Sebi has notified new norms for portfolio managers. It had already issued regulations for them regarding their qualifications in March. Under the new norm, portfolio managers will need to obtain prior approval from the capital markets regulator in case of a change in control.

Amending condition for registration of portfolio managers, Sebi said, "the portfolio manager shall obtain prior approval of the board in case of change in control in such manner as may be specified by the board", according to a notification issued on Monday.

The new norms on qualification were aimed at helping recognise "the postgraduate programme in the securities market of not less than one year offered by NISM" as eligible qualification for portfolio managers.

A portfolio manager is required to have a professional qualification in finance, law, accountancy, or business management from a university or an institution recognized by a recognised university or a professional qualification by completing a Post Graduate programme in the securities market (Portfolio Management) from NISM.

The postgraduate programme from NISM (National Institute of Securities Market) should not be less than one-year duration.

In a separate notification on Monday, the regulator has amended insider trading norms with regard to initial disclosure made by certain persons.

These notifications have come into effect from April 26, the Sebi noted.