Mumbai, Sept. 25 -- The Securities and Exchange Board of India (SEBI) board on Thursday approved a major overhaul of the rules governing portfolio managers. The board approved the SEBI (Portfolio Managers) Regulations, 2026. The new regulations will replace the existing 2020 framework.

SEBI said the changes are aimed at developing the portfolio management services industry. They are also intended to simplify regulations and ease compliance. Under the new framework, portfolio managers will be allowed to invest in initial public offerings (IPOs) and primary market debt issues. They will also have greater flexibility to invest in exchange-traded derivatives, with investments permitted up to 1.25 times the client's assets under management (A...