Restrictions on asset management company activities require segregation, conflict disclosures, separate fund managers, and fair investor treatment. AMCs are barred from acting as trustees and are restricted to management and advisory services for pooled assets; they may undertake ancillary activities only if activity wise segregation of accounts and personnel exists, capital adequacy and approvals are met, material conflicts are prevented or disclosed to trustees and unit holders, separate fund managers are appointed for distinct funds unless objectives and portfolios are identical, fair investor treatment and independence of personnel remuneration are ensured, and limited portfolio management and proprietary trading in the debt segment are permitted subject to specified safeguards.