India, Sept. 25 -- The Securities and Exchange Board of India (SEBI) has approved a new regulatory framework for portfolio managers aimed at expanding investment avenues and simplifying compliance requirements. The SEBI (Portfolio Managers) Regulations, 2026 will replace the existing 2020 regulations and consolidate regulatory provisions while removing requirements considered redundant.

Under the new framework, portfolio managers will be permitted to invest client funds in initial public offerings (IPOs) and primary market issuances in the debt segment. The move provides PMS providers with greater flexibility to participate in primary markets and broaden investment opportunities available to clients.

SEBI has also introduced specific f...