Securities and Exchange Board of India (SEBI) held a meeting of its board members on 17th February, 2020.
It has made amendment in SEBI (Portfolio Managers) Regulations, 2020, SEBI (Investment Advisers) Regulations, 2013 and SEBI (Research Analysts) Regulations, 2014.
However, the SEBI (Underwriters) Regulations, 1993 and amendments to the SEBI (Merchant Bankers) Regulations, 1992 and the SEBI (Stock Brokers) Regulations,1992 have been repealed.
Additionaly, the Board has Merged SEBI (Regulatory Fee on Stock Exchanges) Regulations, 2006 with Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018.
Accordingly, the board has approved allowing merchant bankers and brokers to carry out underwriting activities. It approved repealing of SEBI Underwriters Regulations and amendment to merchant banker and stock broker regulations to incorporate provisions related to net-worth, maintenance of records and other regulatory compliances.
Further, it also approved amendments to portfolio managers’ regulations to recognise the postgraduate program in securities market of not less than one year offered by NISM (National Institute of Securities Market) as eligible qualification for portfolio managers, investment advisers and research analysts.