Portfolio manager investment restrictions: invest only per client agreement with prudential limits, segregation and restricted unlisted exposure. Portfolio managers must invest client funds only per the client agreement and treat renewals as fresh placements except for specified co investment exceptions. Clients may withdraw funds before maturity on termination, suspension/cancellation of registration, or bankruptcy/liquidation. Discretionary managers may invest in listed securities, money market instruments, mutual fund direct plans and Board specified securities, subject to client level prudential limits, an alert system, prohibitions on unrated related party investments, and credit rating based investment criteria. Segregation of client assets, restrictions on leveraging, prohibited deployments, off market transfer limits, and conditions for aggregated trades and securities lending are mandated.