SEBI has on August 3, 2021 amended the SEBI (Portfolio Manager) Regulations, 2021 (‘PM Regulations’) to introduce the definitions of ‘accredited investor’ and ‘large value accredited investor’ under the PM Regulations. In this regard, an ‘accredited investor’ has been defined to mean any person who fulfils the eligibility criteria specified by SEBI and is granted a certificate of accreditation by an accreditation agency while a ‘large value accredited investor’ means an accredited investor who has entered into an agreement with the portfolio manager for a minimum amount of ₹ 100 million (approx. US$ 1.33 million). The PM Regulations now provide that a portfolio manager may offer discretionary or non-discretionary or advisory services for investment up to 100% of the assets under management of the large value accredited investors in unlisted securities, subject to appropriate disclosures in the disclosure document and the terms agreed between the client and the portfolio manager. Further, contents of agreement specified under Schedule IV of the PM Regulations do not apply to the agreement between the portfolio managers and the large value accredited investors and, subject to appropriate disclosures in the disclosure document and the terms agreed between the client and the portfolio manager, the requirement of minimum investment amount (of less than ₹ 5 million (approx. US$ 67,000) per client) also do not apply to an accredited investor.