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of <h1>Regulation 24: Portfolio managers must align investments with client agreements, avoid speculative transactions, and segregate client funds.</h1> Regulation 24 of the Securities and Exchange Board of India (Portfolio Managers) Regulations, 2020 outlines the obligations and responsibilities of portfolio managers. It mandates that investments must align with client agreements and allows clients to withdraw funds under specific conditions, such as termination of services or bankruptcy of the manager. Discretionary managers must invest in certain securities, adhering to prudential limits and avoiding investments in unrated securities of related parties. Portfolio managers must not leverage client portfolios for derivatives or speculative transactions and must segregate client funds from their own. They may invest in mutual funds through direct plans without charging distribution fees and require client consent for specific off-market transfers.
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