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of <h1>Portfolio managers must keep separate client accounts and submit annual audit certificates to SEBI per Income-Tax Act, 1961.</h1> Portfolio managers must maintain separate accounts for each client, accurately reflecting all transactions, credits, and debits, including tax deductions as per the Income-Tax Act, 1961. These accounts are subject to an annual audit by a qualified auditor to ensure compliance with legal accounting standards. A certificate confirming adherence to these standards must be submitted to the Securities and Exchange Board of India (SEBI) within six months after the accounting period ends. Additionally, clients have the right to appoint an independent chartered accountant to audit the portfolio manager's accounts, with full cooperation required from the portfolio manager.
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