writing with such client clearly defining the inter se relationship and setting out their mutual rights, liabilities and obligations relating to the management of funds or portfolio of securities containing the details as specified in Schedule IV.

(b) The agreement between the portfolio manager and the client shall, inter alia, contain:

(i) the investment objectives and the services to be provided;

(ii) areas of investment and restrictions, if any, imposed by the client with regard to the investment in a particular company or industry ;

(iii) type of instruments and proportion of exposure;

(iv) tenure of portfolio investments;

(v) terms for early withdrawal of funds or securities by the clients;

(vi)attendant risks involved in the management of the portfolio;

(vii) period of the contract and provision of early termination, if any;

(viii)amount to be invested subject to the restrictions provided under these regulations;

(ix)procedure of settling client's account including form of repayment on maturity or early termination of contract;

(x)fees payable to the portfolio manager;

(xi)the quantum and manner of fees payable by the client for each activity for which service is rendered by the portfolio manager directly or indirectly ( where such service is out sourced) ;

(xii)custody of securities;

(xiii)in case of a discretionary portfolio manager a condition that the liability of a client shall not exceed his investment with the portfolio manager;

(xiv) the terms of accounts and audit and furnishing of the reports to the clients as per the provisions of these regulations; and

(xv) other terms of portfolio investment subject to these regulations.

(2)(a)The portfolio manager shall provide to the client, the Disclosure Document as specified in Schedule V, alongwith a certificate in Form C as specified in Schedule I , at least two days prior to entering into an agreement with the client as referred to in sub- regulation (1).

(b)The Disclosure Document, shall inter alia contain the following -

(i) the quantum and manner of payment of fees payable by the client for each activity for which service is rendered by the portfolio manager directly or indirectly ( where such service is out sourced);

(ii) portfolio risks;

(iii) complete disclosures in respect of transactions with related parties as per the accounting standards specified by the Institute of Chartered Accountants of India in this regard;

(iv) the performance of the portfolio manager;

Provided that the performance of a discretionary portfolio manager shall be calculated using weighted average method taking each individual category of investments for the immediately preceding three years and in such cases performance indicators shall also be disclosed.

(v) the audited financial statements of the portfolio manager for the immediately preceding three years.

(d) The portfolio manager shall file with the Board, a copy of the Disclosure Document before it is circulated or issued to any person and every six months thereafter or whenever any material change is effected therein whichever is earlier, along with the certificate in Form C as specified in Schedule I.

(3) (a) The portfolio manager shall charge an agreed fee from the clients for rendering portfolio management services without guaranteeing or assuring, either directly or indirectly, any return and the fee so charged may be a fixed fee or a return based fee or a combination of both.

(b) The portfolio manager may, subject to the disclosure in terms of the Disclosure Document and specific permission from the client, charge such fees from the client for each activity for which service is rendered by the portfolio manager directly or indirectly (where such service is out sourced)."

(v) in regulation 15 of the said Regulations,

(a) after sub-regulation (1), the following sub-regulation shall be inserted, namely -

"(1A) The portfolio manager shall not accept from the client, funds or securities worth less than five lacs rupees."

(b) after sub-regulation (2), the following sub-regulation shall be inserted, namely -

"(2A) The portfolio manager shall keep the funds of all clients in a separate account to be maintained by it in a Scheduled Commercial Bank.

Explanation : - For the purposes of this sub-regulation, the expression " Scheduled Commercial Bank" means any bank included in the Second Schedule to the Reserve Bank of India Act, 1934 (2 of 1934)."

"(4A) The portfolio manager shall not borrow funds or securities on behalf of the client."

(d) for sub-regulation (5), the following shall be substituted namely -

"(5) The portfolio manager shall not lend securities held on behalf of clients to a third person except as provided under these regulations."

(vi) in regulation 16, of the said Regulations,

(a) the heading "Investment of clients' moneys" shall be substituted by "Investment of clients' moneys and management of clients' portfolio of securities".

(b) in sub-regulation (1),

(i) for clause (a) and the proviso, the following clause shall be substituted, namely -

"(a) The money or securities accepted by the portfolio manager shall not be invested or managed by the portfolio manager except in terms of the agreement between the portfolio manager and the client,"

(ii)in clause (b), the words "and shall be for a minimum period of one year" shall be omitted.

"(2)Notwithstanding anything contained in the agreement referred to in regulation 14, the funds or securities can be withdrawn or taken back by the client before the maturity of the contract under the following circumstances, namely -

(a)voluntary or compulsory termination of portfolio management services by the portfolio manager or the client.

(b)suspension or cancellation of the certificate of registration of the portfolio manager by the Board.

(c)bankruptcy or liquidation of the portfolio manager."

(d) in sub-regulation (3),

(i) after the words "money market instruments" the words "or derivatives", shall be inserted.

(ii) following proviso shall be inserted, namely;

"Provided that leveraging of portfolio shall not be permitted in respect of investment in derivatives."

(iii) in the existing proviso, after the word "Provided " the word "further " shall be inserted.

(e) for sub-regulation (4), following shall be substituted, namely -

"(4) The portfolio manager shall not while dealing with clients' funds indulge in speculative transactions that is, he shall not enter into any transaction for purchase or sale of any security which is periodically or ultimately settled otherwise than by actual delivery or transfer of security except the transactions in derivatives."

(f) in sub-regulation (8), the words " his" and "him" shall be substituted by the words " its " and " it", respectively.

(g) after sub-regulation (8), following shall be inserted; namely -

"(9) The portfolio manager may, subject to authorisation by the client in writing, participate in securities lending."

(vii) in regulation 20 of the said Regulations, after sub-regulation (2), following shall be inserted, namely,-

"(3) The portfolio accounts of the portfolio manager shall be audited annually by an independent chartered accountant and a copy of the certificate issued by the chartered accountant shall be given to the client.

(4) The client may appoint a chartered accountant to audit the books and accounts of the portfolio manager relating to his transactions and the portfolio manager shall co-operate with such chartered accountant in course of the audit�.

(viii) in regulation 21 of the said Regulations,

(a)in sub-regulation (1), after the words "as agreed in the contract but not exceeding a period of six months " the words " and as and when required by the client" shall be inserted.

(b) after sub-regulation (1), following sub-regulation shall be inserted; namely-

"(1A) the report referred to in sub-regulation (1) may be made available on the website of the portfolio manager with restricted access to each client."

(c) in sub-regulation (2), after the words "The portfolio manager shall", the comma and words ", in terms of the agreement with the client" shall be inserted.

(d)sub-regulation (4) shall be substituted by the following -

"(4) The client shall have the right to obtain details of his portfolio from the portfolio managers."

(ix) after CHAPTER V, following CHAPTER shall be inserted namely, -

" CHAPTER VI

MISCELLENEOUS

Power of the Board to issue clarifications

39. In order to remove any difficulties in respect of the application or interpretation of these regulations, the Board may issue clarifications or guidelines in the form of circulars."

(x) in Schedule I, after FORM B, following FORM shall be inserted, namely-

"FORM C

SECURITIES AND EXCHANGE BOARD OF INDIA

(PORTFOLIO MANAGERS) REGULATIONS,1993

(Regulation 14)

(Name of the Portfolio Manager)

(Address of the Portfolio Manager( including phone numbers, fax, email etc)

We confirm that:

i) the Disclosure Document forwarded to the Board is in accordance with the SEBI (Portfolio Managers) Regulations, 1993 and the guidelines and directives issued by the Board from time to time;

ii) the disclosures made in the document are true, fair and adequate to enable the investors to make a well informed decision regarding entrusting the management of the portfolio to us / investment in the Portfolio Management Scheme;

iii) the Disclosure Document has been duly certified by an independent chartered accountant (Indicate name, address, phone number and registration number of the chartered accountant) on ��. (date). (enclose a copy of the chartered accountants' certificate to the effect that the disclosures made in the document are true, fair and adequate to enable the investors to make a well informed decision)

Date : Signature of the Principal Officer

Place: Name and address of the Principal Officer"

(xi) in Schedule III, of the said Regulations, after para 11, following shall be inserted, namely -

" 12. (a) The portfolio manager shall abide by the Act, and the Rules, Regulations made thereunder and the Guidelines / Schemes issued by the Board.

(b) The portfolio manager shall comply with the model code of conduct specified in the SEBI (Prohibition of Insider Trading) Regulations, 1992.

(c) The portfolio manager shall not use his status as any other registered intermediary to unduly influence the investment decision of the clients while rendering portfolio management services.�

(xii) after Schedule III, following Schedules shall be inserted, namely -

"Schedule IV

Contents of Agreement between the Portfolio Manager and his clients

(Regulation 14)

The following shall be mentioned in the agreement -

1. Appointment of Portfolio Manager

2. Scope of services to be provided by the Portfolio Manager subject to the activities permitted under SEBI (Portfolio Managers) Regulations, 1993, viz, advisory, investment management, custody of securities, keeping track of corporate benefits associated with the securities. The Portfolio Manager shall act in a fiduciary capacity and as a trustee and agent of the clients' account.

3. Functions, obligations, duties and responsibilities (as discretionary and non discretionary to be given separately) with specific provisions regarding instructions for non discretionary portfolio manager, inter alia -

(i) terms in compliance with the Act, SEBI (Portfolio Managers)Regulations,1993, rules, regulations, guidelines made under the Act and any other laws/rules/regulations / guidelines etc.;

(ii) providing reports to clients;

(iii) maintenance of client wise transaction and related books of accounts;

(iv) provisions regarding audit of accounts as required under the SEBI (Portfolio Managers) Regulations, 1993;

(v) settlement of accounts and procedure therefor including the provisions for payment on maturity or early termination of the contract;

4. Investment objectives and guidelines -

(i) Types of securities in which investment would be made specifying restrictions, if any.

(ii)Particulars regarding amount, period of management, repayment or withdrawal.

(iii)Taxation aspects such as Tax Deducted at Source etc., if any.

(iv)Condition that the portfolio manager shall not lend the securities of the client unless authorised by him in writing.

5. Risk factors

(i) A detailed statement of risks associated with each type of investment including the standard risks associated with each type of investment.

(ii) Risk factors specific to the scheme as well as those attendant to specific investment policies and objectives of the scheme.

6. Period of agreement - minimum period if any, and provision for renewal, if any.

7. Conditions, under which agreement may be altered, terminated and implications thereof, such as settlement of amounts invested, repayment obligations etc.

(i) Voluntary/mandatory termination by the Portfolio Manager

(ii) Voluntary/mandatory termination by the client

(iii) Suspension by the Board or other regulatory authority

8. Maintenance of Accounts: maintenance of accounts separately in the name of the client as are necessary to account for the assets and any additions, income, receipts and disbursements in connection therewith, as provided under SEBI (Portfolio Managers) Regulations, 1993.

9. Change in the quantum of funds to be managed: The conditions under which the client may withdraw cash or securities from the portfolio account or bring in additional cash to be managed as per the terms and conditions that apply. The portfolio manager shall not change any terms of the agreement without prior consent of the client.

10. Access to information: (Subject to the provisions of SEBI (Portfolio Managers)Regulations,1993) - Provisions enabling client to get the books of accounts of the portfolio manager relating to his transactions audited by a chartered accountant appointed by him and permitting the client an access to relevant and material documents of portfolio manager, provisions listing the documents for inspection along with timings for such inspection, furnishing of reports to the client subject to furnishing atleast once in six months and the reports to be made available on the web site of the portfolio manager with restricted access to each client and other rights of clients etc. The provision that the statements / documents / report furnished by the portfolio manager to the client present a true and fair picture of the actual transactions.

11. Terms of Fees: The quantum and manner of payment of fees and charges for each activity for which services are rendered by the portfolio manager directly or indirectly ( where such service is outsourced) such as investment management, advisory, transfer, registration and transaction costs with specific references to brokerage costs, custody charges, cost related to furnishing regular communication, account statement, miscellaneous expenses (individual expenses in excess of 5% to be indicated separately) etc. The provision that the portfolio manager shall take prior permission from the client in this respect.

12. Billing: Periodicity of billing, whether payment to be made in advance, manner of payment of fees, whether setting off against the account etc., type of documents evidencing receipt of payment of fees.

13. Liability of Portfolio Manager: Liability of Portfolio Manager in connection with recommendations made, to cover errors of judgement, negligence, willful misfeasance in connection with discharge of duties, acts of other intermediaries, brokers, custodians etc.

14. Liability of client: restricting the liability of the client to the extent of his investment.

15. Death or Disability: providing for continuation /termination of the agreement in event of client's death/disability. succession, nomination , representation etc to be incorporated.

16. Assignment: Conditions for assignment of the agreement by client.

17. Governing Law: The law/jurisdiction of country/state which governs the agreement to be stated.

18. Settlement of grievances/disputes and provision for arbitration -

(Provisions to cover protection of act done in good faith, Risks and losses, redressal of grievances, dispute resolution mechanism, reference for arbitration and the situations under which such rights may arise, may be made).

Schedule-V

DISCLOSURE DOCUMENT

(Regulation 14)

General instructions

1. This Disclosure Document is to be given to the prospective client along with the account opening form ( as per Format I) atleast two days in advance of signing of the agreement.

2. This Disclosure Document is to be filed with the Board before it is circulated or issued to any person and every six month thereafter or whenever any material changes are effected therein.

3. This model Disclosure Document enumerates the minimum disclosure requirements to be contained in the disclosure document. The portfolio manager may make any other disclosures, which in its opinion are material for the investor, provided that such information is a statement of fact and is not presented in an incomplete, inaccurate or misleading manner. It should also be ensured that inclusion of such information does not, by virtue of its nature or manner of presentation, hamper understanding of any information that is required to be included under the model disclosure document

The model Disclosure Document specifies only the nature of the disclosures that should be contained under various heads in the disclosure document, and is not intended to describe the layout or language to be contained therein.

MODEL DISCLOSURE DOCUMENT FOR PORTFOLIO MANAGEMENT

The minimum disclosures to be given in the Disclosure Document shall be as under and due care shall be taken to present the information in simple language and in a clear, concise and easily understandable manner -

I. Front page

(i)The Document has been filed with the Board alongwith the certificate in the prescribed format in terms of Regulation 14 of the SEBI (Portfolio Managers ) Regulations,1993.

(ii)The purpose of the Document is to provide essential information about the portfolio services in a manner to assist and enable the investors in making informed decision for engaging a Portfolio Manager.

(iii)The necessary information about the Portfolio Manager required by an investor before investing, and the investor may also be advised to retain the document for future reference.

(iv)All the intermediaries involved in the scheme are registered with SEBI as on the date of the document.

(v) The name, phone number, e-mail address of the principal officer so designated by the portfolio manager is��.(Give details).

II. Index page giving item number, contents and page number

III. Contents of the Document

1) Disclaimer clause

A statement to the effect that the particulars have been prepared in accordance with the SEBI (Portfolio Managers)Regulations,1993 and filed with SEBI. This Document has neither been approved or disapproved by SEBI nor has SEBI certified the accuracy or adequacy of the contents of the Document.

2) Definitions

All terms used in the Disclosure Document be defined. The language and terminology used in the Disclosure Document shall be as provided in the Regulations. Any new term if used shall be clearly defined. All terms shall be used uniformly throughout the text of the Disclosure Document.

3) Description

(i) History, Present Business and Background of the Portfolio Manager

(ii)Promoters of the Portfolio Manager, directors and their background

(iii)Top 10 Group companies/firms of the Portfolio Manager on turnover basis (latest audited financial statements may be used for this purpose)

(iv)Details of the services being offered : Discretionary/ Non discretionary / Advisory.

4) Penalties, pending litigation or proceedings, findings of inspection or investigations for which action may have been taken or initiated by any regulatory authority.

(i) All cases of penalties imposed by the Board or the directions issued by the Board under the Act or Rules or Regulations made thereunder.

(ii) The nature of the penalty/direction.

(iii) Penalties imposed for any economic offence and/ or for violation of any securities laws.

(iv) Any pending material litigation/legal proceedings against the portfolio manager / key personnel with separate disclosure regarding pending criminal cases, if any.

(v) Any deficiency in the systems and operations of the portfolio manager observed by the Board or any regulatory agency.

(vi) Any enquiry/ adjudication proceedings initiated by the Board against the portfolio manager or its directors, principal officer or employee or any person directly or indirectly connected with the portfolio manager or its directors, principal officer or employee, under the Act or Rules or Regulations made thereunder..

5) Services Offered

(i) The present investment objectives and policies including the types of securities in which it generally invests shall be clearly and concisely stated in the document for easy understanding of the potential investor.

(ii) The policies for investments in associates/ group companies of the portfolio manager and the maximum percentage of such investments therein subject to the applicable laws / regulations/ guidelines.

6) Risk factors

(i) Statement to the effect that securities investments are subject to market risk and there is no assurance or guarantee that the objectives of the scheme will be achieved.

(ii) Statement to the effect that past performance of the portfolio manager does not indicate the future performance of the same scheme in future or any other future schemes of the portfolio manager.

(iii) Risk arising from the investment objective, investment strategy and asset allocation.

(iv) Risk arising out of non diversification, if any.

(v) If the portfolio manager has no previous experience/ track record, a disclosure to the effect that this is the first scheme being launched by the portfolio manager.

7) Client Representation

(i)

Category of clients	No. of clients	Funds managed (Rs. cr)	Discretionary/ Non Discretionary (if available)
Associates /group companies Last 3 years
Others (last 3 years )
Total

(ii)Complete disclosure in respect of transactions with related parties as per the standards specified by the Institute of Chartered Accountants of India.

8) The Financial Performance of the portfolio manager (based on audited financial statements)

9) Portfolio Management performance of the portfolio manager for the last three years , and in case of discretionary Portfolio Manger disclosure of performance indicators calculated using weighted average method in terms of Regulation 14 of the SEBI (Portfolio Managers) Regulations, 1993.

10) Nature of expenses

(i)Investment management and advisory fees

(ii)Custodian fee

(iii)Registrar and transfer agent fee

(iv)Brokerage and transaction cost

A brief explanation shall be given to assist the investor in understanding the various costs and expenses that an investor may have to bear directly or indirectly. Additionally, appropriate cross-references may be given to the relevant sections of the offer document for more complete description in this regard.

11) Taxation - Disclose the implications of investments in securities and the tax provisions on Income/ Loss or Tax Deduction at Source on various investors.

12) Accounting policies- Disclose the accounting policy followed by the portfolio manager while accounting for the portfolio investments of the clients.

13) Investors services

(i)Name, address and telephone number of the investor relation officer who shall attend to the investor queries and complaints.

(ii)Grievance redressal and dispute settlement mechanism.

Date : Name and Signature

Place : of all the Directors of the Portfolio Manager

FORMAT I (Account Opening Form)

Information About The Client

1) General information about the client

(a) Name, primary mailing address, secondary (back up) mailing address, identity information such as photograph, Permanent Account Number (PAN), driving license etc.

(b) Occupation ��.

(d) Annual incomes for the last 3 financial years and the networth as on the last date of the respective years. (optional)

2) Investment profile of the client

(a) Investment experience regarding securities.

(b) Indicative percentage of total investment portfolio proposed to be invested with the Portfolio Manager (optional).

(d) Risk tolerance i.e low, medium or high.

(e) Time period for which investments are proposed to be made with the Portfolio Manager.

(f) Provisions for systematic withdrawal on a monthly, quarterly, annual basis etc.

3) Detailed investment objectives of the client

(a) Equity : Nature of equities in which investments are desired, may be indicated.

(b) Balanced : Percentage of debt/equity.

(d) Mutual funds, venture funds etc.

(e) Others.

Date :

Place : Signature of the client "

[F. No. SEBI/LGL/ 18936 /2002]

G.N. BAJPAI

CHAIRMAN

SECURITIES AND EXCHANGE BOARD OF INDIA

Foot note :

The principal regulations, SEBI (Portfolio Managers) Regulations, 1993 were issued under S.O. No. SEBI/LE/93/III dated January 7, 1993 published in the Gazette of India, Part II, Section 3(ii) dated January 7, 1993.

SEBI (Portfolio Managers) Regulations, 1993 were subsequently amended on �

(a) November 28, 1993 by , SEBI (Portfolio Managers) (Amendment) Regulations, 1993 published in the Official Gazette vide S.O. No. 939(E).

(b) November 28, 1995 by SEBI (Payment of Fees) (Amendment) Regulations, 1995 vide S.O No.939 (E).

(c) January 05, 1998 by SEBI (Portfolio Managers) (Amendment) Regulations, 1998 published in the Official Gazette vide S.O. No. 20 (E).

(d) September 30, 1999 by SEBI (Portfolio Managers) (Amendment) Regulations, 1999 published in the Official Gazette vide S.O. No. 793 (E).

(e) February 22, 2000 by SEBI (Portfolio Managers) (Amendment) Regulations, 2000 published in the Official Gazette vide S.O. No. 146 (E).

(f) March 28, 2000 by SEBI (Appeal to Securities Appellate Tribunal) (Amendment) Regulations, 2000 published in the Official Gazette vide S.O no. 278(E).

(f) May 29, 2001 by SEBI (Investment Advice by Intermediaries) (Amendment) Regulations, 2001 vide S.O no. 476 (E).

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