Management or administration of clients' portfolio

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..... ferred to in regulation 22 , the funds or securities can be withdrawn by the client before the maturity of the contract under the following circumstances, namely- a) voluntary or compulsory termination of portfolio management services by the portfolio manager or the client 4 [ : ] 5 [ Provided that clause(a) shall not apply in case of the Co-investment Portfolio Manager; ] b) suspension or cancellation of the certificate of registration of the portfolio manager by the Board; c) bankruptcy or liquidation of the portfolio manager. (3) The discretionary portfolio manager shall invest funds of his clients in the securities listed or traded on a recognized stock exchange, money market instruments, units of Mutual Funds and other securities as sp .....

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..... Provided that the requirements under sub-regulations (3A), (3B), (3C) and (3E) shall not apply to investments made prior to the coming into force of the Securities and Exchange Board of India (Portfolio Managers) (Amendment) Regulations, 2022 : Provided further that the requirements under sub-regulations (3A), (3B), (3C), (3D) and (3E) shall not apply to such portfolio managers as may be specified by the Board. ] (4) The portfolio manager offering non-discretionary or advisory services to clients may invest or provide advice for investment up to 25% of the assets under management of such clients in unlisted securities, in addition to the securities permitted for discretionary portfolio management. 1 [ (4A) The portfolio manager may offer di .....

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..... e or sale of any security which is periodically or ultimately settled otherwise than by actual delivery or transfer of security except the transactions in derivatives. (12) The portfolio manager shall, ordinarily purchase or sell securities separately for each client. However, in the event of aggregation of purchases or sales for economy of scale, inter se allocation shall be done on a pro rata basis and at weighted average price of the day's transactions. The portfolio manager shall not keep any open position in respect of allocation of sales or purchases effected in a day. (13) The portfolio manager shall not execute off market transfers in client s account except: (a) for settlement of the clients own trades; (b) for providing margin .....

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