Section 2 in Securities and Exchange Board of India (Portfolio Managers) Regulations, 1993
2. Definitions.
- In these regulations, unless the context otherwise requires, -(a)[ "Act" means the Securities and Exchange Board of India Act, 1992 (15 of 1992);] [Inserted by the SEBI (Portfolio Managers) (Second Amendment) Regulations, 2006, w.e.f. 7-9-2006.](aa)[] [Clause (a) renumbered as (aa) by the SEBI (Portfolio Managers) (Amendment) Regulations, 2002, w.e.f. 11-10-2002.] [* * *] [Omitted by the SEBI (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002, w.e.f. 27-9-2002.](i)means any change in its status or constitution of whatsoever nature; and(A)amalgamation, demerger, consolidation or any other kind of corporate restructuring falling within the scope of section 391 of the Companies Act, 1956 (1 of 1956) or the corresponding provision of any other law for the time being in force;(B)change in its managing director or whole-time director; and(C)any change in control over the body corporate;(ad)"change in control", in relation to a portfolio manager being a body corporate, means: -(i)if its shares are listed on any recognized stock exchange, change in control within the meaning of regulation 12 of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997;(ii)in any other case, change in the controlling interest in the body corporate;(ii)without prejudice to generality of sub-clause (i), includes-(aa)[ "body corporate" shall have the meaning assigned to it in or under clause (7) of section 2 of the Companies Act, 1956 (1 of 1956); [Inserted by the SEBI (Portfolio Managers) (Second Amendment) Regulations, 2006, w.e.f. 07-09-2006.](ab)"certificate" means a certificate of registration issued by the Board;(ac)"change of status or constitution" in relation to a portfolio manager -Explanation. - For the purpose of sub-clause (ii), the expression "controlling interest" means an interest, whether direct or indirect, to the extent of at least fifty one percent of voting rights in the body corporate;](ae)[] [Inserted by the SEBI (Portfolio Managers) (Amendment) Regulations, 2002, w.e.f. 11-10-2002, as clause (a) renumbered as clause (ae) by the SEBI (Portfolio Managers) (Second Amendment) Regulations, 2006, w.e.f. 07-09-2006.] "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;](af)[ "custodian" means a person who has been granted a certificate of registration to carry on the business of custodian under the Securities and Exchange Board of India (Custodian) Regulations, 1996; [Substituted by Notification No. SEBI/LAD-NRO/GN/2019/17, dated 10.5.2019 (w.e.f. 7.1.1993).](ag)"discretionary portfolio manager" means a portfolio manager who exercises or may exercise, under a contract relating to portfolio management, any degree of discretion as to the investments or management of the portfolio of securities or the funds of the client, as the case may be;](b)"form" means a form specified in Schedule I;(ba)[ "goods" means the goods notified by the Central Government under clause (bc) of section 2 of the Securities Contracts (Regulation) Act, 1956 and forming the underlying of any commodity derivative;] [Inserted by Notification No. SEBI/LAD-NRO/GN/2019/17, dated 10.5.2019 (w.e.f. 7.1.1993).](c)"inspecting authority" means one or more persons appointed by the Board to exercise powers conferred under Chapter IV;(ca)[ "portfolio" means the total holdings of securities [and goods] [Inserted by the SEBI (Portfolio Managers) (Second Amendment) Regulations, 2006, w.e.f. 07-09-2006.] belonging to any person;(cb)"portfolio manager" means any person who pursuant to a contract or arrangement with a client, advises or directs or undertakes on behalf of the client (whether as a discretionary portfolio manager or otherwise) the management or administration of a portfolio of securities [or goods] [Inserted by Notification No. SEBI/LAD-NRO/GN/2019/17, dated 10.5.2019 (w.e.f. 7.1.1993).] or the funds of the client, as the case may be;][Provided that the Portfolio Manager may also deal in goods received in delivery against physical settlement of commodity derivatives.] [Inserted by Notification No. SEBI/LAD-NRO/GN/2019/17, dated 10.5.2019 (w.e.f. 7.1.1993).](d)[ "principal officer" means an employee of the portfolio manager who has been designated as such by the portfolio manager;] [Substituted by the SEBI (Portfolio Managers) (Amendment) Regulations, 2006, w.e.f. 05-07-2006.](e)[] [* * *] [Omitted by the SEBI (Portfolio Managers) (Second Amendment) Regulations, 2006 w.e.f. 07-09-2006.](ea)[ "securities" mean securities as defined in clause (h) of section 2 of the Securities Contracts (Regulation) Act, 1956; [Substituted by Notification No. SEBI/LAD-NRO/GN/2019/17, dated 10.5.2019 (w.e.f. 7.1.1993).](eb)"securities lending" means the securities lending as per the Securities Lending Scheme, 1997 specified by the Board;](f)Words and expressions used and not defined in these regulations but defined in the Act [* * *] [Omitted 'and the rules' by the SEBI (Portfolio Managers) (Second Amendment) Regulations, 2006, w.e.f. 07-09-2006.] shall have the meanings respectively assigned to them in the Act [* * *] [Omitted 'or the rules, as the case may be' by the SEBI (Portfolio Managers) (Second Amendment) Regulations, 2006, w.e.f. 07-09-2006.].
