In continuation of its objective of simplification of regulations to ensure ease of doing business in India, SEBI issued a Circular on October 24, 2025, standardising the process for transfer of portfolio of clients by portfolio managers under the SEBI (Portfolio Managers) Regulations, 2020 (the ‘PMS Regulations’). The Circular stipulates the approval process, timelines, formats of undertakings to be submitted by the transferor and transferee portfolio managers, as well as conditions applicable for transfer between portfolio managers within the same group or not within the same group. In this context, it would be pertinent to note that for transfers between portfolio managers who are not within the same group only complete transfer of Portfolio Management Services Business (‘PMS Business’) would be permitted and the entire process of transfer is required to be completed within two months from receipt of approval. Upon such completion the transferor portfolio manager must surrender its registration certificate by following the surrender process outlined in the Circular. On the other hand, for transfers between portfolio managers who are within the same group, partial transfer of PMS Business is permitted and is to be completed within 45 days.