Regulation 9 - Net worth Requirement - Securities And Exchange Board of India (Portfolio Managers) Regulations, 2020

Net worth Requirement. 9. The net worth referred to in clause (g) of regulation 7 shall not be less than five crore rupees: Provided that a portfolio manager, who was granted a certificate of registration prior to the commencement of the Securities and Exchange Board of India (Portfolio Managers) Regulations, 2020 , shall raise its net worth to not less than five crore rupees within thirty-six months from such commencement: Provided further that the portfolio manager shall fulfill the net worth requirements under these regulations, separately and independently, of the capital adequacy requirements, if any, for each activity undertaken by it under the relevant regulations 1 [ : ] 2 [ Provided further that the requirement under this regulation shall not apply to the Co-investment Portfolio Manager ] Explanation . For the purposes of this regulation, net worth 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. ************* NOTES:- 1. Substituted vide Notification No. SEBI/LAD-NRO/GN/2021/58 dated 09-11-2021 w.e.f. 09-12-2021 before it was read as . 2. Inserted vide Notification No. SEBI/LAD-NRO/GN/2021/58 dated 09-11-2021 w.e.f. 09-12-2021