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Accredited Investor Framework under SEBI (Portfolio Managers) Regulations, 2020

Background

The concept of class of investors (typically termed as accredited investors or qualified investors or professional investors) who have an understanding of various financial products and the risks- returns associated with them and are able to take informed decisions regarding their investments is recognized globally by many securities and financial market regulators.

Further, they are also considered to be capable of dealing in relatively riskier investment products due to their financial capacity and ability to absorb possible financial losses. The global regulators reckoned that these investors are sophisticated enough to not require extensive regulatory protection, and therefore, issuers of securities and providers of investment products/ services are offered a regulation-light regime, to offer their products/services to accredited investors.

Based on the above, it was envisaged by SEBI to introduce the concept of Accredited Investors in India with uniform eligibility criteria, accompanied by a flexible regulatory framework for the various securities market products and services may be beneficial to the development and growth of the Indian securities market.

Accordingly, SEBI (Portfolio Managers) Regulations, 2020 on August 03, 2021 and SEBI circular SEBI/HO/IMD/IMD-I/DF9/P/CIR/2021/620 dated August 26, 2021, introduced the concept of Accredited Investors and modalities for implementation of the framework for Accredited Investors.

In view of the same, given below is the framework for Accredited Investors:

About Accredited Investors

“Accredited Investor or AI” means any person who fulfills the applicable eligibility criteria and is granted a certificate of accreditation by an Accreditation Agency. Provided that the Central Government and the State Governments, developmental agencies set up under the aegis of the Central Government or the State Governments, funds set up by the Central Government or the State Governments, qualified institutional buyers as defined under the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, Category I foreign portfolio investors, sovereign wealth funds and multilateral agencies and any other entity as may be specified by SEBI from time to time, shall deemed to be an accredited investor and may not be required to obtain a certificate of accreditation.

“Accreditation Agency” means a subsidiary of a recognized stock exchange or a subsidiary of a depository or any other entity as may be specified by SEBI from time to time.

The following entities are currently notified as Accreditation Agency by SEBI:

  1. BSE Administration and Supervision Limited (BASL)
  2. CDSL Ventures Limited (CVL)

“Large Value Accredited Investor” means an Accredited Investor who has entered into an agreement with the Portfolio Manager for a minimum investment of INR 10 crores.

Regulatory concessions

  1. SEBI (Portfolio Managers) Regulations, 2020
ParticularsApplicability
Contents of agreement specified under Schedule IV of SEBI (Portfolio Managers) Regulations, 2020 shall not apply to the agreement between the Portfolio Manager and Large Value Accredited InvestorLarge Value Accredited Investor
The requirement of minimum investment of INR 50 lakhs per client shall not applyAccredited Investor
The Portfolio Manager may offer discretionary or non-discretionary or advisory services for investment up to hundred percent of the assets under management in unlisted securities subject to the terms agreed between the client and the Portfolio ManagerLarge Value Accredited Investor
The quantum and manner of exit load applicable to the client as provided under the PMS regulations shall not apply and shall be governed through bilaterally negotiated contractual termsLarge Value Accredited Investor

  1. Eligibility Criteria for Accredited Investors

The following persons shall be eligible to be considered as Accredited Investors:

CategoryCriteria
IndividualAnnual Income >= INR 2 Crore; ORNet Worth >= INR 7.5 Crore, out of which at least INR 3.75 Crore is in the form of financial assets; ORAnnual Income >= INR 1 Crore+ Net Worth >= INR 5 Crore, out of which at least INR 2.5 Crore is in the form of financial assets
Hindu Undivided Family
Family trust
Sole proprietorship
Body corporateNet worth greater than or equal to INR 50 Crore
Trust other than family trustNet worth greater than or equal to INR 50 Crore
Partnership firmset up under the Indian Partnership Act, 1932Each   partner   independently   meets   the   eligibility accreditationcriteriafor

The eligibility criteria shall be reckoned as follows:

  1. Net worth calculation:
CategoryParticulars
IndividualThe value of the primary residence shall not be considered for calculation of net worth
Karta of HUFThe value of the primary residence shall not be considered for calculation of net worth
Sole ProprietorThe value of the primary residence shall not be considered for calculation of net worth
Body CorporateNet worth shall be calculated as under:Net  worth  =  (Capital  +  free  reserves)  –  (Accumulated  losses  +  deferred expenditure not written off)
TrusteeNet worth shall be calculated as under:Net worth = (Book value of all assets, other than intangible assets) – (Book value of total liabilities)

2. In case of investments held jointly by more than one individual, the following conditions shall apply for eligibility as Accredited Investor:

(i) Where the joint holders are parent(s) & child(ren), at least one person should independently fulfill the eligibility criteria for Accredited Investor.

(ii) Where the joint holders are spouses, their combined income/ net worth should meet the eligibility criteria for Accredited Investor.

3. For Body Corporates and Trusts, eligibility criteria for accreditation shall be considered on the basis of the following:

(i) Financial information as per statutory audit; or

(ii) Financial information as per audit by the statutory auditor as on a date during the financial year in which application is made (if furnished).

4. The eligibility of foreign investors to be accredited shall be determined on the basis of the rupee equivalent of their income and/ or net worth as applicable.

Procedure for obtaining Accreditation

  1. For accreditation, the prospective investor shall make an application to the Accreditation Agency in the manner specified in Annexure A.
  1. Detailed documentation required for accreditation is provided at Annexure B.
  2. Accreditation Agency shall verify that, at the time of accreditation, the applicant is ‘fit and proper’ to participate in the securities market, including absence of any convictions or restraint orders, not being a willful defaulter, etc.
  3. The Accreditation Agency shall issue a certificate to the Applicant as an Accredited Investor (“Accreditation Certificate”). Each Accreditation Certificate shall have a unique accreditation number, name of the Accreditation Agency, PAN of the Applicant and validity of accreditation (start date and end date)

Validity of Accreditation

  1. If eligibility criteria are met for preceding 1 year, then accreditation shall be valid for 1 year from the date of such accreditation
  2. If eligibility criteria are met for preceding 3 years consistently, then accreditation shall be valid for 2 years from the date of such accreditation

Procedure to avail benefits linked to accreditation

1. Prospective investor shall provide copy of the Accreditation Certificate to Portfolio Manager along with the undertaking stating that:

(i) The prospective investor wishes to avail AI benefits (“Consent”);

(ii) The prospective investor has the ability to bear financial risk associated with investment;

(iii) The prospective investor has the necessary knowledge and means to understand the features of investment product feature and risks;

(iv) The prospective investor is aware that the investment product is meant for AIs and may not be subject to the same regulatory oversight as over investment products meant for investors other than AI.

The Portfolio Manager may obtain additional undertakings from prospective investors in addition to the above.

2. The Portfolio Manager shall independently verify the status of accreditation of the prospective investor from the concerned Accreditation Agency.

3. The agreement between Portfolio Manager Advisor and the client shall provide the following:

(i) details of regulatory concessions agreed upon between the investor and the Portfolio Manager, and the conditions for availing the same, and

(ii) consequences, if any, in the event of the investor becoming ineligible to be an AI during the tenure of the said agreement.

(iii) modalities for withdrawal of ‘Consent’ and consequences of the investor withdrawing the ‘Consent’.

Flexibility to investors to withdraw ‘Consent’

Investors shall have the flexibility to withdraw their ‘Consent’ and discontinue availing benefits of accreditation, subject to the following:

(a) An Accredited Investor who withdraws ‘Consent’ after availing the benefit of lower ticket size shall be required to increase the investment to the minimum amount i.e. INR 50 Lakhs with respect to the Portfolio Management Services within the timeframe specified in the client agreement.

(b) If an investor who has availed concessions to the regulatory framework withdraws the ‘Consent’ furnished to the Portfolio Manager before the expiry of the client agreement, the investments already made shall be ‘grandfathered’ i.e. such investments shall continue to be reckoned as investments by an Accredited Investor. With effect from the date of withdrawal of consent, any further transaction shall be in accordance with the applicable regulatory framework.

(c)  The  client  agreement  shall,  inter-alia,  provide  the  modalities  for  withdrawal  of  ‘Consent’  and consequences of the investor withdrawing the ‘Consent’.

Annexure A- Process for obtaining Accreditation

  1. BASL has specified the following process flow for obtaining Accredited Investor certification:
  1. Prospective AI shall register online on https://bseasl.com under “Accredited Investor Login”
  1. Thereafter, prospective AI shall provide relevant details and upload self-attested documents required for obtaining AI Certificate.
  1. Prospective AI will be redirected to payment of fees page. BASL Accredited Investor certification charges / fees are as follows:
Investor CategoryFees and Charges (Rs.)*
BASLProcessing ChargesBASL Certification Fees
For   One   Year TenureFor Two Year Tenure
Individuals, HUFs, Family Trusts and Sole ProprietorshipsRs. 5,000/-Rs. 5,000/-Rs. 9,500/-
Partnership FirmsRs. 5,000/-Rs. 10,000/-Rs. 19,000/-
Trusts (other than family trusts)Rs. 5,000/-Rs. 15,000/-Rs. 28,500/-
Body CorporatesRs. 5,000/-Rs. 15,000/-Rs. 28,500/-

*plus taxes as applicable. Both Processing and Certification fees need to be paid at the time of submission of application. The Processing charges are non-refundable.

  1. After successful payment of fees the said application shall be forwarded to BASL for verification of the concerned AI.
  1. BASL shall carryout the processing of AI application by cross verify the details and documents as provided by the AI on the portal. BASL shall check and verify AI’s (a) KYC details (b) financials (c) Undertakings, etc as submitted on the portal and on processing of the application inform AI of the:
  1. Approved status of its application in case all details and documents as submitted are in order asper the requirements and AI is fulfilling the eligibility criteria.
  2. In case the application is not approved and/or rejected the reason in respect of same.
  3. In case of incomplete submission of details / documents, BASL shall seek additional information for further processing of the application.
  1. BASL shall issue its certificate to the eligible Accredited Investor applicants whose application has been approved by BASL. The relevant details including the validity period will be displayed on the certificate

The investors are advised to visit www.bseasl.com for detailed user manual and updates notified by BASL from time to time

  1. CVL has specified the following process flow for obtaining Accredited Investor certification:
  1. Prospective AI shall register online on www.aia.cvlindia.com under “Investor”.
  1. Thereafter, prospective AI shall provide relevant details and upload self-attested documents required for obtaining AI Certificate.
  1. Prospective AI will be redirected to payment of fees page. CVL Accredited Investor certification charges / fees are as follows:
Investor CategoryFees and Charges (Rs.)*
CVLProcessing ChargesCVL Certification Fees
For   One   Year TenureFor Two Year Tenure
Individuals, HUFs, Family Trusts and Sole ProprietorshipsRs. 5,000/-Rs. 5,000/-Rs. 9,500/-
Partnership FirmsRs. 5,000/-Rs. 10,000/-Rs. 19,000/-
Trusts (other than family trusts)Rs. 5,000/-Rs. 15,000/-Rs. 28,500/-
Body CorporatesRs. 5,000/-Rs. 15,000/-Rs. 28,500/-

Note:

  • The same charges would be applicable for renewal.
  • The Processing fee would be non-refundable.
  • Taxes at applicable rates would be applicable additionally.
  1. After successful payment of fees the said application shall be forwarded to CVL for verification of the concerned AI.
  1. For the applications successfully submitted, CVL would initiate the verification process.
  1. If required, for additional information/documents, queries would be raised to the investor on the registered email-id.
  1. If the details submitted are found to be in order and meet eligible criteria, the application would be approved and the accredited investor certificate would be issued. In such cases, investor would be able to access the accredited investor certificate.
  1. The accredited investor certificate would contain the details of the investor along with the validity period.
  1. If the application is not found to be in order, the same would be rejected.

The investors are advised to visit www.aia.cvlindia.comfor detailed user manual and updates notified by CVL from time to time.

Annexure B-Documentation required for obtaining Accreditation

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Last modified on February 18, 2025

This website www.primeinvestor.in (“Website”) is owned and operated by PrimeInvestor Financial Research Pvt. Ltd. (“RA”), a SEBI-registered Research Analyst with Registration No. INH200008653.

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Although the client may notify to us his/her intention to his/her subscription, such notice will only take effect at the end of his/her then current subscription period, and he/she will not receive a refund other than as set out under Clause 8 in these Terms.

The client may notify us of his/her wish to cancel his/her subscription by sending an email to [email protected]. The client must provide at least 5 business days advance notice for this to be implemented.

Refunds: There can be no cancellation and refund of subscription fee paid once the subscription is active, other than as stated in Clause 8 of these Terms. If the client is entitled to a refund as specified under Clause 8 of these Terms, the RA will credit that refund to the card or other payment method used by the client to submit payment, unless it has expired - in which case the RA will contact the client to proceed with the refund. If we do issue a refund or credit due to circumstances outside the obligations specified under Clause 8, we are under no obligation to issue the same or a similar refund in the future.

General disclaimers: The recommendations made herein in the Research Services are expression of views and/or opinions and should not be deemed or construed to be advice for the purpose of purchase or sale of any security, nor a solicitation or offering on any investment/ trading opportunity on behalf of the company, AMC, insurance company, or issuer of security referred to herein.

The content and research reports generated by the RA does not constitute or is not intended to constitute an offer to buy or sell, or a solicitation to an offer to buy or sell financial products, units or securities.

The information/ opinion/ views mentioned in research reports or by the RA are not meant to serve as a professional guide to the client or recipients of this Report. The research report, recommendation, or any other content published by the RA do not assure or guarantee any minimum or fixed returns to the client or recipients of the reports/ recommendations/ content.

Use of this information is at the client’s own risk. The client must make his/ her own investment decisions based on his/her specific investment objective and financial position and using such independent advisors as he/she believes necessary. The services rendered by the RA are on a best-effort basis. All information in the content or research report of the RA is provided on an as is basis. Information is believed to be reliable but the RA does not warrant its completeness or accuracy and expressly disclaim all warranties and conditions of any kind, whether express or implied.

While due care has been taken to ensure that the disclosures, information, and opinions given are fair and reasonable, PrimeInvestor Financial Research Pvt Ltd and/or none of its officers, directors, partners, employees, agents, subsidiaries, affiliates or business associates shall be liable for any direct, indirect, special, incidental, consequential, punitive or exemplary damages, including lost profits arising in any way whatsoever from the information/ opinions/ views contained in the research report and recommendations that form part of the Research Service, and/or mails, social media or notifications issued by PrimeInvestor Financial Research Pvt Ltd or any other agency appointed/authorised by PrimeInvestor Financial Research Pvt Ltd. Returns and performance figures mentioned in the research report represent past performance and should not be constituted to be future returns or guaranteed returns.

Any agreements, transactions or other arrangements made between the client and any third party named on (or linked to from) the Website are at your own responsibility and entered into at your own risk. Any information that you receive via the Website, whether or not it is classified as “real time”, may have stopped being current by the time it reaches you. Market price information may be rounded up/down and therefore may not be entirely accurate.

The purpose of these disclosures is to provide essential information about the Research Services in a manner to assist and enable the prospective client/client in making an informed decision for engaging in Research Services before onboarding.

History, present business and background: PrimeInvestor Financial Research Private Limited is registered with SEBI as Research Analyst with registration no. INH200008653. The Research Analyst got its registration on August 19, 2021 and is engaged in offering research and recommendation services.

Disciplinary history: There are no pending material litigations or legal proceedings against the Research Analyst. As on date, no penalties / directions have been issued by SEBI under the SEBI Act or Regulations made thereunder against the Research Analyst relating to Research Analyst services.

Details of the RA's associates: No associates.

Usage of Website Content: This Website is controlled and operated by the RA. All material, including research reports, recommendations, portfolios, ratings, lists of financial products, illustrations, statements, opinions, views, photographs, products, images, artwork, designs, text, graphics, logos, button icons, images, audio and video clips and software (collectively, “Content”) are protected by copyrights, trademarks and other intellectual property rights that are owned and controlled by the RA or by other parties that have licensed their material to us.

Except where otherwise agreed in writing with the RA, material on the Website is solely for the client’s personal, non-commercial use. Except as provided below, the client must not copy, reproduce, republish, upload, post, transmit or distribute such material in any way, including by e-mail or other electronic means and whether directly or indirectly and the client must not assist any other person to do so.

Without the prior written consent of the RA, modification of the materials, use of the materials on any other web site or networked computer environment or use of the materials for any purpose other than personal, non-commercial use is a violation of the copyrights, trademarks and other proprietary rights, and is prohibited. Any use for which the client receives any remuneration, whether in money or otherwise, is a commercial use for the purposes of these Terms.

The client may occasionally distribute a copy of a research report, or a portion of the same, from the Website in non-electronic form to a few individuals without charge, provided the client includes all copyright and other proprietary rights notices in the same form in which the notices appear, original source attribution, and the phrase “Used with permission from PrimeInvestor Financial Research Pvt. Ltd.”

While the client may occasionally download and store research reports or information from the Website for his/her personal use, he/she may not otherwise provide others with access to the same. The foregoing does not apply to any sharing functionality we provide through the Website that expressly allows the client to share Content or links to Content with others. In addition, the client may not use Content he/she has downloaded for personal use to develop or operate an automated trading system or for data or text mining.

The client agrees not to rearrange or modify the Content available through the Website. The client agrees not to display, post, frame, or scrape the Content for use on another website, app, blog, product or service, except as otherwise expressly permitted by these Terms. You agree not to create any derivative work based on or containing the research products and Content. The framing or scraping of or in-line linking to the Services or any Content contained thereon and/or the use of webcrawler, spidering or other automated means to access, copy, index, process and/or store any Content made available on or through the Services other than as expressly authorized by us is prohibited.

The client further agrees to abide by exclusionary protocols (e.g., Robots.txt, Automated Content Access Protocol (ACAP), etc.) that may be used in connection with the Research Services. The client may not access parts of the Research Services to which he/she is not authorized, or attempt to circumvent any restrictions imposed on your use or access of the Services.

As a general rule, the client may not use the Content, including without limitation, any Content made available through one of our RSS Feeds, in any commercial product or service, without our express written consent.

The client may not create apps, extensions, or other products and services that use our Content without our permission. The client may not aggregate or otherwise use our Content in a manner that could reasonably serve as a substitute for a subscription to the Website.

The client may not access or view the Services with the use of any scripts, extensions, or programs that alter the way the Services are displayed, rendered, or transmitted to you without our written consent.

The client agrees not to use the Services for any unlawful purpose. We reserve the right to terminate or restrict the client's access to the Website if, in our opinion, the client's use of the Services may violate any laws, regulations or rulings, infringe upon another person's rights or violate these Terms.

Prohibited content: The Website includes comments sections, blogs and other interactive features that allow interaction among clients and between clients and the RA. We call the information posted by or contributed by users “Contributed Content.” In the course of availing of the Research Services or uploading any post or comment on the Website, the client shall not post any Contributed Content that (i) contains nude, semi-nude, sexually suggestive photos, (ii) tends or is likely to abuse, harass, threaten, impersonate or intimidate other users of the Website and/or Research Services, (iii) is lascivious or appeals to the prurient interest or if its effect is such as to tend to deprave and corrupt persons who are likely to use or have access to the Website and/or Services, or (iv) otherwise violates, is prohibited or restricted by applicable law, rule or regulation, is offensive or illegal or violates the rights of, harms or threatens the safety of other users of the Website and/or Services (collectively “Prohibited Content”).

We reserve the right to cease to provide the client with the Research Services or access to the Website, or terminate your subscription, with immediate effect and without notice and liability, for violating these Terms, applicable law, rules or regulations and reserves the right to remove Prohibited Content which is in violation of these Terms, or is otherwise abusive, illegal or disruptive. The determination of whether any content constitutes Prohibited Content, violates these Terms, or is otherwise abusive illegal or disruptive, is subject to the sole determination of the Firm.

Changes to Research Services: We are constantly endeavouring to improve the quality of Research Services provided to our clients. Due to this, the form and nature of the Research Services provided may change from time to time without any prior notice to the client. We reserve the right to introduce and initiate new features, functionalities, components to the Website and/or Research Services and/or change, alter, modify, or discontinue existing ones without any prior notice to the client.

Warranty and liability disclaimer: The Website, Research Services, and all the materials and services, included on or otherwise made available to the client through this Website is provided by the RA on an “as is” and “as available” basis without any representation or warranties, express or implied except otherwise specified in writing. Without prejudice to the foregoing paragraph, the RA does not warrant that:

  • This Website and/or Research Services will be constantly available, or available at all;
  • The information on this Website or provided through the Research Services is complete, true, accurate or not misleading; or
  • The quality of any products, services, information, or other material that you obtain through the Website or Services will meet your expectations.

The RA, to the fullest extent permitted by law, disclaims all warranties, whether express or implied, including the warranty of merchantability, fitness for particular purpose and non-infringement. The RA makes no warranties about the accuracy, reliability, completeness, or timeliness of the Website, Research Services, Content, Contributed Content, Services, software, text, graphics and links.

The RA does not warrant that this Website, Research Services, information, content, materials, or any other material included on or otherwise made available to you through this Website, their servers, or electronic communication sent by the RA are free of viruses or other harmful components.

Nothing on this Website constitutes, or is meant to constitute, advice of any kind.

Indemnification: The client:

  1. Represents, warrants and covenants that no materials of any kind provided by him/her will:
    1. Violate, plagiarise, or infringe upon the rights of any third party, including copyright, trademark, privacy or other personal or proprietary rights; or
    2. Contain libellous, Prohibited Content or other unlawful material;
  2. Hereby agree to indemnify, defend and hold harmless the RA and all of the RA’s officers, directors, owners, agents, customers/clients, information providers, affiliates, licensors and licensees (collectively, the “Indemnified Parties”) from and against any and all liability and costs, including, without limitation, reasonable advocate’s fees, incurred by the Indemnified Parties in connection with any claim arising out of any breach by the client of these Terms or the foregoing representations, warranties and covenants. The client shall cooperate as fully as reasonably required in the defence of any such claim. The RA reserves the right, at its own expense, to assume the exclusive defence and control of any matter subject to indemnification by the client.

Applicable law: This Website, including the Content and Contributed Content and information contained herein, and the provision of Research Services shall be governed by the Securities and Exchange Board of India, laws of the Republic of India and the courts of Chennai, India which shall retain exclusive jurisdiction to entertain any proceedings in relation to any disputes arising out of the same. As such, the laws of India shall govern any transaction completed using this Website.

Information gathered and tracked: Information submitted or collected on the Website or pursuant to the use of the Services is stored in a database. Specifically, we store the username, name, e-mail address, contact number, as submitted or collected on our Website or through the provision of the Research Services. We may use such information to send out occasional promotional materials, including alerts on new Services available, or other promotional and marketing material relating to our clients and customers.

In accordance with the Information Technology Act 2000, the name and the details of the Grievance Officer at PrimeInvestor is provided below:

Mr. Srikanth Meenakshi
PrimeInvestor Financial Research Pvt. Ltd., Registered office: 659, 4th Avenue, D-Sector, Anna Nagar Western Extension, Chennai 600 101.
Email: [email protected]

11. Mandatory notice:

Clients shall be requested to go through Do’s and Don’ts while dealing with RA as specified in SEBI master circular no. SEBI/HO/MIRSD-POD-1/P/CIR/2024/49 dated May 21, 2024 or as may be specified by SEBI from time to time.

12. Optional Centralised Fee Collection Mechanism:

SEBI has operationalized a centralized fee collection mechanism for IA and RA. Under this mechanism, clients shall pay fees to IAs/RAs through a designated platform/portal administered by a recognized Administration and Supervision body. This is an optional mechanism for the registered entities. At this time, PrimeInvestor has opted out of this fee collection mechanism. Therefore, all subscription payments for the Research Services will be through the modes as specified in Clause 5 of these Terms.

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