SEBI on March 20, 2023 has issued Master Circular for Portfolio Managers. As per the master circular, SEBI may consider grant of certificate to an applicant, notwithstanding that another entity in the same group has been previously granted registration by SEBI, if the following conditions are fulfilled:

1. The entities are incorporated as separate legal entities.
2. The entities have independent Board of Directors. Explanation: Independent Board of Directors for this purpose means that common directors should not be in majority in both the Boards.
3. There is arm’slength relationship with reference to their operations.
4. The key personnel and infrastructure are independently available for each entity.
5. Each entity has independent regulatory control and supervisory mechanism.

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